Definition of "Sample"
Item given or sold to a buyer that establishes a standard of quality by which later products will be judged. Since the uniform commercial code does not distinguish between a sample and a model, a sample may create an implied warranty that all goods will conform to this standard. If other goods shipped later do not meet this standard, the manufacturer may be held liable.
Popular Insurance Terms
Same as term Annuity: contract sold by insurance companies that pays a monthly (or quarterly, semiannual, or annual) income benefit for the life of a person (the annuitant), for the lives ...
Signed receipt by policyowner acknowledging that policyowner is in possession of the policy. ...
New rule entitled "Accounting and Reporting for Reinsurance of Short-duration and Long-duration Contracts," which requires the insurance company to report all assets and liabilities ...
Inability to divide a cash value life insurance policy into a savings element and a protection element because, in theory, if the policyowner withdraws a portion or ail of the cash value, ...
Same as term Master policy: single contract coverage on a group basis issued to an employer. Group members receive certificates as evidence of membership summarizing benefits provided. ...
Policy in which an insurer agrees to pay property or liability losses (generally 80-100%) in excess of a specific amount paid on all losses during a policy year. ...
Insured peril in some property insurance policies that encompasses any accidental damage to insured property while being removed to safety from the immediate threat of damage by another ...
Three types of damages can be awarded to a plaintiff: Special Damages reimbursement for out-of-pocket expenses, including medical bills, legal charges, cost of repairing damaged or ...
Rule that provides four requirements for monitoring the independent agent distribution system: The insurance company must be involved in the training of the independent agent. The ...
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