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
Plan that provides protection in the event of legal actions resulting from charges of harassment, discrimination, wrongful termination of employment, defamation, and invasion of privacy. ...
Program through which employees purchase individual life insurance and disability income insurance by having the employer reduce their income by the required insurance premium. Since the ...
Difference between the rent paid by a lessee as fixed by a lease prior to destruction of property and the rent received by the lessor after that property has been restored. ...
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Insurance company whose domicile is in a state other than the one in which the company is writing business. ...
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Authority derived from an agent's contract with an insurance company. ...
Record a debit (or other) agent makes for premiums collected, time period for which the policy is paid, and the week of collection or date the premium was paid. In essence, the debit agent, ...
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