Parol Evidence Rule
Definition of "Parol evidence rule"
Rule that prohibits the introduction into a court of law of any oral or written agreement that contradicts the final written agreement. For example, an insurance contract containing clauses and provisions is in writing, and as such this contract cannot be contradicted or modified by any oral statements or agreements that are inadmissible in a court of law.
Popular Insurance Terms
Plan under which an employee authorizes his or her employer to deduct from each paycheck premiums due on an insurance plan. ...
Frequency of premium payment; for example annually, semiannually, quarterly, or monthly. ...
Proceeds from a life insurance policy paid on a monthly basis instead of in a lump sum. ...
Association of life insurance companies focusing on legislation and public relations that may affect the life insurance business on federal, state, and local levels. Membership is composed ...
List of cash allowances for various types of surgeries. ...
Bond derivatives of short-term duration whose principal or coupon value is determined by a market index. Market indexes that can be utilized include securities, commodity prices, and ...
Judgment decision by the insurance agent concerning whether or not to submit an application. The decision is based on the agent's familiarity with the insurance company's underwriting ...
Premium charge for a policy that is going to be in force for less than the normal period of time. ...
Coverage for motorized vehicles, each of which requires separate policies for property damage and liability exposures. Motorized vehicles are not covered under a homeowners insurance policy ...
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