Power Of Attorney
Legal instrument whereby an individual is given the right to act on behalf of another individual. For example, the right to buy and sell stock and to sign all brokerage papers relating to buying and selling in a stockholder's account is given by the stockholder to another individual through power of attorney. Or the right to decide which settlement option is to be used under a life insurance policy may be given by a policy owner to another individual. Experts often advise extreme care in assigning a power of attorney since that person becomes free to make financial decisions that can enhance or ruin an individual represented.
Popular Insurance Terms
Presentation of data that excludes the first 5 to 10 years of experience of those who purchase life insurance. A mortality table shows the number of deaths per 1000 of a group of people. ...
clause found in health insurance contracts that requires the insured to pay a specified percentage of the covered health care expenses. ...
Bond that reimburses a business for loss caused by the dishonest act of an employee. Since crime insurance policies exclude coverage of dishonest acts of employees, it is necessary to have ...
Professional designation earned after the successful completion of three national examinations given by the insurance institute of America (IIA). Covers such areas of expertise as ...
From favor payment by an insurance company to an insured even though the company has no legal liability. The company makes such a payment for goodwill purposes. ...
Company offering protection through the sale of an insurance policy to an insured. ...
Value or property given by an individual to a trustee who holds and administers it for the benefit of the donee (recipient of the gift). For example, a father entrusts a life insurance ...
Proposed new small business pension plan advocated in President Clinton's administration's fiscal year 1999 budget. This plan would be made available to small businesses with 100 or fewer ...
Judicial rule of evidence under which no reduction in damages awarded by a court is allowed for bodily injury, sickness, illness, or accident merely because the plaintiff has other ...
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