Ultra Vires
Definition of "Ultra vires"
Latin phrase meaning "beyond power or authority" describing an act by a corporation that exceeds its legal powers. For example, corporations do not have the authority to engage in the insurance business without a charter. A corporation offering insurance without authority would be acting ultra vires. Similarly, an insurance company chartered to engage in a single line of business would be operating ultra vires by offering some other line.
Popular Insurance Terms
Feature of pension plans whereby an employee whose service has been interrupted can have that period credited toward retirement. ...
Legislation in a number of states requiring insurers to pay the face amount of a fire insurance policy in case of total loss to a dwelling (or sometimes another specified type of building), ...
Automatically extended reporting period of 60 days, during which claims may be made after a claims made basis liability coverage policy has expired. ...
In life and health insurance, person whose physical condition is less than standard or who has a hazardous occupation or hobby. For example, an applicant with a history of strokes is ...
In umbrella liability insurance clause that stipulates that in the event of a loss where there are no underlying policies providing coverage, the deductible will apply. ...
Combination life insurance policy consisting of ordinary life and double the amount of term life. Should the insured die within a stipulated time period, the double term amount and ordinary ...
Fund that concentrates primarily on short-term government securities, certificates of deposit with maturities less than one year, and high-quality interest-bearing corporate debt. The fund ...
1961 federal legislation that allows the U.S. Export-Import Bank to set up insurance protection for U.S. exporters against credit risk and political risk in order to help make U.S. exports ...
Same as term Explosion, Collapse, and Underground Exclusion: inherent danger resulting from certain construction procedures that are excluded from general business liability policies. ...
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