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In insurance, an adjustment clause in a contract specifies how the amount of a claim (particularly a claim against an insurance company) will be determined for the purposes of a settlement, giving consideration to objections made by the debtor or insurance company, as well as the allegations of the claimant in support of his claim. For example ...
The anti-lapse statute "saves" the bequest if it has been made to parties specified in the statute, usually members of the testator's immediate family, if they had issue that survived the testator. For example, the New York anti-lapse statute specifies brothers, sisters, and issue, specifically.
A life insurance suicide clause is a critical detail that can have significant implications for beneficiaries. This clause typically applies for the first one to two years after a policy is issued ...
For example, in California indemnification clauses do not cover certain risks unless the risks are listed in the contract, but in New York, the brief clause, "X shall defend and indemnify Y for all claims arising from the Product" makes X responsible for all claims against Y. [13] Indemnity can be extremely costly since X's liability insurance ...
For example, a visible scar on the face can lead to painful feelings of constant embarrassment and insecurity. The amount of money damages a claimant gets for pain and suffering will also depend upon the amount claimed in a lawsuit if such is filed or the amount demanded to the responsible party in the underlying claim if it is an insurance claim.
This is accomplished by adding a mortgagee clause to your homeowners insurance policy. For example, say you buy a house for $500,000 with a $100,000 down payment and a $400,000 mortgage. To ...
The legislature hereby declares that it would have passed each part, and each provision, section, subsection, sentence, clause, phrase or word thereof, irrespective of the fact that any one or more section, subsection, sentence, clause, phrase, word, provision or application be declared illegal, invalid, unenforceable, and/or unconstitutional.
Illustration of the partial payout of Sum Insured against probability of occurrence. Condition of average (also called underinsurance [1] in the U.S., or principle of average, [2] subject to average, [3] or pro rata condition of average [4] in Commonwealth countries) is the insurance term used when calculating a payout against a claim where the policy undervalues the sum insured.