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Subject to the "fortuity principle", the event must be uncertain. The uncertainty can be either as to when the event will happen (e.g. in a life insurance policy, the time of the insured's death is uncertain) or as to if it will happen at all (e.g. in a fire insurance policy, whether or not a fire will occur at all). [4]
Life insurance policies contain specific exclusions that can lead to a denied claim, especially during the contestability period, which usually lasts two to three years from the policy’s start ...
The agent of record has a legal right to receive commissions from the respective insurance policy. The individual or legal entity is authorized to represent an insured party in purchasing, servicing, and maintaining insurance coverage with a designated insurer. The majority of insurance companies will not disclose information or discuss an ...
The term "reservation of rights" (particularly a "reservation of rights letter”) is often used in connection with insurance claims. The insurance company issues a reservation of rights letter stating that it may deny coverage for some or all of the claim even while the company is investigating the claim or beginning to treat the claim as if ...
A full-coverage auto insurance policy combines three key protections — liability, comprehensive and collision coverage — into one complete package. Additional add-ons can enhance your ...
Medical underwriting is a health insurance term referring to the use of medical or health information in the evaluation of an applicant for coverage, typically for life or health insurance. As part of the underwriting process, an individual's health information may be used in making two decisions: whether to offer or deny coverage and what ...
The other two documents are a policy of insurance and an invoice. [a] Whereas a bill of lading is negotiable, both a policy and an invoice are assignable. In international trade outside the United States, bills of lading are distinct from waybills in that the latter are not transferable and do not confer title.
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