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
Tenant agrees to a replacement landlord. ...
(1) Price a buyer is willing to pay, or bid, for a certain piece of property. It is the highest price offered to buy the property. (2) Price per share that shareholders receive when they ...
Warranties issued by contractors, sellers, and real estate agencies that protect home buyers from specified defects in a house as per the contract. ...
Initial user of real estate property, such as the first tenant in a newly constructed apartment building or office building ...
An official indicating intensity of land use in a zoned urban area. ...
In insurance, an estimable risk for the purpose of calculating an adequate and reasonable premium providing sufficient resources should the company need to pay a claim while maintaining ...
Appraisal approach where property values are estimated by comparing current comparable sales. See also market approach. ...
The definition of a rambler house is quite simple in nowadays circumstances as any one-story home or ranch is also referred to as a rambler. The typical rambler house, however, has some ...
Period of time during which a complainant in a real estate transaction can seek a financial recovery from a licensed real estate broker or agent. The time period is determined by state ...
Have a question or comment?
We're here to help.