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
Average interest earned by an insurer on its investments after investment expense, but before federal income tax. ...
Part of the Balanced Budget Act of 1997 that permits medicare recipients to select coverage among various private health care plans to include HMOS, PPOS, POINT-of-SERVICE (POS), MEDICAL ...
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Individual who retains title to property that is being transferred on a temporary basis to the care, custody, and/or control of another. ...
Rate of return computed by dividing the current annual dividend (if a stock) or annual coupon amount (if a bond) by the amount paid for that financial instrument. ...
Utilization of life insurance to make annual gifts into a trust in order to produce the largest tax-free death benefit possible to the trust beneficiaries. ...
Death from other than accidental means. ...
Amendment to a will that adds or modifies clauses in that will, such as adding an additional beneficiary or piece of property. ...
Bureau insurer that files its statistical and underwriting experience with a rating bureau. ...
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