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
Type of individual retirement account (IRA) allowed by the employee retirement income security act of 1974 (erisa) whereby contributions in the form of premium payments are made on a fixed ...
Types of reinsurance instruments under which the amount of risk transferred is more limited than under traditional risk reinsurance instruments. The limitations on risk transfer take the ...
Coverage giving income benefits to surviving family member (s) if one member should die. These include the family income policy, family income rider, family maintenance policy, and the ...
In property insurance policies, provision that excludes the insurance company's liability for indemnification of the insured for the insured's expenses incurred in the demolition of ...
Termination of premium payments by an employer on behalf of an employee to an employee benefit plan. ...
Department in an insurance company that prepares policies to be sent to the policyholder, sends the policies, and keeps records of the policies that were sent. ...
In many health insurance and dental insurance policies, stipulation that, if the estimated cost of a recommended plan of treatment exceeds a specified sum, the insured must submit the plan ...
Same as term Blanket Bond: coverage for an employer in the event of dishonesty of any employee. ...
Compensation that varies with the class and type of insurance sold. Many insurance companies offer varying commissions according to the volume of business an agent places with the company. ...
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