Conservation
Definition of "Conservation"
Effort to keep life insurance policies from lapsing. Many life insurance companies have conservation officers who contact lapsing policy owners explaining the benefits of keeping their policies in force. Often, the agent of record is notified of policies in danger or in process of lapsing so that the agent may also contact the policy owner.
Popular Insurance Terms
Health insurance contract that is renewable at the option of the insurer. On the anniversary date of the contract, the insurer has the right to decide whether or not to renew. ...
Time limit on the deferred ownership of property such that, 21 years after the property owner dies, the deferred ownership of that property terminates. ...
Discharge of electricity from the atmosphere, one of the perils covered in most fire insurance policies. ...
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Authority that administers state laws regulating insurance and licenses insurance companies and their agents. ...
Arrangement under which the insured pays a fixed premium to the insurance company in exchange for the total transfer of the risk to that company. ...
Approach that maintains injury or sickness begins when it is first detected by an obvious appearance. This argument is used in determining if liability insurance is afforded in a particular ...
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Expenses taken out when benefits are paid. For example, a specific dollar amount is subtracted from a monthly income payment for company expenses. ...
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