Conditional Binding Receipt
Same as term Conditional Receipt: evidence of a temporary contract obliging a life or health insurance company to provide coverage as long as a premium accompanies an acceptable application. This gives the company time to process the application and to issue or refuse a policy, as the case may be. If the applicant were to die before a policy is issued, the company will pay the death benefit if the policy would have been issued. For example, Mr. A applies for $100,000 of life insurance but is killed by an automobile before the policy is issued. The company finds that it would have issued the policy, and therefore pays $100,000 to the beneficiary.
Popular Insurance Terms
Publication that lists premiums charged for products sold by an insurance company. A manual also has underwriting guidelines for agents. A life insurance rate manual includes minimum ...
Coverage for crops in the event of loss or damage by insured perils including hail, fire, and lightning. Prior to the passage of the Federal Crop Insurance Act in 1938 it was virtually ...
Maximum amount of insurance coverage that an underwriter will write on a particular class of property or risk exposure. ...
Additional amount of surplus from an additional amount of capital necessary to act as a supplement to the cash flow in the event unforeseen contingencies occur that disrupt or impair the ...
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Layman description of the key features and benefits of a pension plan that must be filed with the Department of Labor. Periodic updates of this summary must also be provided to the ...
Damaged insured property in receipt by the insurance company resulting from abandonment and salvage, subrogation, and reinsurance. ...
Replacement for the earlier Family Automobile Policy (FAP) with these nine basic coverages: Coverage A Liability, The company pays damages for which an insured becomes legally obligated ...
Tax-exempt entity as qualified under Section 501 (c)(9) of the Internal Revenue Code. The VEBA usually provides its members and their dependents and beneficiaries with paid life insurance, ...
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