Omissions Clause


Definition of "Omissions clause"

Provision of a treaty reinsurance contract stating that if an insurer fails to report a risk that would normally be covered, the re insurer is still liable for the risk.



Search Real Estate Glossary

 

Related Real Estate Glossary terms

Adjudication

Formal decision by a court of a law in an action brought before it, the court reaches a final determ ...

Noncancellable Disability Income Insurance

Type of disability income insurance that provides income payments to the wage earner when income is ...

Exclusions From Medical Benefits Exemption

Found under the "Exceptions and Exclusions Section for All Medical Benefits" in many health insuranc ...

Fixed Income Financial Instrument

Coverage that pays a fixed dollar amount of interest at regular intervals. ...

Uniform Simultaneous Death Act

Statute in most states under which, if no evidence exists in a common disaster (when an insured and ...

Family Considerations

Factors influencing the amount of life insurance to purchase, such as marketable skills of spouse, a ...

Related Real Estate FAQ

What Is Accession?

The right of a property owner to have and enjoy all of the advantages of property ownership includin ...

What Is A Proration?

A proration is the division of certain fees. If the sellers have paid the taxes six months in advanc ...

Is Depreciation Common?

Generally, real property never depreciates in value, or more so, it is not very common for property ...

What Is A REALTOR®?

A REALTOR® is an agent or agency that belongs to the local or state board of REALTORS® and is affi ...

What Is A Counteroffer?

A counteroffer is an offer made by one party that makes changes to the original or latest offer of t ...

What Is A Default?

A default is when a person fails to make payments on a loan. ...

Read why Real Estate Agent rates 5 Stars in 10 Agent Reviews
Read Reviews

Agents join here
Add our widget on your Website

Real Estate Advice

Why Right Now is a Good Time for Millennials to Buy a Home Is it better to buy or sell a home first Getting Ready to Sell? Don't make these DIY Mistakes! How is Square Footage Determined? When to buy a house

FAQ

How much money can I borrow to buy a home? What is a loan-to-value (LTD) ratio? What is a conventional mortgage? What is an origination fee? What is a cap?