The unwritten law that is based on custom, usage, and court decisions; different from statutory law, which consists of laws passed by legisla-tures. Glossary An acronym is a word or name composed of the first letters of each word of a title or description.. ATE (After the Event) insurance is a form of litigation insurance that indemnifies the insured against the financial risk of losing a claim in proposed legal proceedings. The amount of the premium may be dependent on or proportional.
The insurance business encompasses a daunting array of industry jargon. Thankfully, there are resources to help consumers navigate the maze of unfamiliar terms. These often take the form of glossaries, or lists of specialized terms relating to a special subject – in this case, insurance – with accompanying definitions. Two such glossaries are of particular… Read more »
Insurance law glossary. Will Disputes and Family Provision Claims in New South Wales. Glossary – Insurance Law. Glossary – Insurance Law HO-6 Policy. HO-6 is a term used in Homeowners insurance, and refers to policies specifically designed for Condo and Co-op owners. The Condo Association’s Master Policy usually covers the building structure and common areas, but your HO-6 coverage is what protects your personal belongings from named perils like fire, storms, explosion, and theft. Chronic Injuries – A chronic injury is one that persists for a long time, typically a number of years. A chronic injury is long-term and of indefinite duration. Contingency Fee – Lawyers who work on a contingency basis receive payment if they reach a favorable outcome for their client. Typically, a contingency fee is an agreed-upon percentage of the winning settlement.
Our insurance terms glossary is divided alphabetically by insurance terms in a quick reference guide to assist understanding the language commonly used by insurance companies. Policy documents contain a number of insurance terms because they typically define the limitations of risk and liability on the insured and any exclusions of coverage. Fiduciary Insurance Services, LLC. operates with an intention of respect for, and a sensitivity to, the import of individual identity, at all times. While fee-based compensation models tend to more frequently attract professionals who desire to work in a fiduciary fashion than do commission-based models, choice of compensation model in. Insurance law governs the contractual relationship between an insured and an insurer. The contract is called a policy, and the insured is the policyholder. The policy contains an agreement between the insured (such as an individual or a business) and an insurance company that in exchange for the insured's payment of a premium, the insurance.
Glossary of Insurance Terms.. Mandated benefits – insurance required by state or federal law. Manufacturers Output Policies – provides broad form coverage of personal property of an insured manufacturer including raw material, goods in process, finished goods and goods shipped to customers. Bouvier Insurance, formerly Bouvier Beckwith & Lennox, Inc, was established by Robert F. Bouvier in 1959 and has grown into a full-service insurance group handling all types of insurance with 10 locations throughout the United States. Virani Law's Homeowners Insurance Glossary of Terms outlines key terminology you will come across when dealing with home insurance & insurance claim options.
Glossary of Health Insurance Terms. On March 23, 2010, President Obama signed the Patient Protection and Affordable Care Act (PPACA) into law. When making decisions about health coverage, consumers should know the specific meanings of terms used to discuss health insurance. Below are definitions for some of the more commonly used terms and how. Contact IRMI. International Risk Management Institute, Inc. 12222 Merit Drive, Suite 1600 Dallas, TX 75251-2266 (972) 960-7693 (800) 827-4242 According to English insurance law, a term will qualify as an insurance warranty only if it is a "vital term," entailing a right to cancel. English law in this respect is at variance with the South African law of contract, according to which non-vital terms may also qualify as warranties. Nevertheless, it is the English view that has been.
Benefit – For legal purposes related to personal injury law, a benefitis financial assistance that a party receives from an employer, insurance company, or social program (such as social security) in a time of sickness, disability, or unemployment. Insurance law help is a site developed by consumer friendly personal injury attorneys from across the United States. These negligence attorneys are accumulating and providing in depth, original and helpful information regarding the legal aspects of insurance from a consumer’s perspective and from the injured victim’s perspective. Insurance Attorneys An attorney who practices the law as it relates to insurance matters. Attorneys might be solo practitioners or work as part of a law firm. Insurance companies who retain attorneys to defend them against law suits might hire staff attorneys to work for them in-house or they might retain attorneys on an as-needed basis.
Co-insurance is an arrangement that involves separate insurance companies sharing the cover of one particular risk. Commencement date This is the start of a beautiful friendship. The cover, in terms of the policy, begins on this date. Commission money Insurance companies pay brokers or independent intermediaries for giving them business. Consumers / Types of Insurance / Information Guides / Glossary of Insurance Terms Glossary of Insurance Terms. This list is not meant to be all inclusive, but should help with your understanding some insurance terms used in our website.. (RESPA) of 1974 (Public Law 93-533),. Glossary Terms Business insurance uses many terms, acronyms, and jargon. Here you'll find explanations for the most commonly used terms related to business insurance.
.. Insurance terms, definitions and explanations are intended for informational purposes only and do not in any way replace or modify the definitions and information contained in individual insurance contracts, policies or declaration pages, which are controlling. Such terms and availability may vary by state and exclusions may apply. Insurance Law and Legal Definition. Insurance is a contract, called an insurance policy, in which the insurer, agrees to pay the insured party all or a portion of any loss suffered by accident or death for a fee called an insurance premium. The losses covered by the policy may include property damage or loss from accident, fire, theft or.
This glossary is intended as a general aid to help you understand some of the commonly occurring phrases and jargon used in the insurance world. If you have any questions about the use or meaning of a term or expression in any particular product or literature, you should raise them with the provider concerned.