Reimbursement Disability Income Policy
Policy used to provide the funds for buy and sell agreements under which an income payment or a series of income payments is paid to the buyer of the disabled partner's interest contained in a partnership life and health insurance plan or disabled stockholder's interest contained in a close corporation plan to reimburse that buyer for the sum paid. If this sum to be paid the buyer by the insurance company exceeds the actual market value of the business at the time of the sale, that sum is reduced to the actual market value.
Popular Insurance Terms
Actual price paid for property when it was acquired. The original cost might apply to a piece of jewelry, to a piece of equipment, or to a building. For insurance purposes, original cost is ...
Insurance coverage purchased on the same item from two or more insurance companies. ...
Clause in some disability income insurance policies under which there is a maximum an insured can receive from all sources of disability income benefits. For example, the clause may ...
Provision in many property insurance policies that excludes coverage for floods and backup from sewers or drains and underground water. Because floods and hurricanes are generally confined ...
Person who has the responsibility for examining the risk to determine whether or not to insure it. ...
Risk management technique for identifying risks and taking steps to minimize losses. ...
Insurance company that has no outstanding shares of stock, such as a mutual insurance company. ...
Automobile purchased or leased by the insured or the insured's spouse that is in addition to the insured or the insured spouse's present car as covered under the personal automobile policy ...
The term pro rata comes from Latin and translates to in proportion, proportionally, the proportion of, proportionately determined, or according to a specific rate. It is often used in legal ...
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