Transfer Of Insureds
Definition of "Transfer of insureds"
Provision in corporate life insurance policies that allows coverage to be transferred to a new individual with proof of insurability, for a premium appropriate to the age of the new individual. These policies are designed to cover key executives of a corporation and to provide continuous insurance in force without the necessity of obtaining a new policy. For example, if a corporation buys insurance to cover the chief executive officer who later retires, the policy could be transferred to the new CEO.
Popular Insurance Terms
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Method of establishing rates in which the current year's premium is calculated to reflect the actual current year's loss experience. An initial premium is charged and then adjusted at the ...
Rules of conduct and commissions paid to agents. For example, under the rules of conduct agents may be required to submit all of their business to only that agency. The contract also lists ...
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Individual who has met professional standards of the Internal Revenue Service and the Department of Labor for signing the actuarial reports required by the Employee Retirement Security Act ...
Covers property damage and theft coverage in two areas not subject to a coinsurance requirement or a deductible. Coverage A. If the bank becomes liable for loss to a customer's property ...
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