Proceeds for damaged exempt property are the insurance payouts or awards received as part of legal dispute regarding exempted assets in bankruptcy. When a person goes into bankruptcy, some essential assets are exempted from the reach of...
insurance
qualified medical child support order (QMCSO)
A qualified medical child support order (QMCSO) is an order made by a court or state administrative agency that an alternate beneficiary, such as a participant's child or stepchild, is entitled to be covered by the participant's group health...
redlining
Redlining can be defined as a discriminatory practice that consists of the systematic denial of services such as mortgages, insurance loans, and other financial services to residents of certain areas, based on their race or ethnicity....
risk
Risk is the possibility that an adverse event will occur resulting in loss.
See related: assumption of the risk, risk of loss, foreseeable risk, assigned risk.
[Last updated in December of 2020 by the Wex Definitions Team]
Southern Life & Health Ins. Co. v. Morgan
Southern Life & Health Ins. Co. v. Morgan, 21 Ala. App. 5 (Ala. Ct. App. 1925), is an Alabama Court of Appeals case that established that spouses can lose their rights in the honoring of the deceased if they do not act within a reasonable...
subrogee
Subrogee is someone who acquires rights in place of another (subrogor) by subrogation, usually by paying the other's debts or expenses in connection with the claim to collect the other's claim against the third party. For example, an...
subrogor
Subrogor is someone whose rights are acquired by another (subrogee) as a result of subrogation, usually by transferring the legal right to collect a claim to another in exchange for payment of the debt or expense associated with the claim by...
suicide clause
Suicide clause is a standard clause in life insurance policies that limits payments made to survivors of a policyholder who dies by suicide within a certain period after purchasing the policy. Insurance companies typically don’t pay a death...
surrender value
Surrender value refers to the amount a person would receive if they withdraw money from their own life insurance policy’s cash value. For most permanent life insurance policies and some annuities, the life insurance policy has an investment...
term life insurance
Term life insurance refers to life insurance policies that provide coverage for a certain amount of time and typically only provide a death benefit. A basic term life insurance policy includes the policy owner paying a monthly or yearly...