Archive

22 May Damages

“Damages” refer to the money or compensation recoverable in a lawsuit by a party whose person, property, or rights have been injured by the negligence of another....

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22 May Coverage

Another term for insurance. Can be used to mean either the dollar amounts of insurance purchased (e.g., $500,000 of liability coverage), or the type of loss covered (coverage for theft)....

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22 May Contingent Beneficiary

A beneficiary whose right to receive depends upon the occurrence of a certain contingency. For example, the right to receive certain benefits only in the event that another named beneficiary dies prior to the time of payment....

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22 May Contents

A term used to refer to the personal property contained in a building. It maybe household furniture, personal effects, or other types of personal property, movable in nature and not firmly affixed to the real property....

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22 May Compulsory Insurance

Compulsory insurance laws require all residents to buy liability insurance before auto license plates are issued. The law requires proof of financial responsibility (insurance) when license plates are issued....

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22 May Common Disaster Clause

In life insurance, this clause is designed to alleviate the hardship that can result if the insured and primary beneficiary die at the same time or within a short period of time of each other. Usually, this clause provides that, if the primary beneficiary dies...

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