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
Act that prohibits insurance companies, group health plans, and health maintenance organizations from establishing lifetime limits or annual limits on mental health coverage that are lower ...
Same as term Coinsurance: ...
Coverage for a mortgagee where real or personal property, used as security for a loan, is damaged or destroyed. For example, a bank (mortgagee) lends money to an individual (mortgagor) who ...
Coverage in the event a school, summer camp, or similar operation suffers loss of tuition because a peril destroys a building. The tuition form reimburses the institution for loss of ...
Addition to a basic insurance policy to further explain coverages, add or exclude perils and locations covered, and add or delete positions covered. For example, an endorsement to the ...
Creation of a demand for a company's products, its distribution, and services for customers who purchase that product. Actuarial research and development, underwriting efficiency, and claim ...
Insurance company's net gain from operations divided by its adjusted surplus. This is the accounting rate of return on stockholder's equity since the ratio shows the rate of return the ...
Type of benefit in which an employee obtains shares of stock in the company, the amount normally determined by the employee's level of compensation. ESOP acts as a leverage tool through ...
Life insurance premium that is not currently due. Future payments are made on a frequency basis other than annual. ...
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