October 16, 2023• Category: Terms and Phrases
What It Is:Coverage for potential future losses that aren’t tangible. The Story:A fire halted Sam’s bakery. His “business interruption”...
What It Is:Concerns tangible damage that’s quantifiable, often to physical property. The Story:After the storm, Lisa’s fence had clear...
What It Is:“Utmost good faith.” Honesty in revealing relevant information, especially in insurance. The Story:Alex revealed all risks when insuring...
What It Is:Divided according to a specific rate or proportion. The Story:At the company’s expansion, shareholders received additional shares “pro...
What It Is:Evidence that seems true at first glance but may be disproven later. The Story:The evidence against Jack was “prima facie” compelling,...
What It Is:Equality in shares, ensuring new shares match the rights of old ones. The Story:When the company released new shares, they were “par...
What It Is:An action taken on behalf of someone else, often seen in legal contexts. The Story:Sarah filed an “ex parte” motion in court on behalf...
What It Is:A voluntary gift or favor without obligation. The Story:After a minor inconvenience at the hotel, Mary received an “ex gratia” spa...
What It Is:“In good faith.” Trust that parties have genuine intentions without hidden motives. The Story:Linda sold her old guitar to a stranger...
What It Is:“From the beginning,” referring to contracts that are deemed void from their start. The Story:John signed a long-term lease. Later, due...
