How Long A Policy Will Be In Force
Definition of "How long a policy will be in force"
Duration of a policy. Property and casualty coverages are usually written for one year, although a personal automobile policy can be for six months. Life insurance can be written on a term basis (1 year, 5 years, 20 years, to age 65), whole or life basis, or any combination of the two. Health insurance can be written on a multiple time period basis.
Popular Insurance Terms
Contract providing income payments beginning when the named contingency occurs. For example, upon the death of one spouse (the contingency), a surviving spouse will begin to receive monthly ...
Use of a life insurance policy dividend by the owner of a participating policy. Here the policy dividend is left with the insurance company to accumulate at a guaranteed minimum interest ...
Insurance policies covering various business risks. ...
Same as term Contract Holder: in insurance, individual with rightful possession of an insurance policy, usually the policyowner. ...
Business owned by stockholders, as contrasted to a mutual insurance company, which is owned by its policyholders. Many major life insurers are mutual companies whereas some leading ...
Coverage on jewelry and precious stones on an all risks basis at any location subject to exclusions of wear and tear, war, and nuclear disaster. Each item must be specifically listed in the ...
Same as term Additional Insured: individual added to a life insurance policy other than the insured named in the policy. For example, an insured father can have a dependent son and daughter ...
Coverage giving income benefits to surviving family member (s) if one member should die. These include the family income policy, family income rider, family maintenance policy, and the ...
Policy providing businesses with coverage for negligence based civil liability in: (1) Bodily injury and property damage liability, on an occurrence basis, resulting from the ownership, ...
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