Acceleration clause

Acceleration clause

The part of a contract that says when a loan may be declared due and payable.

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Part of Speech: noun
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Industry/Domain: Insurance
Category: Life insurance
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Related terms

acceleration clause

Business services; Relocation

Clause used in an installment note and mortgage (or deed of trust), which gives the lender the right to demand payment in full upon the happening of a certain event, such as ...

acceleration clause

Convention; Conferences

A provision sometimes used in contracts to accelerate deposit payment schedule or to demand full prepayment of master account in the event of a default or lack of credit by the ...

acceleration clause

Law; General law

A contractual provision, which hastens the due date of payment or obligation, as a penalty for default in the payment/obligation.

acceleration clause

Financial services; General Finance

A contract stating that the unpaid balance becomes due and payable if specific actions transpire, such as failure to make interests payments on time.

acceleration clause

Insurance; Life insurance

The part of a contract that says when a loan may be declared due and payable.

acceleration clause

Accounting; Tax

A clause (often in mortgages or other loans) where some action will occur ahead of schedule as a result of some other action For example, an acceleration clause in a loan may ...

Lloyd's

Insurance; Life insurance

Generally refers to Lloyd's of London, England, an institution within which individual underwriters accept or reject the risks offered to them. The Lloyd's Corp. provides the ...

Lloyds organizations

Insurance; Life insurance

These organizations are voluntary unincorporated associations of individuals. Each individual assumes a specified portion of the liability under each policy issued. The ...

National Association of Insurance Commissioners (NAIC)

Insurance; Life insurance

Association of state insurance commissioners whose purpose is to promote uniformity of insurance regulation, monitor insurance solvency and develop model laws for passage by state ...

dividend

Insurance; Life insurance

The return of part of the policy's premium for a policy issued on a participating basis by either a mutual or stock insurer. A portion of the surplus paid to the stockholders of a ...

earned premium

Insurance; Life insurance

The amount of the premium that as been paid for in advance that has been "earned" by virtue of the fact that time has passed without claim. A three-year policy that has been paid ...