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
Policy in which an insurer agrees to pay property or liability losses (generally 80-100%) in excess of a specific amount paid on all losses during a policy year. ...
End of a defined time period that dividends become payable to the policyholder. ...
Contract between the reinsurer and the ceding company stipulating the manner in which insurance written on various risks is to be shared. ...
Commission paid to a broker for selling an insurance company's products. This fee may or may not include an expense allowance depending on the amount of business the broker places with the ...
Separate account created by the Tax Relief Act of 1997 and named after Senator William Roth Jr. of Delaware. A working individual may contribute up to 100% of compensation or $2000. The ...
Type of flexible spending account. ...
Buying a home or investing in a commercial property in the United States implies complex legal clauses. Perhaps one of the most perplexing ones is the noncontribution mortgage clause. If ...
Organization of property insurance companies whose goal is to prevent and uncover fraudulent automobile fire and theft claims. ...
Factors on the application that must be evaluated in order to complete the underwriting process: age; sex; physical condition; personal health history; family health history; financial ...
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