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In terms of section 1 of the Long-term Insurance Act, “long-term policy” means an assistance policy, a disability policy, a fund policy, a health policy, a life policy or a sinking fund policy, or a contract comprising a combination of any of those policies. It also includes a contract whereby any such contract is varied.
A sinking fund is a fund established by an economic entity by setting aside revenue over a period of time to fund a future capital expense, or repayment of a long-term debt. In North America and elsewhere where it is common for government entities and private corporations to raise funds through the issue of bonds , the term is normally used in ...
The insurance policy is generally an integrated contract, meaning that it includes all forms associated with the agreement between the insured and insurer. [2]: 10 In some cases, however, supplementary writings such as letters sent after the final agreement can make the insurance policy a non-integrated contract.
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 ...
Legal services or expert services unrelated to the audit [6]: 7 Any other services that the commissioner determines, by regulation, to be impermissible. [6]: 7 §7(F) provides that state insurance commissioner the authority to, following a hearing on the matter, force an insurer to change the auditor of its financial statements. [6]
That being said, while short-term coverage provides a useful function, your coverage options may not be as robust or cost-effective as a typical term or permanent life insurance policy. What is a ...
Insurance Services Office, Inc. (ISO), a subsidiary of Verisk Analytics, is a provider of statistical, actuarial, underwriting, and claims information and analytics; compliance and fraud identification tools; policy language; information about specific locations; and technical services.
The property damage liability portion of your policy pays for the other driver’s vehicle damages and your bodily injury liability insurance is designed to pay for the other driver’s and ...