Supplementary Contract
Terms of a settlement of a life insurance or annuity contract under which monies are currently payable or used at least in part by the beneficiary to fund a new insurance policy. Supplementary contracts are a balance sheet liability for a life company. They represent money held for policyholders that will eventually be paid out. But because the contract no longer involves insurance on a life, it is not included in the company's policy reserves.
Popular Insurance Terms
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Confirmation by an insurance company of the acts of its agent, regardless of whether or not these acts were committed within the limit of authority granted the agent by the company. By so ...
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