what does contingent mean in insurance
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Definition contingent insurance. The term contingent insurance refers to a policy that is contingent on the absence of other insurance. For example, the 1973 commercial general liability (CGL) policy stated that it provided primary insurance, except when stated to apply in excess of or contingent upon the absence of other insurance. …
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- dictionary image by mangia from Fotolia.com. An endorsement for an insurance policy refers to any amendment that alters the terms of the contract either by expanding or restricting coverage. Endorsements can cause premiums to rise or fall depending on the changes made to the policy.
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- Active Contingent, means just that. There is a contingency on the sale of the property, it could be the home inspection, financial commitment or sale of their own home. Active indicates that you can probably show it and even write an offer, which may be accepted should any of the contingencies fail.
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What Do All Those Real Estate Listing Terms Really Mean? That doesn't mean that it's a done deal by any means, however (more on that next). Contingent A contingent status means that the seller has accepted an offer and the home is under contract. But the sale is subject to, or conditioned upon, certain criteria being met by the buyer and/or seller before the deal can close.
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- 1. 1  a specified income payable at stated intervals for a fixed or a contingent period, often for the recipient's life, in consideration of a stipulated premium paid either in prior installment payments or in a single payment. 2  the right to receive such an income, or the duty to make such a payment or payments.
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contingent fee contingent fee. Method of remunerating agents, brokers, lawyers, etc., in which no fee is paid until the objective(s) of the arrangement (a court case, contract, sale, etc.) is won or achieved. However, the principal (client) is usually responsible for statutory charges and incidental expenses incurred in course of the action.
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- A contingent beneficiary is a person who will receive a payout from a will, trust, life insurance policy or other annuity, based on a specific condition.For an insurance policy, the contingency ...f both the primary and contingent beneficiaries are unavailable, what happens to ... One of the most common mistakes in estate planning is not keeping beneficiary designations up to date on life insurance policies ...
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Definition of contingent pay Definition of contingent pay contingent paycompensation that is dependent on the achievement of some performance objective Related Terms: Accounts payableMoney owed to suppliers.n obligation that is dependent on the occurrence or nonoccurrence of. one or more future events to confirm the existence of an obligation, the amount owed, the pay ee, or the date pay able.
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Definition of 'contingent' A contingent is a group of people representing a country or organization at a meeting or other event. The strong British contingent suffered mixed fortunes. The whistles from the large contingent of England fans away to our left are deafening.
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In real estate, contingent means? Best Answer: Although 'contingent can mean something needs to happen or take place for this sale to go through (selling a home, obtaining financing, confirming information, the moon turning blue), in real estate, the status of contingent often refers to a buyer made an acceptable offer on the home, but needs to sell their current home first.
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contingent liability contingent liability. An obligation that may result, but is not likely to result because the event causing the obligation is improbable.For example, the award from a lawsuit against a firm is a contingent liability of the defendant if there is little likelihood the plaintiff will recover the award.ontingent liability. An obligation that may result, but is not likely to result because the event causing the obligation is improbable.
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What does Aggregate mean in general liability? What does primary and non contributing really mean in regards to general liability insurance coverage? Answer . \nIt means that whoever states their insurance is Primary, it's really Primary regardless of who is at fault.
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DEFINITION of 'Contingent Shares' DEFINITION of 'Contingent Shares' Shares of company stock that are issued only if certain conditions are met. Contingent shares are similar to stock options, warrants and other convertible instruments in that there is a level of uncertainty associated with their issue. For example, for contingent shares to be issued, the corporation must generate earnings that exceed a certain threshold.
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What does contingent mean in real estate? Normally it means the buyer and seller have agreed on a price and terms of sale. The contingency is usually that the buyer has a house to sell or close before they will be able to finance the purchase of the house they have under a contingent contract.
