Recission
Cancellation of a contract. Under the federal Truth in Lending Act, a person who signs a contract can nullify it within three business days of having signed it without penalty; funds paid into the contract by the signer must be returned. Also, fraud or misrepresentation provides legal grounds for cancellation of a contract. For example, life insurance contracts with minors are voidable (by minors but not by insurers) since they are under legal age for making a contract.
Popular Insurance Terms
Investment-oriented whole life insurance policy that provides a return linked to an underlying portfolio of securities. The portfolio typically is a group of mutual funds established by the ...
Insurance company incorporated according to the laws of the state in which a risk is located and the policy issued. The insurance company is domiciled in that state. ...
Cooperative organization among insurers that rates and prepares new policy forms according to guidelines and regulations of the state insurance department. Loss experience, collected ...
Type of insurance providing all risks coverage for personal property of the crew and passengers aboard a ship. Marine cargo insurance does not cover personal property of the crew and ...
Right of a policyholder in life insurance with cash value to elect a smaller, fully paid-up policy, without any further premiums to pay. The amount of the paid-up policy is determined by ...
Specifications dealing with exclusions, policy requirements, cancellations and related matters. Perils Most policies exclude enemy attack, invasions, insurrection, rebellion, revolution, ...
Coverage for the federal government in the event of loss due to dishonest acts of federal government employees. ...
Protection required under the Motor Carrier Act of 1935. The policy covers the motor truck carrier if it is legally liable for the damage, destruction, or other loss of the customer's ...
Method of transferring pure risks that is perhaps the seed of the modern day insurance policy. Ancient Greece held to the concept that a loan on a ship was canceled if the ship failed to ...
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