Understand File and Use Rating Laws, state regulations that allow insurers to implement new rates without obtaining prior approval from the insurance department. Discover its implications in the insurance industry.
Learn about the Parol Evidence Rule, a critical legal principle that ensures contracts cannot be altered by verbal agreements. Discover its importance in upholding the integrity of written contracts.
Learn about misrepresentation, a key legal term in insurance, that involves providing false information during policy acquisition or incorrect explanations of policy terms.
Gain insight into testamentary capacity and its importance in validating a will. Learn the legally mandated requirements needed for a testator to ensure their will is legally binding.
Learn about the Valued Policy Law, which requires insurers to pay the face value of a policy upon total loss of a building. Understand its purpose and how it impacts insurance policies.
Learn about the war clause in health and life insurance policies, which excludes coverage for losses caused by acts of war.
Learn about environmental restoration in annuity and legal terminology, focusing on compensation for destruction or damage to natural resources by motor carriers, including mitigating effects on humans, fish, and wildlife.
Explore the concept of encumbrance in legal terminology, a claim to property that reduces the property owner's interest by its value, often in the form of a lien or mortgage.
Learn about subordination in surety bonds, a process where a particular matter is given less importance compared to another. Discover its implications in the insurance domain.
