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
Provision in an insurance policy that indicates what is denied coverage. For example, common exclusions are: hazards deemed so catastrophic in nature that they are uninsurable, such as war; ...
Actual price paid for property when acquired, minus depreciation. Original cost less depreciation is used to compute actual cash value, which is often the insurable interest in a property. ...
Individual licensed to sell securities to the public. For example, to sell variable annuities and variable life insurance products and mutual funds, an insurance agent is required to pass ...
Type of trust used to remove assets from a surviving spouse's estate, thereby excluding such assets from federal estate tax upon the death of the surviving spouse. This type of trust allows ...
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 ...
Independent federal government organization authorized by the employee retirement income security act of 1974 (erisa) to administer the pension plan termination insurance program. Its ...
Insurance company whose domicile is in a state other than the one in which the company is writing business. ...
Benefits provided to and obtained by those insured, while still alive. They include the annuity, cash surrender value, disability income, policy loan, and waiver of premium (WP). ...
Stock life insurance company that sells participating insurance and nonparticipating insurance. ...
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