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
Term life insurance, usually purchased at an airport by an airplane passenger. It provides a death payment to the passenger's beneficiary in the event of a fatal accident on one or more ...
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Deductible applicable to each loss so that the amount of each loss retained by the insured varies according to the peril that caused the loss. For example, the split deductible in a policy ...
Insurance company program in which the beneficiary of an insurance policy is encouraged to leave the death proceeds in an account on deposit with the insurance company instead of receiving ...
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Provision in Social Security: to receive retirement monthly income, a participant must have earned income on which Social Security taxes were paid for at least 10 years or 40 quarters. ...
Guarantee by a reinsurance company that payment for losses incurred by a third party will be made even though that third party has no contractual arrangement with the reinsurance company. ...
Agent who is licensed and who markets and services insurance policies in a state in which he or she is not domiciled. ...
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