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
Section describing coverages under a policy. Elsewhere in the policy other sections may restrict or exclude coverages. ...
Company formed and operated without the profit motive as its normal business objective; normally sells and services health insurance policies. ...
Law that established rules and regulations to govern private pension plans, including vesting requirements, funding mechanisms, and general plan design and descriptions. For example, three ...
Same as term Conditional Sales Floater: coverage for the seller of property on an installment or conditional sales contract if it is damaged or destroyed. For example, a television set is ...
Same as term Comprehensive Insurance: complete coverage for hospital and physician charges subject to deductibles and coinsurance. This coverage combines basic medical expense policy and ...
Information generated by the medical information bureau (MIB) and made available to member companies concerning medical information of applicants for life and health insurance. Member ...
Licensed agent's signature on an insurance policy. ...
Trust in which the trustee distributes capital and income to the beneficiaries of the trust according to their economic needs. ...
Rate not subsequently adjusted. The rate stays in effect regardless of an insured's subsequent loss record. ...
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