Time Limit
- part of the Model Uniform Life and Health Insurance Policy Provisions Law giving an insurer a time limit on contesting coverage for preexisting conditions or misrepresentation. This law, developed in 1950 as model legislation by the NATIONAL ASSOCIATION OF INSURANCE COMMISSIONERS (NAIC), has been adopted by all states. While the model law gave insurers three years for certaindefenses, such as misrepresentation of facts by an insured or nondisclosure of a preexisting condition, many states have loweredit to two years.
- period of time that proof of loss or claim must be filed with an insurance company.
Popular Insurance Terms
Coverage for business risks including goods in transit, fire, burglary, and theft. A common example is the COMMERCIAL PACKAGE POLICY (CPP). ...
Specified requirements of minimum age and years of service to be met by an employee before the individual's benefits are vested. For example, under the ten year vesting rule, "n employee ...
Phrase used to describe a method of annuity payout that guarantees a specified number of years, regardless of whether an annuitant remains alive. ...
Coverage in the event that stock sent to others for processing is damaged or destroyed en route or at their premises except those perils specifically excluded. For example, this coverage ...
Extent of the loss caused by accidents. Used in predicting the dollar amount of losses upon which the premiums are based. ...
Latin phrase meaning "without which not," signifying a legal rule in tort and negligence cases. Under this rule, a plaintiff trying to prove that an injury was a direct result of a ...
Bond that provides additional security for a loan. ...
Inquiry conducted by a committee of the legislature of the State of New York in 1905 that looked at abuses of life insurance companies operating in the state. This study led to stricter ...
Provision for known claims due but not paid, known claims not yet due, and provision for incurred but not reported (IBNR) claims. The critical problem facing a casualty insurance company is ...
Have a question or comment?
We're here to help.