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
Maximum amount of insurance coverage that an insurance company will underwrite in a particular geographic area. ...
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Coverage that guarantees that the executor or administrator of an estate will conduct his or her duties according to the provisions of the will and the legal requirements of the ...
Ending a pension plan at the election of an employer or sponsor. The employer has the unilateral right to change or terminate a pension plan at any time. However, the termination must meet ...
Company formed and operated without the profit motive as its normal business objective; normally sells and services health insurance policies. ...
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Cost computation form that assumes retirement and commencement of annuity payments on the first day of the month nearest the birthday when a retiree reaches normal retirement age. Most ...
Dividend paid to policy-holder according to the time period in which the policy was sold and the investment return the insurance company made on that policy during that time period. ...
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