Terms with Tag Contract
- Valid — Definition,
- Sufficient in law; effective.
- Valuable Consideration — Definition,
- The granting of some beneficial right, interest, profit, or suffering of some detrimental forbearance, loss or default by one party in exchange for the performance of another.
- Valuation Clause — Definition,
- A clause in an insurance contract that states how much an insurer is willing to pay for an asset after an insured event.
- Vehicle Service Contract (VSC) — Acronym,
- Void — Definition,
- Of no legal effect. A nullity.
- Void Cheque — Definition,
- A check with the word "VOID" written on the face that cannot be cashed.
- Voidable — Definition,
- Where one party to a contract is entitled to rescind the contract at his/her option.
- Waiting Period — Definition,
- The amount of time that must pass before something occurs.
- Waiver — Definition,
- The intentional and voluntary renunciation, abandonment, or surrender of some claim, right, or privilege.
- Waiver of Inventory — Definition,
- An option for an insurance company to choose not to inventory undamaged assets after a claim.
- Waiver of Premium — Definition,
- A clause that allows an insurer to waive a policyholder's premiums while still keeping the policy in effect.
- Waiver of Restoration Premium — Definition,
- A provision that frees an insurance policyholder from needing to pay a fee in order to resume coverage after a claim.
- Warranty — Definition,
- A document certifying clear title to a property.
- A guarantee from a dealer or a manufacturer that a vehicle or product will perform as expected or specified. An auto warranty usually covers specified mechanical problems for a set number of kilometers or period.
- Water Damage Insurance — Definition,
- Insurance that covers water damage to insured property.
- Water Exclusion Clause — Definition,
- A provision that gives an insurer the option to deny coverage for certain kinds of water damage.
- Wear and Tear Exclusion — Definition,
- A provision that absolves an insurer from paying for damages resulting from an asset's normal wear and tear.
- Will — Definition,
- A document that states what must be done with a person's estate after his or her death.
- Witness — Definition,
- To subscribe one's name to a deed, will or other document for the purpose of attesting its authenticity and proving its execution by testifying, if required.
- Work and Materials Clause — Definition,
- A provision that allows the policyholder to store certain materials in insured property if needed by their line of work.
- X — Definition,
- A symbol used in contracts, or other legal documents, representing where a signature should appear.
11.
Valid -
Waiver of Premium
Waiver of Premium
