Person who administers the estate of a deceased person. If nominated in a will, the person is an executor. A person appointed by the court is an administrator. As personal actions survive the death of a person, liability policies indemnify the insured’s legal personal representatives.
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The executor or administrator of an estate.
Insurance Encyclopedia
Legal red flag
Special warning to specific legal danger that could happen with compliance and other health care issues and the possible problems that might result.
Legal Representative
Legal representatives shall have the meaning assigned to it under Clause (ii) of Section 2 of Code of Civil Procedure, 1908 (Central Act of 1908) which reads: “Legal representative means a person who in law represents the estate of a deceased person and includes any person who intermeddles with the estate of the deceased and where a party, sues or sued in representative character, the person on whom the estate devolves on the death of the party to suing or sued.”
Legal reserve
See: statutory reserve .
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Minimum reserve which an Insurer must keep in order to meet the liability.
Legal reserve (Liability Insurance)
The minimum amount needed for a life insurance policy, as dictated by the laws of a specific area.
Legal reserve life insurance company
Life insurance company that operates under state insurance regulations that specify the minimum basis for the reserves the company must maintain on its policies.
Legal reserve life insurance company (Life Insurance)
A life insurance company that sustains the reserve amount mandated by the laws of the area in which it operates.
Legal residence
Legal address where a person lives and also related to the region where he or she votes.
Legal rule of comity
Clause of the U.S. Constitution that gives citizens of one state the right to all privileges, immunities, and judicial decisions enjoyed by citizens of the other states.
Legal Weight
The weight of the goods plus any immediate wrappings which are sold along with the goods e.g., he weight of a tin can as well as its contents.
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Net weight of goods, plus inside packing.