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
Insurance company's investments in assets other than in companies it controls and/or companies with which it shares common ownership, stocks, and bonds. ...
Same as term Expiration: termination date of coverage as indicated on the insurance policy. ...
Violation of duty in marine insurance, such as acts of the master and crew of a ship that result in damage to the vessel including purposefully running it aground, diverting it from its ...
Same as term Friendly Fire: kindling intentionally set in a fireplace, stove, furnace, or other containment that has not spread beyond it. Property insurance does not protect against damage ...
Federal agency that collects and analyzes numerous U.S. demographics used by government and industry. Insurance companies use the demographics to predict areas of high demand for their ...
Replacement car or additional car as used in the personal automobile policy. ...
Insurance policy for which the required premium has been paid. ...
Coverage primarily for the liability of an individual or organization that results from negligent acts and omissions, thereby causing bodily injury and/or property damage to a third party. ...
Unsecured bond. The only protection for the lender is the credit and reputation of the borrower. The method of evaluating the quality of debentures is to analyze the earning power, overall ...
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