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
Person other than the annuitant as designated by the policyholder on whose life expectancy the annuity payment is also based. ...
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Eligible rollover distribution that is paid directly from an employee's employee benefit insurance plan to the employee's individual retirement account (IRA) or to another plan maintained ...
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