An action or lawsuit based on breach of a promise made in a legal contract. The promise may be expressed or implied.
Tag: RAW
Action Ex Delicto
An action in tort involving damages demanded for a breach of a duty.
Action over claim
In workers compensation, a demand by a third party in a subrogation action suing for damages from the employer.
Active
1. In business, producing profit or interest (active funds). 2. In insurance, may refer to a group or individual member or subscriber’s status that is currently in effect.
Active breaches of utmost good faith
Actual statements that convey false or misleading information relating to a material fact. Innocent misrepresentation is the unintentional misrepresentation of a material fact; fraudulent misrepresentation is deliberate. See Utmost Good Faith.
Active duty family members (ADFM)
Spouse and dependents of an active member of the United States government military services (e.g., Army, Navy, Air Force, Marines, Coast Guard). This phrase is used more frequently in the TRICARE health care program.
Active duty service member (ADSM)
Active member of the United States government military services (e.g., Army, Navy, Air Force, Marines, Coast Guard).
Active investment management
Occurs when pension funds are used to purchase and sell particular investments to secure growth above the level of a chosen benchmark.
Active Malfunction
A Products Insurance term. If the product instead of bringing a benefit to the user, actually damages the user’s property, it is an active malfunction. An example is bug killer which when applied to a crop, damages the crop. Active malfunctioning is covered.******In products insurance, a defect or malfunction in a product that damages the property of the user.
Active member
A current employee of a pension scheme engaged in building up pension benefits in an occupational pension scheme. During a contribution holiday a member may still accumulate extra pension benefits without payments into the scheme.