Definition of "Estoppel"
Stop or bar, such that one party makes a statement upon which a second party has every reason to rely, thereby preventing the first party from denying the validity of that statement. For example, the misleading actions of an agent of the insurance company result in the insured being estopped from having to perform according to the provisions of the contract.
Popular Insurance Terms
In workers compensation insurance policies and several business property and liability policies, review of the payroll of a business firm in order to determine the premium for coverage. ...
Measurement of income received by households from employment, self-employment, or investment and transfer payments, as provided monthly by the United States Department of Commerce. ...
Legislation to eliminate most tax shelters and write-offs in exchange for lower rates for both corporation and individuals. It was intended to be revenue neutral; that is, to bring in the ...
LIFE INSURANCE: specification by each state regarding the minimum assumptions that must be used in reserve calculations as theypertain to the maximum interest rate that can be assumed; ...
Liquor liability legislation in 20 states under which a dispenser of alcoholic beverages is held responsible for bodily injury and/or property damage caused by its customers to a third ...
Section of a policy that specifies the dollar amount or percentage of any loss that the insurance does not pay. Most property and medical policies specify that the first portion of any loss ...
Investment and savings position of an insured used in determining the amount of life insurance to purchase. The amount of investment and savings is subtracted from the total insurance ...
Provision in some disability income policies that provides a monthly income benefit to a disabled insured for as long as he or she remains disabled according to the definition of disability ...
Income (premiums + investment earnings) minus disbursements (dividends + death claims + policies surrendered for benefits + general expenses). ...
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