Search results
Results from the WOW.Com Content Network
In insurance, the insurance policy is a contract (generally a standard form contract) between the insurer and the policyholder, which determines the claims which the insurer is legally required to pay. In exchange for an initial payment, known as the premium, the insurer promises to pay for loss caused by perils covered under the policy language.
When a life insurance claim is denied, beneficiaries usually start by contacting the insurance agent — although contacting the insurer directly is an option. The denial letter should explain the ...
In a time-charterparty or voyage-charterparty, if the charterer is shipping his own cargo (rather than the cargo of a third party) he will receive a bill of lading from the master, acting as agent of the shipowner; but that B/L will serve solely as a receipt and document of title, and its terms will (subject to contrary intent) be secondary to ...
A loss payee clause (or loss payable clause) is a clause in a contract of insurance that provides, in the event of payment being made under the policy in relation to the insured risk, that payment will be made to a third party rather than to the insured beneficiary of the policy.
Blanket insurance or coverage is a term for policies covering more than one item or type of property. For instance, homeowners insurance is a form of blanket insurance because it covers the home ...
Term life insurance provides coverage for a specified period, such as 10, 20 or 30 years. If the policyholder passes away during the term, the death benefit is paid to the beneficiaries.
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 ...
The term full coverage may sound like one complete insurance policy, but it's actually a collection of different coverage types working together. Each part plays a specific role in protecting you ...