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
Flat dollar amount added to arrive (premium rate per $1000 of face amount x face amount) at the premium. ...
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Arrangement whereby the insured pays the insurance company a relatively small monthly premium payment. In exchange for this premium payment, the insurance company processes and pays claims ...
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Monthly income payment provided by a Disability income insurance policy to the insured wage earner when income has been interrupted or terminated because of illness, sickness, or accident. ...
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