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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.
Once in a while, insurers will write a policy that excludes an individual from driving. This is most often the case if the person is a high-risk driver with multiple infractions or DUIs.
Reciprocal exchanges are more commonly seen in personal lines than commercial lines, in part because commercial lines insurers can be organized via other means not available in personal lines. In 1981, Congress authorized the creation of risk retention groups (RRGs) to provide certain forms of commercial liability insurance.
The master policy holder of a group life insurance plan in the case of an "Employer Employee Group" is basically the Employer and for other groups would be the entity that has an insurable interest in the lives of its members. A bank it could be said has an insurable interest in the lives of its members who hold a deposit or have taken a loan.
A policyholder (or policy holder) is the person who owns the insurance policy. Policyholders affect how much the car insurance costs and, in most cases, the policyholder is the only person who can ...
After a primary policyholder passes away, their car insurance policy will need to be canceled or their name will have to be removed from the contract if there are other drivers on it.
Life insurance (or life assurance, especially in the Commonwealth of Nations) is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money upon the death of an insured person.
This page was last edited on 26 March 2010, at 19:30 (UTC).; Text is available under the Creative Commons Attribution-ShareAlike 4.0 License; additional terms may ...