Definition of "Reformed"
Correction of a contract containing a mistake in order to prevent a party to that contract from gaining from that mistake. For example, if $1,000,000, instead of the correct amount of $100,000, is filled in the blank for property coverage, it will be corrected to the intended $100,000 amount.
Popular Insurance Terms
Amount set up as a cushion against fluctuations in securities prices. ...
Clause in a property insurance policy that requires the insurance coverage in that policy to be allocated in the proportion that it bears to the total insurance coverage in force from all ...
Individual or organization that provides the mechanism in which financial assets are accumulated for the purpose of paying accrued pension benefits. ...
Professional designation earned after the successful completion of six national examinations given by the insurance institute of America (IIA). Covers such areas of expertise as ocean ...
Coverage for property damage or destruction of an insured's property and liability exposure of an insured for damage or destruction of someone else's property under his or her care, ...
Pension or other employee benefit to cover employees at two or more financially unrelated companies. The companies may employ workers from the same labor union or those in the same ...
Approach used for sole proprietorships, partnerships, and close corporations in which the business interests of a deceased or disabled proprietor, partner, or shareholder are sold according ...
Death caused by a person without legal justification. Wrongful death may be the result of negligence, such as when a drunken driver hits and kills someone; or it may be intentional, as when ...
Proceeds from a life insurance policy paid on a monthly basis instead of in a lump sum. ...
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