State law in community-property states that lets an insurance company pay proceeds of a life insurance policy in accordance with the terms of that policy without fear of double liability.
Insurance Encyclopedia
Execution clause
Section of an insurance contract that is signed by the insurer indicating that the insurance company has entered into a contract and is bound by its terms.
Execution of Policy
The formal act of completing a policy whether by signing or by sealing.
Execution only
The client is someone with sufficient experience and understanding of relevant investments that he places no reliance on the judgment or advice of the firm concerned. He approaches the firm or intermediary with his mind made up and asks for the transaction to be carried out on his behalf. Execution only clients forgo the cancellation rights under the Conduct of Business Rules (COB 6.7).
Executive pension plan (EPP)
A money purchase discretionary occupational pension scheme principally used for directors and senior executives. An EPP can supplement any occupational scheme, but the IR maximum retirement benefit of two-thirds of pensionable earnings still applies.
Executives All Risks Insurance Policy
A personal package policy designed for executives and/or businessman. Policy covers (I) Laptop/portable computer due to any unforeseen loss or damage due to any cause whilst anywhere in the world, subject to an excess. (II) Cellular Phone: Loss and/or damage including theft, burglary, malicious or accidental damage (III) Loss of Cash: Loss of cash due to accident or misfortune when the insured is on official duty or on outstation tour subject to a maximum per event limit (IV) Baggage Insurance: Loss or damage to baggage due to accident or misfortune whilst on journey anywhere in the world (V) All Risks for Jewellery and Valuables (VI) Personal Accident (VII) Health Insurance (VIII) Personal Liability.
Executor
Person named in a will to carry out the provisions and directions of the will after the death of the testator (person who makes a will).
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The person appointed by the court to carry into effect, or execute, the provisions of a will. The court usually appoints the person named in the will for that purpose, if one is named.
Executor’s Deed
A deed given by an executor.
Executrix
A female executor.
Exemplary Damages
See: “Damages, Exemplary.”