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
Periodic payments to an injured person or survivor for a determinable number of years or for life typically in settlement of a claim under a liability policy. Terms may include immediate ...
Coverage for additional buildings on the same property as the principal insured building. Most property insurance contracts such as the homeowners insurance policy cover appurtenant ...
Same as term Employee Benefit Insurance Plan: provision by an employer for the economic and social welfare of employees. Generally include: pension plans for retirement; group life ...
Insurance coverages for businesses, commercial institutions, and professional organizations, as contrasted with personal insurance. ...
Part of the Balanced Budget Act of 1997 that permits medicare recipients to select coverage among various private health care plans to include HMOS, PPOS, POINT-of-SERVICE (POS), MEDICAL ...
Contract by which one party agrees to make good the default or debt of another. Actually, three parties are involved: the principal, who has primary responsibility to perform the obligation ...
Employees participating in and covered under an employee benefit insurance plan. ...
Trust in which the trustee distributes capital and income to the beneficiaries of the trust according to their economic needs. ...
Early payout of anticipated death benefits from a rider attached to an existing policy or from a separate policy. The purpose is to allow the terminally ill insured an additional source of ...
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