Insurability Conditional Premium Receipt
Offer made by the insurance company to insure an applicant, provided the applicant is insurable according to the underwriting standards of the company, and the applicant accepts the offer by making the premium payment. If the applicant should die prior to the application and premium reaching the home office, and the applicant would have qualified for insured status according to the underwriting standards of the company, the death benefit would be paid to the applicant's beneficiary. Thus, the insurance policy applied for goes into effect upon the date of the conditional receipt if the applicant is later found to be insurable according to the underwriting standards of the company.
Popular Insurance Terms
Minimum payments provided under a health insurance policy. ...
Relationship of the frequency of deaths of individual members of a group to the entire group membership over a particular time period. ...
Number of bits a modem can receive or send per second. ...
Phrase in most liability insurance policies that eliminates from coverage damage or destruction to property under the care, custody, and control of an insured. Such coverage is excluded ...
Hospital insurance program that provides medical professional liability insurance coverage to non employed hospital physicians. The objective of this means of insurance coverage is to ...
Same as term Cost of Insurance: value or cost of the actual net protection, in life insurance, in any year (face amount less reserve) according to the yearly renewal term rate used by an ...
Change in the nature of an employer or other organization that sponsors a qualified pension plan. A qualified plan must guarantee vested benefits due to participants in the event of a ...
Marine cargo coverage for a single shipment of goods. Also known as special risk insurance and trip cargo insurance. Contrasts with open policy cargo insurance that covers all of a ...
In insurance, fraudulent or unethical practice that is illegal under state law. States may fine or revoke the licenses of agents and brokers for unfair trade practices, including ...
Have a question or comment?
We're here to help.