Financial Responsibility Clause
Provision in automobile insurance, such as the personal automobile policy (pap), stating that a particular policy furnishes adequate coverage, the minimum of which is at least equal to that required by the financial responsibility laws in the state in which the insured is driving.
Popular Insurance Terms
Table used in health insurance premium rate calculations that depicts the probability that a claim will continue by time and amount. ...
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Federal act composed of amendments to the Product Liability Risk Retention Act of 1981 and enacted to make the procedures more efficient for creating risk retention groups (capitalized, ...
Same as term Contract Holder: in insurance, individual with rightful possession of an insurance policy, usually the policyowner. ...
Agents' records showing when clients' policies expire. ...
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