Renewal Provision
Clause in an insurance policy that permits an insured to renew without having to take a medical examination, regardless of his or her physical condition; the premium cannot be increased to reflect an adverse medical condition.
Popular Insurance Terms
Act by a company that authorizes an agent to act on its behalf. ...
Form of insurance whereby the buyer (reinsurer) assumes the entire obligation of the cedent company, effected through the transfer of the policies from the cedent to the books of the ...
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 ...
Central fund into which employees contribute untaxed earnings to pay for the insurance premiums and uninsured medical costs. When the employee submits evidence of unreimbursed medical ...
same as term Lost Policy Receipt: life insurance company form to be signed by a policyholder who wishes to surrender a policy that has been lost. The signed receipt then becomes evidence ...
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