Cancellation of an insurance policy by an insurance company when premium is not paid, if insured dies, or a dependent is no longer eligible for coverage. Health insurance benefits are not paid for medical services received after the date of termination.
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The formal ending of a reinsurance agreement by its natural expiry, cancellation, or commutation by the parties. Terminations can be either on a cutoff or runoff basis. Under cutoff provisions, the parties’ obligations are fixed as of the agreed cutoff date. Otherwise, obligations incurred while the agreement was in force are run-off to their natural extinction.
Insurance Encyclopedia
Termination (Life Insurance/General Insurance Terms)
A general term used to refer to the end of coverage under a certain policy, usually due to the policy’s term ending or due to cancellation. In life insurance, this term refers to the end of coverage of a policy due to the insured no longer paying the premiums. In this case the insured would receive a nonforfeiture value, as outlined in the contract.
Termination date
Month, day, and year a health insurance policy’s coverage ends.
Termination expenses
Dollar amount costs of processing death benefit claims and cash surrenders of a life insurance policy.
Termination of Adventure
Under a Marine Time Policy, the time when the insurance expires. Under a Marine Voyage Policy the time the vessel arrives at destination. Under a Marine Cargo Policy the time when the insurer’s liability cease because the goods have arrived at their destination or the cover is cut short by the terms of the policy.
Termination of adventure clause
In certain circumstances, e.g. war, the shipowner is able to terminate the contract of affreightment at a place other than the original destination. Provided notice is given to the cargo insurer and any additional premium paid, the goods are held covered until sold and delivered at the place of termination or during forwarding or delivering to the policy destination to a limit of 60 days after discharge at the final port.
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A clause in a cargo policy which continues the cover the adventure is terminated short of destination in circumstances beyond the insured’s control.
Termination of risk
Under a voyage policy this is when the ship has safely moored at anchor for 24 hours at the stated port of destination. To prevent overlap with the succeeding policy which normally runs ‘at and from’, that policy is claused ‘no risk to attach until expiry of the previous policy. Under the ordinary form of cargo policy the risk terminates upon the goods being safely landed at the port of destination but account has to be taken of the clauses that normally extend the cover. See WAREHOUSE TO WAREHOUSE.
Termination of Transit Clause (Terrorism) JC 2009/056
This is a paramount clause and shall override anything contained in this insurance inconsistent therewith. The risk of terrorism is covered under a marine cargo insurance but only when the goods are in the ordinary course of transit i.e., outside the control of the Assured and as per respective transit clause in the relevant contract of insurance. If manuscript wordings are used, coverage for terrorism would cease when the first of the eventualities listed in clause shall occur. If, in a multi-transit policy coverage is extended for a further transit after storage, cover for terrorism would re-attach once the extended transit begins but during the storage period, no cover against terrorism would be available.
Termination reason
Cause for cancellation of an insurance policy.
Terms of business agreement TOBA
Each Lloyd’s broker that wishes to do business with a managing agent must enter into an agreement with the managing agent which records the general terms and conditions on which business will be conducted between them.