Generally, the legal entity of a partnership dissolves when one partner dies. However, partners may enter into an agreement during the life of the partnership to enable the surviving partners to continue with the business when one partner dies. A life insurance policy may be an appropriate means of accomplishing this purpose.
Insurance agents are subject to punishment under both general criminal statutes and insurance-related statutes in state insurance codes based on their conduct in relation to insurers and insureds. Criminal penalties may still apply even if the agent is subject to civil sanctions for his actions despite the constitutional prohibition against double jeopardy because courts usually do not consider civil fines to be so excessive as to transform the fine into a criminal penalty.
Underinsured coverage refers to coverage available to an insured involved in an accident with a driver who has insufficient auto insurance coverage.
Reinsurance is the process by which an insurance company shares the risk that it assumes when it issues an insurance policy. For example, an insurance company that issues a $1 million life insurance policy may reinsure or have other insurers assume $900,000 of the risk. The insurance company issuing the policy thus "cedes" most of the risk to one or more reinsurers.
No-fault insurance provides coverage for an insured's injuries or damages up to the policy limit regardless of whether the insured or another driver was at fault.
