Standard Form
Definition of "Standard form"
Approved or accepted policy for a particular type of risk. The only type of risk covered by a standard form mandated by law is the fire policy. In 1886, New York adopted a standard fire form that has since been revised and adopted by every other state. In other types of coverage, states may prescribe mandatory or optional mini-mums or may forbid certain provisions. Therefore, while life and health benefits may vary widely, for example, policyholders are given certain uniform rights like grace periods for paying premiums. In other areas, insurers have voluntarily adopted standard forms. One example is the standard automobile policy. Other types of coverage are offered on standard forms developed by rating bureaus such as the INSURANCE SERVICES OFFICE (ISO). Although insurers may use these forms, they are not obligated to do so, and many develop their own forms.
Popular Insurance Terms
Qualified retirement plan under the internal revenue code Section 457 for employees of the states and political subdivisions within the states. ...
Coverage in the event an insured's negligent acts and/or omissions involving the construction of a new one- or two-family residential structure result in bodily injury and/or property ...
Policy used to provide the funds necessary for buy-and-sell agreements whereby an income payment or a series of income payments are paid to the buyer of the disabled partner's interest ...
Amount subtracted from an annuity or from mutual fund proceeds payable to an annuity owner or mutual fund owner to reflect expense fees described in the annuity contract or mutual fund ...
Factor considered in determining amount of life insurance to purchase in order that funds will be available to pay the emergency expenses following the death of a family member. ...
Pension plan format. After deciding how much to contribute, the employer can suspend, reduce, or discontinue contributions during the first 10 years only for reasons of business necessity; ...
Commission that is paid based on how profitable a particular type of business proves to be that is written by an agent. ...
Contractor's and Architect's Errors and Omissions Insurance, which also serves as a general liability policy for these professionals. ...
Attributes of a particular employee benefit plan. For example, a general characteristic of group life insurance is that the whole group is underwritten, not individual members. ...
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