Tenants In Common
Definition of "Tenants in common"
Ownership of property by two or more persons who do not have rights of survivor ship. The share of a deceased tenant passes to that person's heirs and not to the other tenants. Because insurance is a personal contract, all parties with an interest in the property must be listed. When filing an insurance claim, the policyholder must prove there was a loss and that the property damaged belonged to the policy holder. For example, four tenants in common own a resort condominium. Only one is listed on the insurance policy. A fire destroys the condo. The insurer probably could argue successfully that the interests of the other three are not covered.
Popular Insurance Terms
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Policy not designed to pay the policyowner a dividend. ...
Amount that a policyowner can borrow from a cash value of a permanent life insurance policy. ...
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Plan administered through a primary private life insurer and reinsured through other private life insurers, providing a death benefit equal to: one year's salary for active employees at ...
Deductible, applied to every loss, expressed as a percentage of that loss. As the loss increases, the deductible amount increases. ...
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