Learn about provisions in general insurance terms, also known as stipulations, where the benefits and conditions of the policy are detailed.
Learn about the arbitration clause in property insurance and how it determines the resolution of claim disputes. Understand the roles of appraisers and mediators.
Learn about the Facility of Payment Clause in industrial life insurance, allowing insurers to pay policy proceeds to a relative or entitled person to minimize legal costs.
Learn about the concept of a taxable estate, an essential term in estate planning, calculated as the adjusted gross estate minus any marital and charitable deductions.
Discover the concept of absolute liability in general insurance, where individuals are held responsible for extremely dangerous actions regardless of negligence. Learn how this differs from other forms of liability and its implications on public policy.
Learn about the term 'Bailor' in legal terminology, including its definition and implications in property transfer scenarios.
Explore the concept of comparative negligence in tort law. Learn how both parties' contributions to an accident are evaluated and assigned proportional responsibility in specific states.
Learn about defamation, a legal term for statements intended to damage a person’s reputation or business, particularly within the insurance industry. Explore its impact and legal consequences.
Learn about the term 'Defendant' in legal terminology, which refers to the individual or entity being sued in a lawsuit or court action. Understand their role and legal implications.
Learn about the Farm Liability Coverage Form attached to farm insurance policies. It provides essential protection against bodily injury, property damage, and personal injury on your farm.
Learn about Federal Officials Bond (Surety), a vital insurance tool offering compensation to the government for losses resulting from dishonest employees. Understand its importance in ensuring integrity within federal operations.
Explore the concept of gross negligence in legal terminology, where negligence is considered intentional. Learn its implications, differences from ordinary negligence, and legal consequences.
Learn about Guest Law, a legal principle that limits the rights of automobile passengers in negligence claims against drivers. Understand the requirements and implications of proving willful and wanton negligence.
Learn about the term 'Incompetent' in legal terminology, which refers to someone unable to manage their own affairs due to mental incapacity, age, or other reasons.
Explore what Legal Hazard means in the insurance domain, understanding how a rise in the chance of a loss due to legal action impacts risk management.
Discover how plain language laws mandate that legal documents be written in straightforward, easy-to-understand language, ensuring clarity and reducing confusion.
Learn about the concept of power of attorney within the insurance domain, including its definition, importance, and how it empowers individuals or corporations to make legal decisions for others.
Learn about Professional Corporation, a unit that offers professional services such as healthcare, within the context of general insurance terms.
Learn about the term 'Remand' used in appellate courts, which refers to returning a case to its original court for further action. Discover its significance and implications.
Discover the definition and importance of the statute of frauds in contract law. Learn which contracts must be written to be legally enforceable.
Learn about Tenants in Common, a legal term describing shared property ownership among two or more people, where each person can sell their share independently.
Learn about Testamentary Transfer, the legal distribution of a deceased person’s estate as specified in their will. Understand the essentials of how assets are passed on according to a testator's wishes.
Discover what third party insurance, or liability insurance, entails. Learn how it involves the insured, the insurer, and the third party who's been affected.
Learn about the concept of bailment, a legal term referring to the temporary entrustment of property to another person. Understand its implications and applications.
Learn about breach of contract, a common legal issue where one party fails to fulfill their contractual obligations, and its implications in law and insurance.
Compulsory insurance refers to types of insurance coverage that are mandated by law such as automobile insurance. Learn what it means, why it's required, and common examples.
Explore the definition of crime in legal terminology, its difference from torts, and how crimes are covered under certain insurance policies like commercial crime coverage.
Explore the concept of legal liability in the insurance domain. Learn about liabilities that arise from negligent actions rather than contracts.
Explore the dual definitions of libel - a defamatory printed statement and a maritime legal action. Learn the nuances and exceptions in legal contexts.
Learn about the definition of Occurrence in General Insurance, its implications, and how it differs from an accident. Essential insurance terminology explained.
Explore the concept of remittitur in legal terminology, detailing the court's process of reducing an overly large jury verdict to ensure fairness.
Explore the definition of slander in legal terminology, a statement that is injurious to the person it was said about. Learn about the implications and penalties associated with slander.
Learn about the obligor (also known as the surety or principal) in the context of insurance and legal obligations. Understand their responsibilities and significance.
Learn about the Rule Against Perpetuities, a vital legal concept ensuring that trust beneficiaries get vested in property within 21 years to maintain validity.
Learn about the statute of limitation, the time limit a person has to initiate legal action. Understand its importance in the legal field.
Learn about vicarious liability, a crucial legal principle where individuals or entities are held liable for acts committed by others under specific conditions. Essential knowledge for those in the insurance and legal fields.
Explore the concept of Waiver in Insurance and Legal Terminology, including its applications, definitions, and implications for contracts, liabilities, and privileges.
Learn about the Unsatisfied Judgment Fund in vehicle insurance, a legal mechanism to aid individuals injured in car accidents who cannot collect compensation from the responsible party.
Explore the definition of a lien, a crucial legal concept representing a claim against property by a worker or creditor who has not received appropriate payment.
Learn about retaliatory law and how it affects insurance agents applying for licenses across different states. Discover the implications and benefits of this legal provision.
Understand Permanent Total Disability in health insurance, a condition where the insured is unable to work for the rest of their life due to severe disability. Learn more about the implications and coverage.
Understand what Proof of Loss means in general insurance terms. Learn how insurers use the insured's statements to determine liability for the loss.
Learn about theft in the criminal justice context, encompassing all forms of stealing such as robbery and burglary. Get insights into the definitions, differences, and legal implications of theft-related crimes.
