Optional Provisions with Commentary
Description Optional Uniform Provisions
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Optional Uniform Policy Provisions These requirements include the obligation to inform the insurer of changes in income, especially if due to a disability, or changes to a more or less dangerous occupation.
The change of occupation optional provision allows an insurance company to increase the policy premium or the amount an insured would pay for the policy if the insured changes to a more risky occupation. The insurance company would decrease the premium if the insured changed to a less risky occupation.
Other Provisions . - means a balance sheet valuation account established through charges to provision expense in the income statement in order to reflect erosion in the value of any other assets being held by the institution.
Optional Provisions in Articles of Incorporation.(1) A provision limiting the duration of the corporation's existence to a specified date.
Mandatory provisions include statements indicating the purpose of the corporation, the intent to incorporate and the name and address of the corporation. Most statutes allow a corporation to possess any purpose within the law, and the articles of incorporation may broadly state the specific purpose.
Broadly, articles of incorporation should include the company's name, type of corporate structure, and number and type of authorized shares. Bylaws work in conjunction with the articles of incorporation to form the legal backbone of the business.
The change of occupation optional provision allows an insurance company to increase the policy premium or the amount an insured would pay for the policy if the insured changes to a more risky occupation. The insurance company would decrease the premium if the insured changed to a less risky occupation.
Optional provision means a provision of any of parts 1 to 14 or part 16 of the Act (together with any statutory modification thereof in force at the date on which these Articles become binding on the Company) that applies to designated activity companies limited by shares and that: Sample 1. Sample 2.
Which of these is considered a mandatory provision? "Payment of Claims". Payment of Claims is considered a mandatory provision and directs where the claim benefits will go. The others are considered optional provisions.
