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
Written statement by an insurance company attesting to the powers it has vested in an agent. ...
Trust established under the auspices of the Internal Revenue Code that permits the maintenance of a separate account within the employer's defined benefit pension plan from which to pay the ...
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Rule adopted by the financial accounting standards board that requires that obligations owed to re-insurers under multiyear insurance contracts must be reported as liabilities by the ceding ...
Person who engages an agent or broker for advice and possible purchase of insurance. ...
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Rate of increase in asset value. ...
Time during which an assessment life insurance company has the right to assess policyholders if losses are worse than anticipated in the premium charged. ...
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