Definition of "Acts"
Performance of a deed or function. Certain acts are prohibited from coverage in insurance. For example, if the insured commits a felony, the insured's beneficiary cannot collect under the accidental death provision of a life insurance policy. Intentional destruction of an insured's property by the insured or someone hired by an insured to destroy the property is a prohibited act under property insurance, and an insurance policy will not indemnify the insured for losses incurred.
Popular Insurance Terms
Organization formed to encourage research in insurance and to foster an exchange of ideas and research methodology among the society members. ...
Failure of an insurance company to offer similar insurance coverages at comparable premium rates to all individuals or groups with the same underwriting characteristics. Such discriminatory ...
Set of yield curves in which an interest rate is specified for various maturities such as monthly, quarterly, or annually. The basis of the interest rate can be corporate bond rates, United ...
(stop loss) amount over which a health insurance plan pays 100% of the costs in a percentage participation plan. Here, an insured shares costs with the insurer according to some ...
Assembly of people formed only for obtaining group insurance. Such a group is uninsurable and violates underwriting principles concerning group insurance. ...
Surcharge, in retrospective rating of property and liability insurance, added to the basic premium rate charged to reflect fixed cost of adjusting or settling losses. ...
Transit over land. ...
Federal legislation requiring employers with traditional health plans to also provide an HMO to its employees. The act also makes it mandatory for employers to contribute as much to the HMO ...
owner of property has an insurable interest because of the expectation of monetary loss if that property is damaged or destroyed. creditor of an insured has an insurable interest in ...
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