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"What does ""contingent"" mean when looking at listings? I have seen a few houses with that statement and wonder if they are still available." What does contingent mean when looking at listings? I have seen a few houses with that statement and wonder if they are still available. Find answers to this and many other questions on Trulia Voices, a community for you to find and share local information. Get answers, and share your insights and experience.
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What Does Active Short Sale Contingent Mean? It's supposed to let other agents know that the home is no longer for sale because an offer has been accepted. It does not mean, however, that the bank has issued short sale approval. The accepted short sale offer is simply contingent on the bank's approval. Because this status confuses MLS users, some listing database services changed their procedures to allow another status for these types of short sales; they are now better defined as pending short lender approval..
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Definition of 'contingent' 1. countable noun. 1  A contingent of police, soldiers, or military vehicles is a group of them. 2  A contingent is a group of people representing a country or organization at a meeting or other event. 3  If something is contingent on something else, the first thing depends on the second in order to happen or exist. [formal] In effect, growth is contingent on improved incomes for the mass of the low-income population. Synonyms: chance, random, casual, uncertain More Synonyms of contingent.
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Contingent liability Contingent Liability. Definition: A contingent liability is either a possible obligation arising from past events and depending on future events not under an entity's control, or a present obligation not recognized because either the entity cannot measure the obligation or settlement is not probable.ontingent Liability. Definition: A contingent liability is either a possible obligation arising from past events and depending on future events not under an entity's control, or a present obligation not recognized because either the entity cannot measure the obligation or settlement is not probable.
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In real estate, contingent means? Definition of Contingent. This means the seller has accepted an offer on the property, but success may still depend on passing a home inspection or getting financing. There are different types of contingent statuses.
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Definitions &Translations Princeton's WordNet(0.00 / 0 votes)Rate this definition: contingent(noun) a gathering of persons representative of some larger group. each nation sent a contingent of athletes to the Olympics. contingent, detail(adj) a temporary military unit.
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- Active Contingent, means just that. There is a contingency on the sale of the property, it could be the home inspection, financial commitment or sale of their own home.
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contingent contingent. 1  dependent for existence, occurrence, character, etc., on something not yet certain; conditional (often followed by on or upon): Our plans are contingent on the weather. 2  liable to happen or not; uncertain; possible: They had to plan for contingent expenses.
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Contingent beneficiary Contingent beneficiary. A contingent beneficiary receives the proceeds of an insurance policy, term-certain annuity, individual retirement account (IRA), employer-sponsored retirement savings plan, will, or trust if the primary beneficiary dies before the benefit is paid or if he or she declines to accept the benefit.
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What are contingent liabilities? 1. A contingent liability is an amount that may be due depending on future events. Because it cannot be determined whether the amount must be paid until events unfold, the company's likelihood of loss is scored as one of the following: 1  Probable. 2  The future event or events are likely to occur.3  Reasonably possible.. A contingent liability is an amount that may be due depending on future events. Because it cannot be determined whether the amount must be paid until events unfold, the company's likelihood of loss is scored as one of the following: 1  Probable. 2  The future event or events are likely to occur.
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- DEFINITION of 'Contingent Beneficiary'. 1. A beneficiary specified by an insurance contract holder who will receive the benefits if the primary beneficiary has died at the time the benefit is to be paid.f both the primary and contingent beneficiaries are unavailable, what happens to ... One of the most common mistakes in estate planning is not keeping beneficiary designations up to date on life insurance policies ...
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- Full Definition of CONTINGENT. 1. : likely but not certain to happen: possible. 2. : not logically necessary; especially: empirical. 3. a: happening by chance or unforeseen causes b: subject to chance or unseen effects: unpredictable c: intended for use in circumstances not completely foreseen. 4.5.ull Definition of CONTINGENT. 1. : likely but not certain to happen: possible. 2. : not logically necessary; especially: empirical. 3. a: happening by chance or unforeseen causes b: subject to chance or unseen effects: unpredictable c: intended for use in circumstances not completely foreseen. 4.