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
Payment of premiums and benefits as they come due. In pension plans, known as the "pay as you go basis." The plan depends on new employees coming into the work force so that their ...
Independent agency supported by the insurance industry that tests a variety of materials, products, and devices, such as appliances and electrical equipment, to assure that they meet safety ...
Reductions in the value of property due to physical damage or destruction. ...
Assumption of liability through contractual agreement by one party, thereby eliminating liability on the part of another party. An example is a railroad sidetrack agreement with a ...
Type of employee savings plan under which an employee may contribute up to a specified percentage of the salary on an after-tax basis and the employer matches the employee's contribution up ...
Risk management technique for identifying risks and taking steps to minimize losses. ...
Means of paying the cost of benefits of pension plan participants including retirement, death, and disability. ...
Limit allowed by law on employee salary reduction plans. Many pension plans, as well as the popular 401 (k) plan, allow employees to set aside pre-tax dollars in a company-sponsored ...
Type of insurance that provides a single aggregate limit of coverage within the insurance policy terms, thereby limiting the insurance company's liability for a risk transferred to it. The ...
Have a question or comment?
We're here to help.