Term
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Definition
| A period of time between onset of a disability and the date benefits begin. AKA - Waiting Period |
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Term
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Definition
| A change made directly on the policy form by writing, printing, stamping or typing approved by an executive officer of the insurer. Also may refer to a change made by a form attached to the policy. |
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Term
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Definition
| A provision in an insurance contract stating the entire agreement between the insured and the insurer is contained in the contract, including the application if it is attached, declarations, insuring agreements, exclusions, conditions and endorsements. |
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Term
| Errors & Omissions Liability |
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Definition
| The liability a producer assumes, by the fact of doing business, for errors or omissions he or she may commit in recommending, providing, continuing or failing to provide or continue the insurance coverage the clients require. Producers can protect themselves by purchasing E&O liability coverage. |
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Term
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Definition
| The legal principle that holds that anyone whose words or actions have caused a waiver of a right or privilege cannot later reclaim the waived right or privilege if a third party has relied on it. |
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Term
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Definition
| A person named in a will to settle an estate. |
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Term
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Definition
| The statement sent to a participant in a health plan listing services, amounts paid by the plan and total amount billed to the patient. |
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Term
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Definition
| Authority of an agent that is specifically granted by the insurer in the agency contract or agreement. |
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Term
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Definition
| In life insurance, a non-forfeiture option under which the insured uses the policy's cash value accumulation to purchase 1-year renewable term insurance in an amount equal to the original policy face amount. |
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