Provision in a life insurance policy that states that the primary beneficiary must survive the insured by a specific period such as 60 or 90 days to be eligible to receive the policy proceeds. Otherwise, the proceeds will be paid as if the primary beneficiary had died before the insured.
Insurance Encyclopedia
Common disaster clause (Life Insurance)
A clause used to establish the procedure of paying out on the policy, should the insured and his or her beneficiary die at the same time.
Common inn
Defined in the Hotel Proprietors Act 1956. Essentially an establishment open to ‘all and sundry’, which does not pick and choose its guests. Special responsibilities attach to its proprietor including strict liability in respect of the property of guests who have booked sleeping accommodation. However, innkeepers who have displayed a statutory notice in pursuance of the Act benefit from limited liability.
Common investment fund (CIF)
Refers to the investment of two or more pension schemes being managed by a single employer or a group of associated employers. It does not create a pooled fund.
Common Law
The law that has been founded upon immemorial usage, established custom and legal precedents as distinct from statute law. Broadening down from precedent to precedent has developed the common law.
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Common Law comprises the body of principles and rules of action, relating to the government and security of persons and property, which derive their authority solely from usage and customs of immemorial antiquity, or from the judgments and decrees of the courts. It is outside the laws created by enactment of Statutes.
Common Law Defenses
The defenses that are available to defeat liability action by employees against an employer in negligence cases; three commonly recognized common law defenses are contributory negligence, assumed risk, and fellow servant.
Common Law Liability
Responsibility based on common law for injury or damage to another’s person or property which rests on an individual because of his actions or negligence. This is opposed to liability based on statutory law.
Common ownership
Under the Health Insurance Portability and Accountability Act (HIPAA) Subpart E, this relationship exists if an entity or entities possess an ownership or equity interest of 5% or more in another entity.
Common pleas
See: small claims court.
Common policy conditions
The part of the insurance policy typically relating to cancellation, changes in coverage, audits, inspections, premiums, and assignment of the policy. The commercial lines policy forms portfolio promulgated by Insurance Services Office, Inc. (ISO), takes a modular approach to structuring policies. A commercial lines policy is made up of a declarations page, the common policy conditions, one or more coverage forms, and endorsements that modify the coverage forms. The common policy conditions form (IL 00 17) is used with the commercial property, general liability, and crime forms to specify the conditions applicable to the policy.
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Common conditions under insurance policies which apply to all coverage parts on common basis.