Individual permitted to enter property with the permission of the owner or the person who controls the property. There is no mutual profit motive; the licensee comes onto the property for his or her sole benefit. For example, the owner of land gives an individual permission to hunt on the property but does not charge a fee. The owner must warn the licensee of any hidden dangers on the property of which he or she is aware.
Popular Insurance Terms
Coverage underwritten on members of a natural group, such as employees of a particular business, union, association, or employer group. Each employee is entitled to benefits for hospital ...
new dividend option under which the policyowner allows the dividends from the participating policy to be applied for the purposes of accumulating cash values. ...
Unexpected, unforeseen event not under the control of the insured and resulting in a loss. The insured cannot purposefully cause the loss to happen; the loss must be due to pure chance ...
Describing automobile accidents that are considered to be the results of the negligent acts of the insured driver and are included in the driving record of that insured. ...
Buildup of policy cash value, as distinguished from the death benefit. A policyholder has a choice between surrendering the policy for its cash surrender value or keeping it in force for ...
Projected percentage of the earned premiums that will be required by the insurance company to pay for the incurred losses plus the loss adjustment expense. ...
Re-registration of existing shares when there is any change in the name of the owner (s). Such a circumstance may occur when the owner (s) of the shares gives these shares to another ...
Enacted on April 1, 1997; provides protection against creditors for irrevocable trusts provided that the trust has a grantor who is a discretionary beneficiary. In order for the statute of ...
State law that stipulates that goodwill as an admitted asset cannot be greater than 10% of adjusted surplus. ...
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