State-of-the-art Defense
Definition of "State-of-the-art defense"
Provision established either by state statute or court order that permits the defendant to establish that at the time of the injury incurred by the plaintiff, the defendant provided goods and services in accordance with the state of technological and scientific knowledge as of the date and/or was in compliance with industry or government standards at that time.
Popular Insurance Terms
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worth of each accumulation unit at the end of each valuation period for a variable annuity. This value is similar to that of the net asset value for a mutual fund. ...
Specific powers granted by the principal (the insurance company) to the agent in the contract. ...
Record of debit or industrial insurance policies. ...
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Company owned by its policy owners; no stock is available for purchase on the stock exchanges. ...
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