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In Australia, negative pledge lending took off after a substantial deal by Pioneer Concrete in 1978. [1] It was a new way of lending, which allowed the banks to lend to corporations, something previously the domain of life insurers. Negative pledge clauses are almost universal in modern unsecured commercial loan documents.
The word is a Law French term meaning "dead pledge," originally only referring to the Welsh mortgage (see below), but in the later Middle Ages was applied to all gages and reinterpreted by folk etymology to mean that the pledge ends (dies) either when the obligation is fulfilled or the property is taken through foreclosure. [1]
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.
Buy-sell agreements: An entity buy-sell agreement is when a business owns life insurance on each co-owner of the company. If a death occurs, the company uses the life insurance proceeds to ...
A pledge is a bailment that conveys title to property owned by a debtor (the pledgor) to a creditor (the pledgee) to secure repayment for some debt or obligation and to the mutual benefit of both parties. [1] [2] The term is also used to denote the property which constitutes the security. [3] The pledge is a type of security interest.
Delay, Deny, Defend is a critical exploration of the property and casualty insurance industry, examining how its practices affect policyholders.Feinman, a law professor specializing in consumer rights and insurance law, argues that the industry prioritizes profits over policyholders' needs, often using tactics like delaying or denying legitimate claims to bolster financial performance.
As an AOL member you can now have access to a wide variety of digital tools and insurance products to protect the life you’re building and to keep accidents from landing you in debt. AOL MyLifeProtected makes it easier for you to navigate the insurance buying process and understand the market-leading insurance plans that best meet your ...
Oil and Gas Industry 'Knock for knock' is a common contractual arrangement in the oil and gas industry. [ 2 ] The operator of an oil and gas property requires the assistance and expertise of many kinds of contractors, including drilling companies, well service companies, facility constructors, equipment suppliers, and caterers.