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
Property coverage for a builder of ships until possession passes to the owners. Protects against pre-launch and post-launch perils. Coverage can be purchased on an all risks basis subject ...
Most generally, twisting in insurance is regarded as an unfair trade policy or practice. Twisting means a life insurance policy holder’s misrepresentation on behalf of an insurance ...
tort against another person's property, designed to detain or dispose of it in a wrongful manner. For example, wrongful selling of another person's automobile without permission would ...
Membership organization of state insurance commissioners. One of its goals is to promote uniformity of state regulation and legislation as it concerns the insurance industry. The NAIC ...
New pension-accounting rule created by the Financial Accounting Standards Board. The objective of this rule is to clarify pension accounting so that investors, employers, and employees will ...
Assets from a will transfer into an established life insurance trust. Through this mechanism, assets that have been probated are transferred into a living trust. ...
Broad type of marine legal liability coverage, hull marine insurance is limited to an insured ship. With the addition of a running down clause, a policy can be extended to cover liability ...
Ownership of tax-free or tax-deferred investments by a child or for a child, given that these investments will not reach maturity before the child attains at least age 14. The objective is ...
Amount paid to an insurer. Determination of the actual cost (not the price paid) of a life insurance policy has been widely discussed for many years in life insurance and consumer circles. ...
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