Ultra Vires
Definition of "Ultra vires"
Latin phrase meaning "beyond power or authority" describing an act by a corporation that exceeds its legal powers. For example, corporations do not have the authority to engage in the insurance business without a charter. A corporation offering insurance without authority would be acting ultra vires. Similarly, an insurance company chartered to engage in a single line of business would be operating ultra vires by offering some other line.
Popular Insurance Terms
Health insurance contract that is renewable at the option of the insurer. On the anniversary date of the contract, the insurer has the right to decide whether or not to renew. ...
12-month period from the date of issue of a policy as stated in its declarations section. ...
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