Interpleader
Legal procedure through which a court determines the rightful claimant (of two or more claimants making the same claim) against a third party. Insurance companies use interpleader if claims are made by different parties. For example, upon the death of an insured, two or more individuals (such as the widow and a former wife) may contest the beneficiary's rights. The insurance company will deposit the policy proceeds with the court until it decides on the ownership.
Popular Insurance Terms
In insurance, individual with rightful possession of an insurance policy, usually the policyowner. ...
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U.S. government agency (formerly the Atomic Energy Commission) responsible for regulating the nuclear energy industry. The commission also provides supplemental insurance for nuclear ...
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