Multiple Line Law
State legislation that allows insurers to offer both property and casualty insurance. At one time, U.S. insurers sold only one type of insurance, a practice that gradually became written into state law. Most significantly, New York State, where many insurers want to be licensed, allowed insurers to write only one line of insurance early in this century. But in 1949 New York passed a multiple line law, and most other states followed.
Popular Insurance Terms
Assumption of total disability when an insured loses sight, hearing, speech, or a limb. When such a loss occurs to an insured with disability income insurance, the insurer often assumes ...
Deductible amount between a basic health insurance plan and major medical insurance. ...
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Form showing notification that an insurance policy has been renewed with the same provisions, clauses, and benefits of the previous policy. ...
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Replacement car or additional car as used in the personal automobile policy. ...
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Element usually found in industrial life insurance policies under which the insurance company upon the death of the insured under certain conditions is allowed to choose the beneficiary if ...
Type of grantor-retained income trust (grit) in which the grantor retains the right to the assets of the trust should he or she die before the term of the trust expires. ...
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