Seaworthiness Admitted Clause
Definition of "Seaworthiness admitted clause"
Part of a marine cargo policy that exempts the policyholder from vouching for the seaworthiness of the vessel. For example, while a purchaser of hull marine insurance warrants that a ship is in proper condition for a voyage, the purchaser of CARGO INSURANCE, who has no control over the ship's condition, is not expected to vouch for it.
Popular Insurance Terms
In life insurance, single payment instead of a series of installments. ...
Annual report to policyholders of certain cash value life insurance products and annuities to inform them of the value of the investment portion of their contracts. Buyers of whole life ...
Assets that are not readily convertible into cash 'without a significant loss of principle, such as an automobile, a house, television set, a radio, etc. ...
Total limit of coverage under all policies applicable to the covered loss for which an insured can be indemnified. For example, if two health insurance policies are in force on the same ...
Effort of a poor risk to seek insurance coverage. The onset of a health problem such as heart disease, for example, may prompt a person to apply for life insurance before seeking medical ...
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Coverage under the Commercial Property Floater for loss under two forms: livestock mortality life insurance and livestock floater. This is really life insurance coverage for livestock. ...
Life insurance payment that is constant from year to year. The premium may be paid throughout the life of an insured or may be limited to a maximum number, such as 30 annual premiums. The ...
Risk associated with excessive rate of growth in premiums and contingencies such as affiliate company requirements. ...
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