Individual permitted to enter property with the permission of the owner or the person who controls the property. There is no mutual profit motive; the licensee comes onto the property for his or her sole benefit. For example, the owner of land gives an individual permission to hunt on the property but does not charge a fee. The owner must warn the licensee of any hidden dangers on the property of which he or she is aware.
Popular Insurance Terms
Type of grantor-retained income trust (grit) in which the grantor retains the right to the assets of the trust should he or she die before the term of the trust expires. ...
Expectations of investment return, mortality experience, and expenses used in projecting future cash values for life insurance and annuities. These projections cannot be part of the actual ...
The term elevator collision insurance or elevator liability insurance is included in business liability insurance policies in order to cover potential damages suffered by the elevator or ...
Type of health insurance providing benefits for only a particular peril, such as cancer. ...
services provided in an employee benefit plan such as a pension plan. An employer provides the clerical staff to operate the plan, in effect acting as custodian. The trustee provides ...
Replacement car or additional car as used in the personal automobile policy. ...
Coverage in the event a safe of a business is forceably entered, either on or off the premises, and property is stolen from the safe. Also covered is damage to the premises during actual or ...
Assets from a will transfer into an established life insurance trust. Through this mechanism, assets that have been probated are transferred into a living trust. ...
Legal status giving an insurance company all rights to an insured's property. The abandonment clause is usually found in marine insurance and not in other property insurance policies such ...
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