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
Person other than the annuitant as designated by the policyholder on whose life expectancy the annuity payment is also based. ...
Coverage for sample merchandise while in the custody of a salesperson. ...
Policy that pays a dividend to its owner. ...
Insurance policy for which the required premium has been paid. ...
Holding company established by a mutual insurance company. The mutual insurance company has 100% ownership of the holding company. ...
Employee benefit plans under which both the employee and the employer pay part of the premium. Contribution ratios vary. For example, an employer contributes two dollars for every dollar ...
Addition to a business property insurance policy to cover loss of earnings, subject to a monthly limit, in the event that property of an insured is destroyed and a business cannot continue. ...
Actuary, appointed by the life insurance company, required by the national association of insurance commissioners (naic) under the naic: standard valuation law to provide an opinion as to ...
Eligible rollover distribution that is paid directly from an employee's employee benefit insurance plan to the employee's individual retirement account (IRA) or to another plan maintained ...
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