Personal Contract
Agreement concerning an insured individual, not the insured's property. A property and casualty insurance contract cannot be assigned, since it follows the insured, not the property. For example, a HOMEOWNERS INSURANCE POLICY cannot be transferred with the home upon its sale because the insured no longer has an insurable interest (expectation of monetary loss) in the home. But a LIFE INSURANCE contract can be assigned (for example, to secure a line of credit for a business). Banks use the American Bankers Form for the assignment of life insurance policies pledged as security for a loan
Popular Insurance Terms
Property damage, accident, or injury resulting from vagaries of nature, including tornadoes, hurricanes, and floods. ...
Percentage return appropriated by the insurer for an immediate variable annuity when the insurer calculates the initial income payment to the annuitant. If the variable annuity's underlying ...
Endorsement to the personal automobile policy (pap) that insures other motorized vehicles such as golf carts and motorcycles owned by a policyholder. ...
In personal injury cases, damages awarded to the plaintiff for the loss of joy of living. For example, if a person's negligent act results in damage to another person's leg, the injured ...
Act of stealing. Coverage can be purchased under most property insurance policies such as the homeowners insurance policy. ...
The cancellation provision clause appears in an insurance policy to leave a door open for the insurance company or insured to cancel a policy. This type of cancellation applies in instances ...
Clause in liability insurance policies stating that the insurance company has a legally enforceable obligation to pay all claims and defend all suits (even if groundless) up to the policy ...
Documents completed by the agent to effect authorization to act on behalf of the company. ...
Property insurance coverage available to businesses that pays the established market (sales) value of products that are damaged rather than simply their lower (production) cost. This fills ...
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