Tenants In Common
Ownership of property by two or more persons who do not have rights of survivor ship. The share of a deceased tenant passes to that person's heirs and not to the other tenants. Because insurance is a personal contract, all parties with an interest in the property must be listed. When filing an insurance claim, the policyholder must prove there was a loss and that the property damaged belonged to the policy holder. For example, four tenants in common own a resort condominium. Only one is listed on the insurance policy. A fire destroys the condo. The insurer probably could argue successfully that the interests of the other three are not covered.
Popular Insurance Terms
Sale of life insurance policies through vending machines. This method of distribution is generally limited to travel accident insurance, supplemental health or disability policies, or life ...
Coverage that exceeds the normal insurance capacity of an insurer or reinsurer. ...
Measurement of the response of the cash flow of an insurance company to various interest rate scenarios; for example, how rising interest rates will affect the number of life insurance ...
Coverage for damage due to peril! of war, usually written as part of an ocean marine insurance policy. ...
Sum it takes to replace an insured's damaged or destroyed property with one of like kind and quality, equivalent to the actual cash value, minus physical depreciation (fair wear and tear) ...
Historic insignia representing evidence of coverage placed on property insured by a particular insurance company. If the property on fire did not have the company's fire mark, its private ...
All insured losses paid in full. ...
Policy provision designed to restore an insured to his or her original financial position after a loss. The insured should neither profit nor be put at a monetary disadvantage by incurring ...
Insurance facility composed of many different syndicates, each specializing in a particular risk; for example, hull risks. Lloyd's provides coverage for primary jumbo risks as well as ...
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