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The policy term is the period that an insurance policy provides coverage. Many policies have a one-year term (365 days) but other terms both longer and shorter are used. Policy terms can be for any length of time and can be for a short period when the period of risk is also short or can be for multi-year periods.
Subject to the "fortuity principle", the event must be uncertain. The uncertainty can be either as to when the event will happen (e.g. in a life insurance policy, the time of the insured's death is uncertain) or as to if it will happen at all (e.g. in a fire insurance policy, whether or not a fire will occur at all). [4]
Since its inception, Lloyd's has operated not as an insurance company but as a gathering place of individuals (and more recently, small groups of individuals) issuing insurance policies. [47] In 1720 the Royal Exchange Assurance Corporation received its royal charter under the Royal Exchange and London Assurance Corporation Act 1719. The act ...
An insurer may look to seek Article 75 status within RTA law if it transpires that the policyholder failed to declare an important fact (such as a drink-drive ban). In this case the insurer will cancel the policy as if it was never incepted (known as ab initio). To do so, an insurer must apply for a declaration under Section 152(2) of the Road ...
The declarations page of your auto insurance policy. An insurance declarations page gives you a snapshot of what your policy coverage types and limits are, as well as details on what could be ...
An endowment policy is a life insurance contract designed to pay a lump sum after a specific term (on its 'maturity') or on death. [ 1 ] [ 2 ] These are long-term policies, often designed to repay a mortgage loan, with typical maturities between ten and thirty years within certain age limits.
Florida's Office of Insurance Regulation last month approved First Community Insurance Co. to take out as many as 51,249 Citizens policies, while Safepoint Insurance Co. may remove up to 40,000 policies. Elements Property Insurance Co. and Heritage Property Casualty Insurance Co. each have been approved for up to 20,000 policies.
Regulation of pre-existing condition exclusions in individual (non-group) and small group (2 to 50 employees) health insurance plans in the United States was left to individual U.S. states as a result of the McCarran–Ferguson Act of 1945 which delegated insurance regulation to the states and the Employee Retirement Income Security Act of 1974 ...