Omnibus Clause
The word’s etymology reflects several diverse or seemingly unrelated topics under the same umbrella. As part of everyday discourse, you’ll find the term “omnibus” related to a clause in a dying person’s testament, federal law, or even car insurance policy.
Omnibus Clause in insurance
The term’s definition covers a section in a liability insurance policy that extends coverage to nameless individuals, others beyond the insured, such as protecting family members.
Another domain where you can often encounter the omnibus clause is car insurance. Here, it defines a provision in personal automobile policy (PAP). As a result, it provides insurance to individuals driving a vehicle with the insured party’s permission. In other words, this standard vehicle liability guideline boosts the coverage of those driving the car with the insured party’s consent, even though the PAP does not explicitly mention them. For sure, they must have a valid driver’s license on them at all times.
The omnibus clause in real estate
The meaning of the omnibus clause refers to a provision in a will, stipulating that the heirs will still inherit any assets not mentioned therein. Therefore, an omnibus clause in real estate defines a legally sanctified passage in one’s dying wish or testament. According to the clause, an explicitly named beneficiary or more recipients gain as possession any unnamed valuables of the deceased’s estate.
Omnibus bill definition
Politicians compile an omnibus bill by putting together various laws, measures, and amendments or incorporating varied political subject matters into one document as deadlines approach. They pass an omnibus account in one vote.
In the United States, analysts often refer to omnibus bills as “Big Ugly” bills. For instance, combined appropriations, budget reconciliation bills, and private relief. The United States Congress applies omnibus legislation to bring the budgets of all US departments together in one omnibus expenditure bill. They do so to reduce the federal deficit by tax code restructuring. The Omnibus Budget Reconciliation Act of 1993 is a revealing model.
The omnibus clause in federal statutes
The impediment of justice statute named 18 US Code § 1503 includes an omnibus clause. This clause stipulates that any attempt to impede justice shall be considered criminal behavior. The obstruction of justice can occur using threat, blackmail, or sheer force addressed against a juror, court officer, or judge. The US Supreme Court classified the aforementioned omnibus clause as “a catchall, prohibiting persons from endeavoring to influence, obstruct, or impede the due administration of justice.” (1995 - Source: Woodrum, Michael. “Knowledge and the Nexus Requirement in Obstruction-of-Justice Offenses.”)
Popular Real Estate Terms
An upper limit on the interest rate that can be charged in a variable rate mortgage over its life. For example, a variable rate loan is initially offered at 7% loan rate, and its interest ...
Investments you can hold on to all your life or sell for a profit when they have appreciated in value. Real assets are those investments you can put hands on. Real property includes real ...
Surveyor's use of hypothetical lines to portray a properties position. North to South in the meridian line while East to West is the base line. ...
Interest rate on an adjustable rate mortgage based on the total of the current value of an index and margin applicable to the mortgage. The rate is the basis for the computation of monthly ...
Final property appraisal estimate arrived at by applying appropriate appraisal methods. ...
Involves the transfer of property from one individual to another for a consideration in the form of sale. It is the most widely used type of real estate deed with a period of bargaining ...
The real estate world features many tricky terms and concepts. One that often sneaks up on even the most experienced buyers and sellers is the "red herring." What is the meaning of red ...
Real estate, home and life insurance use numerous ambiguous terms you should know because you can significantly benefit from them. Let’s discover what the word boot usually applies to ...
Legal order for a person to present at a deposition or trial documents in his possession, such as related to a real estate transaction. ...
Have a question or comment?
We're here to help.