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
Stated fixed payment for maternity costs regardless of the actual costs. ...
Property valued according to its earnings potential. However, property insurance contracts generally indemnify an insured on a replacement cost less physical depreciation and obsolescence ...
Risk distribution included by type of coverage, by kind of risk, and by geographical location. ...
Maximum limit of liability of an insurance company for a particular claim or kind of loss that is applicable in general to all such claims or losses. This maximum limit of liability is ...
Means of borrowing at no charge by a policyowner under universal life insurance policies. ...
Coverage underwritten on members of a natural group, such as employees of a particular business, union, association, or employer group. Each employee is entitled to benefits for hospital ...
Statistic indicating the degree of dispersion in a set of outcomes, computed as the arithmetic mean of the differences between each outcome and the average of all outcomes in the set. ...
Coverage for exposures that exhibit a possibility of financial loss. ...
Type of individual retirement account (IRA) allowed by the employees retirement income security act of 1974 (erisa) in which contributions are paid into a custodial account sponsored by a ...
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