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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 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.
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.
Most insurance policies include a suicide clause that states the policy will not pay out the death benefit if the policyholder commits suicide within a certain period of time after the policy is ...
Learn about full and limited tort car insurance and if you can sue after an accident.
Limitation clause: The clause places a limit on the amount that can be claimed for a breach of contract, regardless of the actual loss. Time limitation : The clause states that an action for a claim must be commenced within a certain period of time or the cause of action becomes extinguished.
These clauses give lenders the option to call in the loan if you do not uphold all its terms. In this way, the lender minimizes the risk of the mortgage, of letting you borrow such a big sum for ...
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 ...