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
Sum of money paid on the principal amount of money invested or loaned. ...
Retirement taken after the normal retirement age. For example, if the normal retirement age is 65 or 70 an employee may continue to work beyond those ages. Normally the election of deferred ...
Payment under a state-sponsored program for victims of crimes. ...
Interruption of insurance provided for in most property insurance policies under circumstances where a substantial increase in hazard has arisen with the knowledge or control of the ...
Gross yield minus total costs (expenses). ...
Tenant's modifications of leased space to fit his particular needs. Up to 10% of contents coverage inside the structure may be applied to insure against damage or destruction of ...
Special property damage coverage purchased by an individual renting an automobile under which the rental company waives any right to recover property damage to the automobile from that ...
Statutory law that lowers the defendant's liability by restricting the monetary recovery of the plaintiff incurring a specified injury, such as pain and suffering, or by restricting the ...
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 insurance company. ...
Have a question or comment?
We're here to help.