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
Coverage for the percentage of the health care costs paid by the health insurance company, which is usually 80% above the insured's deductible up to a dollar amount of approximately $5000. ...
Amendment that modifies the federal flood insurance program by providing relocation and acquisition coverage for structures in imminent danger from an encroaching shoreline. This amendment ...
Form of state rating law that requires prior approval of property and casualty insurance premiums by the state insurance department for certain changes. Here, a state generally allows new ...
Extra life insurance benefit found in the family income policy, family income rider, family MAINTENANCE POLICY, and FAMILY POLICY payable to the BENEFICIARY should the insured die within a ...
Form that covers exposures associated with efforts to operate a business that is damaged by a peril such as fire. For example, a special electrical generator may have to be purchased in the ...
Date of issue of the policy. ...
Law that provided for federal crime insurance. Because private insurance is not available for business owners and residents of certain high-crime areas, the act provides that the federal ...
Accident policy that covers a traveler for a single trip on an airplane or other common carrier. The name comes from its origin as part of the ticket or ticket stub, but these policies are ...
Important 1944 U.S. Supreme Court ruling that the insurance business constituted interstate commerce and was thus subject to the SHERMAN antitrust act. This decision came in U.S. v. ...
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