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
Life insurance: Bonds most state regulations permit life insurance company investments in debentures, mortgage bonds, and blue chip corporate bonds. Stocks(a) preferred stock investment ...
Payment by the insurance company to the insured for the actual expenses incurred by the insured, such as medical expenses. ...
Life insurance that stays in effect for only a specified, limited period. If an insured dies within that period, the beneficiary receives the death payments. If the insured survives, the ...
Broad excess protection for liability over the level of primary coverage or self insurance. Umbrella policies are written for both business and personal liability. For example, a personal ...
Securement of funds from outside sources such as by borrowing or by attracting equity control. Use of leverage to improve the profitability of a business. Achievement of an investment ...
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Ratio of the insurance company's investment in common stocks dividend to its adjusted surplus account. This ratio shows how vulnerable the company's surplus is to the stock market ...
1957 federal law setting a limit on the liability of operators of nuclear facilities. The law, an amendment to the Atomic Energy Act of 1954, authorized establishment of private insurance ...
Professional designation earned after the successful completion of four national examinations given by the insurance institute of America (IIA). Covers such areas of expertise as insurance ...
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