Recission
Definition of "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
Amount of insurance remaining on a ceding company's books, net of the amount reinsured. ...
Endorsement to the standard fire policy increasing the insurance protection to an all risks basis. ...
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Entitlement of a participant in an employee benefit insurance plan to receive benefits regardless of his or her employment status. ...
Reinsurance marketplace modeled after Lloyd's of London. Like Lloyd's, the New York Insurance Exchange is a market for hard-to-place risks and for the placement of excess or surplus lines. ...
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Flat dollar amount that is added to the pure premium for an insured risk that is smaller than that of the lowest experience rating band. This dollar amount serves the purpose of generating ...
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