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
Provision in a property, liability, or health insurance policy stipulating the extent of coverage in the event that other insurance covers the same property. ...
Rate of return computed by dividing the current annual dividend (if a stock) or annual coupon amount (if a bond) by the amount paid for that financial instrument. ...
Personal view regarding how losses occur and the validity of loss prevention and reduction; also, whether an individual is a risk taker or a risk avoider. For example, if a driver takes the ...
Common law rule of negligence that imposes liability on an individual who had one last opportunity to avoid an accident but did not take it. An example is a driver who could have avoided ...
Relationship of the frequency of deaths of individual members of a group to the entire group membership over a particular time period. ...
Value or property given by an individual to a trustee who holds and administers it for the benefit of the donee (recipient of the gift). For example, a father entrusts a life insurance ...
Accrediting body for the CPCU (Chartered Property and Casualty Underwriter) designation. The institute provides undergraduate and continuing education in property and casualty insurance ...
Circumstance that produces the loss. ...
Model state regulation that governs method of selling life insurance to prevent fraud or misrepresentation by agents or insurers. A life insurance disclosure model regulation to help buyers ...
Have a question or comment?
We're here to help.