Stare Decisis
Definition of "Stare decisis"
Latin phrase meaning "to stand by the decisions." This legal doctrine under common law requires courts to rely on precedents, or previous decisions, when deciding disputes unless there is a compelling reason to reject those precedents. In most instances, this doctrine means that courts will decide disputes over insurance contracts the same way they have decided cases with similar facts and legal issues in the past.
Popular Insurance Terms
Documents completed by the agent to effect authorization to act on behalf of the company. ...
Same as term Credit Card Insurance: coverage under a homeowners insurance policy in the event that a credit card is fraudulently used or altered. Fraud includes theft and the unauthorized ...
Provision in an insurance policy that indicates what is denied coverage. For example, common exclusions are: hazards deemed so catastrophic in nature that they are uninsurable, such as war; ...
Insurance policy, particularly property and liability insurance, which the owner cannot assign to a third party. ...
Condition of real or personal property when it is damaged or destroyed to such an extent that it cannot be rebuilt or repaired to equal its condition prior to the loss. ...
An exception to section 101 (a) (1) OF THE INTERNAL REVENUE CODE tax-exempt Status Of the DEATH BENEFIT in a life insurance policy where the transfer of the interest in the policy by the ...
a large number of homogeneous exposures (in order for the deviation of actual losses from expected losses to approach zero, and thecreditability of the prediction to approach one). loss ...
Organization that calculates rates and develops insurance policies for its property and casualty member companies. The suggested rates are used by smaller companies where the loss ...
Arrangement between the buyer and the seller in which there is a mutual agreement to buy or sell a security at a given price at a stipulated future date. These contracts are effected on a ...
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