Modification Of Contract
Adaptation of a standard insurance contract for special needs. Standard forms do not cover all needs but they can be adapted by an underwriter, broker, or an insurance company at the request of an insured. Risk managers may request many modifications in property and casualty coverage to meet the needs they have diagnosed for their corporations. Some risk managers even write their own contracts. Many insurers write their own contracts as well rather than use forms designed by a rating bureau.
Popular Insurance Terms
Irrevocable trust into which the grantor places assets and retains the income from or the use of these assets for a stipulated period of time. At the termination of this time period, the ...
Trust in which assets are controlled through several generations and makes use of generation-skipping tax exemption. ...
Coverage of a single life, in contrast to group life insurance, which covers many lives. ...
State of anxiety and distress. One goal of adequate insurance is to eliminate, or alleviate, worry on the part of a policyholder. Many people, for example, are concerned that they would not ...
Effort of a poor risk to seek insurance coverage. The onset of a health problem such as heart disease, for example, may prompt a person to apply for life insurance before seeking medical ...
Health insurance plan where a group of physicians and dentists provide medical services to a group of individuals for a predetermined fee. It is a basic type of HEALTH MAINTENANCE ...
Sum it takes to replace an insured's damaged or destroyed property with one of like kind and quality, equivalent to the actual cash value, minus physical depreciation (fair wear and tear) ...
Coverage for damage or destruction of property with relatively high monetary value, such as stock brokerage house and bank shipments, which involve the transfer of securities and monies to ...
Periodic payments to an annuitant. ...
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