Annual Policy
Definition of "Annual policy"
Contract remaining in force for up to 12 months unless canceled earlier. After 12 months the policy can either be renewed or not renewed by the insurance company or the insured. The policy need not be paid for on an annual basis.
Popular Insurance Terms
Organization of insurance broker and agent associations that includes the Independent Insurance Agents of America, National Association of Professional Insurance Agents, National ...
Point in time when a term life insurance policy terminates its coverage. ...
Value in life insurance policies that entitle the insured to these choices: to relinquish the policy for its CASH SURRENDER VALUE. (Note that in the beginning years the cash value may be ...
Federal legislation passed in 1988 (repealed November 23, 1989) that significantly increased the benefit amounts provided under medicare, both Part A and Part B, in the following manner: ...
Buildup of policy cash value, as distinguished from the death benefit. A policyholder has a choice between surrendering the policy for its cash surrender value or keeping it in force for ...
Amount for which financial loss for bodily injury incurred by the plaintiff must exceed before a tort liability action may be brought. ...
Coverage that indemnifies a third party lender if a customer refuses to repay a loan made on a faulty product and the dealer who arranged the loan refuses to correct the fault. This ...
Portion of a life insurance policy cash value after the deduction of all the policyowner's indebtedness. ...
Numerous automotive vehicles covered under a common insurance policy. ...
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