Expedited Funds Availability Act
Definition of "Expedited funds availability act"
Legislation passed in 1988 by the U.S. Congress to facilitate movement of checks through the collection system. As the result of this Act, the Federal Reserve has established rules for the endorsement of checks stipulating that the endorsement must be within an area of VA inches from the left edge of the back of the check and no additional marks or notations can be made on the back of the check beyond this VA inch boundary.
Popular Insurance Terms
Contractor who represents different insurance companies and who searches the market for the best place for a client's business. The independent agent, who owns the records of policies sold, ...
Coverage for automobile or aircraft operators if they are sued for negligently killing or injuring a passenger. The PERSONAL AUTOMOBILE POLICY (PAP) provides MEDICAL PAYMENTS INSURANCE for ...
Insurance that covers an indirect loss stemming from a direct loss by a covered peril to income-producing property. A building destroyed by fire represents a direct loss. Lost income ...
Absence of people for at least 60 consecutive days from a given property. Many property insurance policies suspend coverage after a structure has been unoccupied for 60 consecutive days ...
Same as term Office Burglary and Robbery Insurance: coverage for the office of a business, or an individual in a general office building or other structure. Includes burglary of a safe; ...
Written contract between an insured and an insurance company stating the obligations and responsibilities of each party. ...
Premium charge for a policy that is going to be in force for less than the normal period of time. ...
In property insurance, a stipulated agreement between the insurance company and the insured that the amount of insurance coverage under the policy is sufficient to be in compliance with the ...
Same as term Face Amount: sum of insurance provided by a policy at death or maturity. ...
Have a question or comment?
We're here to help.