insurance

act of God

An act of God refers to a severe, unanticipated natural event for which no human is responsible. Despite its facial religious connections, the usefulness of the term means “act of God” is frequently used in otherwise secular statutory and...

adjuster

An adjuster is an agent who handles insurance related claims commonly commissioned by an insurance company. The adjuster participates in the investigation and settlement of the claim. This agent is helpful, as it is commonly understood that...

adjustment

Adjustment is a settlement, allowance, or deduction made on a debt or claim that has been objected to by a debtor or creditor in order to establish an equitable arrangement between the parties.

For tax returns, an IRS-...

aleatory

“Aleatory” means that something is dependent on an uncertain event, a chance occurrence. Aleatory is used primarily as a descriptive term for insurance contracts. An aleatory contract is a contract where performance of the promise is...

alternate beneficiary

An alternate beneficiary is someone who will benefit from or gain ownership of property only if the primary beneficiary is unable or unwilling to take ownership. An alternative beneficiary in property law arises when someone bequests property...

annuitant

Annuitant is an investor or a pension plan beneficiary who is entitled to receive the regular payments of a pension or an annuity.

Cases such as this one from New Hampshire, explain that an ‘annuitant’ “enjoys status...

arson with intent to defraud an insurer

A party who intentionally sets fire to their property with the purpose of collecting insurance money on that property is guilty of arson with the intent to defraud an insurer. Arson with the intent to defraud an insurer is a state law offense...

assigned risk

Assigned risk is a method of providing certain types of insurance to those who otherwise would be denied coverage because they would be considered too high-risk. Individuals who have failed to gain coverage through the private market–also...

assured

Assured is used to refer to a person who is protected by insurance coverage against any loss or damage mentioned in the insurance policy purchased form an insurance company or an underwriter. In the context of insurance, the terms “insured” and “...

avails

Avails are profits or proceeds, especially from the sale of property or the proceeds of an insurance policy. The latter are any amounts available to the policyholder apart from the actual proceeds of the policy, including cash, interest,...

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