Life insurance backdating in kansas

Countersignature: The signature of a licensed agent or representative on a policy that is required to validate the policy Cross-Purchase Plan: An agreement that provides that upon a business owner's death, surviving owners will purchase the deceased's interest, often with funds from life insurance.

Cumulative Injury: A type of injury which occurs from the repetition of tasks over an extended length of time Data Processing or EDP Coverage: All risk property insurance for electronic data processing equipment (computers), computer programs and data including mechanical breakdown, electrical injury and changes in temperature and humidity Death Benefit: The amount of money paid to the beneficiary when the insured person dies.

Cash Value: The equity amount or "savings" accumulation in a whole life insurance policy.

Casualty Insurance: Insurance that covers loss caused by injuries to persons and the legal liability imposed on the insured for injury or for damage to property of others Catastrophe: A severe loss causing sizable financial loss Causes of Loss Forms: The commercial property forms that define the covered causes of loss for which coverage is provided.

Contract: An agreement between two or more parties with characteristics of mutual assent, competent parties, a valid consideration and legal subject *Coverage: Coverage is just another term for Insurance.

Usually as a result of age, wear and tear, or economic obsolescence Direct Damage: Causes of loss that produce direct and straightforward property damage (without interruption in time or deviation in space) from the cause of the event to the damaged property Double Indemnity: Payment of twice the basic benefit in the event of loss resulting from specified causes or under specified circumstances.

Decreasing Term Insurance: Term life insurance on which the face value slowly decreases in scheduled steps from the date the policy comes into force to the date the policy expires, while the premium remains level.

The intervals between decreases are usually monthly or annually.

Application: A form with the information needed for an insurance company to underwrite and rate a specific policy Assignment Assignment: The transfer of ownership of a Life Insurance policy from one person to another. Your attained age is a factors life insurance companies use to determine premiums.

Audit: A verification of the financial records, usually payroll or receipts, of an organization to determine exposures and premiums Automobile: A land motor vehicle, trailer or semi-trailer designed for travel on public roads, not including 'mobile equipment' Backdating: Making the effective date of a policy earlier than the date of application. Best Company giving the financial condition of insurance companies Binder: A temporary insurance policy that expires at the end of a specific time period or when a permanent policy is written.

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