Definition of "Reformed"
Correction of a contract containing a mistake in order to prevent a party to that contract from gaining from that mistake. For example, if $1,000,000, instead of the correct amount of $100,000, is filled in the blank for property coverage, it will be corrected to the intended $100,000 amount.
Popular Insurance Terms
Statements by an insurance applicant concerning personal health history, family health history, occupation, and hobbies. These statements are required to be substantially correct; that is, ...
Policy that pays a dividend to its owner. ...
Estate planning device used so that any life insurance policies that are owned by and paid to the trust will avoid estate tax upon the death of the insured, and, upon the death of the ...
Premium charged (and applied on a uniform basis) for property insurance covering properties at multiple locations. This rate is used under a blanket insurance policy instead of using a ...
Representative of a single insurer or fleet of insurers who is obliged to submit business only to that company, or at the very minimum, give that company first refusal rights on a sale. In ...
Portion of a life insurance policy cash value after the deduction of all the policyowner's indebtedness. ...
Amount of insurance that the insured must carry in order to be indemnified for the total dollar amount of the actual loss. If this requirement is met by the insured, the coinsurance penalty ...
Provision in a life insurance policy that if an insured dies within a given period of time, the beneficiary receives the face value of the policy plus its cash value. ...
Date at which an insurance policy goes into force. ...
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