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 earned monthly income (AEMI) for the tax year in which the insured wage earner has income interrupted or terminated because of illness, sickness, or accident. This AEMI is important ...
Latin phrase meaning "overpowering force"; an unavoidable accident or calamity; an accident for which no one is responsible; an act of god. ...
Feature of life and health insurance policies that stipulates that the policy represents the whole agreement between the insurance company and the insured, and that there are no other ...
Life insurance: Bonds most state regulations permit life insurance company investments in debentures, mortgage bonds, and blue chip corporate bonds. Stocks(a) preferred stock investment ...
Negligent acts or omissions that result in actual or imagined bodily injury and/or property damage to a third party, who brings suit against a business firm and its representatives ...
Denial of coverage for various perils (such as war, flood); hazards (storing dynamite in the home, thereby increasing the chance of loss); property (such as pets); and locations. These are ...
Retirement plan under which contributions are fixed in advance by formula, and benefits vary. These plans are often used by organizations that must know what the cost of employee benefits ...
Circumstance resulting when government expenditures exceed government income. To finance this difference, the United States Treasury will auction Treasury bills, notes, and bonds. In order ...
Period of time of insurance coverage. If a loss occurs during this time, insurance benefits are paid. If a loss occurs after this time period has expired, no insurance benefits are paid. ...
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