How Long A Policy Will Be In Force
Definition of "How long a policy will be in force"
Duration of a policy. Property and casualty coverages are usually written for one year, although a personal automobile policy can be for six months. Life insurance can be written on a term basis (1 year, 5 years, 20 years, to age 65), whole or life basis, or any combination of the two. Health insurance can be written on a multiple time period basis.
Popular Insurance Terms
Same as term Binder: temporary insurance contract providing coverage until a permanent policy is issued. In property and casualty insurance, some agents have authority to bind the insurance ...
Certificate of insurance required by law under the auspices of the Interstate Commerce Commission. The endorsement is attached to all inland marine policies issued to interstate motor ...
Arrangement by which a policy owner authorizes an insurance company to draft his checking account for premiums due on an insurance policy. The drafting is usually monthly, persistency of ...
Total amount of insurance that an insurer will write on any specific city block. Such a limit will reduce the insurer's exposure to a potential catastrophic occurrence, such as a hurricane, ...
Individual appointed by the insurance company as an independent contractor. The agent receives various expense allowances for office-associated expenses and direct commissions on products ...
Form of stock ownership that permits the stockholder to select a beneficiary to receive the stock upon the death of the stockholder. The stockholder retains all rights of stock ownership ...
State laws that prohibit for an unreasonable period of time the accumulation of income under the option modes of settlement of a life insurance policy unless the beneficiary of the policy ...
Addition to a homeowners insurance policy, or other personal or business property policies, to provide extra coverage for listed articles. The standard policy has dollar limits on certain ...
Analytical procedure to predict the failure rate of a system still in the design stage. ...
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