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Originally named Agent Company Operations Research and Development (ACORD), the organization's initial goal was to standardize the many proprietary forms being used by carriers for new business and claims submission. [2] In the late 1970s, ACORD began developing electronic standards to complement its form standards.
Accord and satisfaction is a settlement of an unliquidated debt. For example, a builder is contracted to build a homeowner a garage for $35,000. The contract called for $17,500 prior to starting construction, to disburse $10,000 during various stages of construction, and to make a final payment of $7,500 at completion.
The Act, which gives the government broad authority to bring civil claims and has less stringent requirements to establish liability than commercial fraud statutes, was used after the subprime mortgage crisis to attempt to establish the liability of banks that allegedly misrepresented the quality of loans to the Federal Housing Administration ...
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Consumers can request a copy of the data in their report from MIB Group. [24] The insurer is additionally required to prove an "intent to deceive" in the misrepresentation, this fraud or intent requirement was extended federally for health insurance contracts effective September 23, 2010 [ 19 ] by Section 2712 of the Patient Protection and ...
A change request is declarative, i.e. it states what needs to be accomplished, but leaves out how the change should be carried out. Important elements of a change request are an ID, the customer (ID), the deadline (if applicable), an indication whether the change is required or optional, the change type (often chosen from a domain-specific ontology) and a change abstract, which is a piece of ...
The contract is based upon the bargain that a party forgoes its ability to sue (if it has not sued already), or to continue with the claim (if the plaintiff has sued), in return for the certainty written into the settlement. The courts will enforce the settlement. If it is breached, the party in default could be sued for breach of that contract.