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LSDefine

Simple English definitions for legal terms

perpetual policy

Read a random definition: ex nihilo

A quick definition of perpetual policy:

A perpetual policy is a type of insurance policy that stays in effect until one of the parties decides to end it. It is also called a continuous policy. Insurance policies are contracts that protect people from financial loss due to accidents or other events. There are many different types of insurance policies, such as life insurance, homeowner's insurance, and commercial general-liability insurance. Insurance companies use a process called insurance rating to determine how much to charge for a policy. Insurance pools are groups of insurers that share premiums and losses to spread the risk. The Insurance Services Office is a nonprofit organization that provides services and tools to the insurance industry.

A more thorough explanation:

A perpetual policy is an insurance policy that remains effective without renewal until one of the parties terminates it according to its terms. This means that the policy will continue indefinitely until either the insurer or the insured decides to end it.

For example, a life insurance policy may be a perpetual policy that remains in effect until the insured person dies or until the policy is cancelled by the insurer or the insured. Another example is a property insurance policy that remains in effect until the property is sold or until the policy is cancelled.

Perpetual policies are useful for people who want long-term coverage without having to worry about renewing their policy every year. However, they may also be more expensive than policies that require renewal because the insurer is taking on more risk by providing coverage for an indefinite period.

perpetually renewable lease | perpetual statute

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General

General chat about the legal profession.
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medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
Dkk
23:25
@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
23:48
@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.
bk so slept on
Dkk
0:23
I will take In N Out everyday over it when I can though.
texaslawhopefully
1:22
In N Out is not only the best fast food place, but the prices too are fantastic
Dkk
1:27
Indeed, indeed.
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