A fee, or deduction in monthly payment, that a person holding a life insurance policy must pay to compensate the insurer for any losses resulting from the potential that the holder will suffer an unexpected death. The average fee is about 1.25% per...
insurance
no fault
In reference to law, “no fault” is primarily used to denote claims that are adjudicated without any determination of fault. In a no-fault claim, the parties are not required to prove any party’s blameworthiness to resolve the claim...
no-fault insurance
No-fault insurance primarily refers to no-fault auto insurance which requires the insurance company to indemnify its policyholder for certain losses resulting from an automobile accident regardless of who caused the accident. The three players in the...
noncontestability clause
Noncontestability clauses (also known as in terrorem clauses, contest clauses, no-contest clauses, anti-contest clauses, and forfeiture clauses) are clauses in a will that impose a condition upon a devisee or legatee that they will not...
omnibus clause
A contractual provision that operates as a catch-all for items, terms, or conditions that were not included in the instrument or provided by statute. Such clauses are primarily used in insurance contracts and in drafting a last will and testament....
PBGC
PBGC (Pension Benefit Guaranty Corporation) refers to the federal insurance fund. The main role of the PBGC is to pay pension benefits to retirees. Specifically, the PBGC pays benefits to those whose protection from the private sector has...
Pension Benefit Guaranty Corporation (PBGC)
The Pension Benefit Guaranty Corporation (PBGC) refers to the federal insurance fund. The main role of the PBGC is to pay pension benefits to retirees. Specifically, the PBGC pays benefits to those whose protection from the private sector has...
PMI
PMI is an abbreviation for private mortgage insurance, which is a type of insurance that insures the mortgagee, as the lender, against losses resulting from a breach of the mortgagor's obligation to repay the loan.
PMI is...
policyholder
Policyholder is a person or entity that owns an insurance policy, and is also referred to as a policy owner. A policyholder enters an insurance policy with an insurance company and is the individual to whom the policy is issued as stated in...
premium
A premium is the consideration paid for an insurance contract by someone seeking protection from predefined risks. In exchange for a premium, the insurer promises to indemnify the insured or other beneficiaries under certain conditions or...