Incontestable Clause
Section in a life insurance policy stating that after the policy is in force two years, the company cannot void it because of misrepresentation or concealment by the insured in obtaining the policy. For example, when asked on the application if there is a history of diabetes in the family, the applicant writes no, knowing that his or her father and mother both have diabetes. This does not void the policy after two years. However, if the age of the applicant had been understated say, to obtain a lower premium the company will recalculate the benefit according to the correct age.
Popular Insurance Terms
Coverage for the employer in the event of a tort committed by an employee in the use of his or her own car while conducting business on behalf of the employer. ...
tort against another person's property, designed to detain or dispose of it in a wrongful manner. For example, wrongful selling of another person's automobile without permission would ...
Coverage against all liability exposures of a business unless specifically excluded. Coverage includes products, completed operations, premises and operations, elevators, and independent ...
Proportion of a premium allocated to pay losses, which is equivalent to (1.00 - expense ratio). ...
Loss experience of a given insured. ...
Individuals other than the crew of a ship who forcefully steal the ship and/or its cargo. This event is an insured peril under ocean marine insurance. ...
Same as term CEDE: to transfer a risk from an insurance company to a reinsurance company. ...
Amount charged to an insured that reflects expectation of loss for a covered risk; and insurance company expenses and profit. ...
Plan to control employer's health care cost through the introduction of practice guidelines or protocols for health care providers, and to improve the methods used by employers and ...
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