Encumbrance

Encumbrance

A claim on property, such as a mortgage, a lien for work and materials, or a right of dower. The interest of the property owner is reduced by the amount of the encumbrance.

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Part of Speech: noun
Synonym(s):
Blossary:
Industry/Domain: Insurance
Category: Life insurance
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Collect to Blossary

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Related terms

encumbrance

Construction; Surveying

An interest or partial right in real property which diminished the value of ownership, but does not prevent the transfer of ownership. Mortgages, taxes and judgments are ...

encumbrance

Earth science; Mapping science

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Law; General law

It is a burden (claim, lien or liability) attached to the land or interest in land by the owner of the land. Examples are charge, mortgage, etc.

encumbrance

Insurance; Life insurance

A claim on property, such as a mortgage, a lien for work and materials, or a right of dower. The interest of the property owner is reduced by the amount of the encumbrance.

encumbrance

Real estate; General

A claim, lien, charge, or liability attached to and binding upon real property that has a tendency to diminish its value.

encumbrance

Real estate; General

Anything that affects or limits the ownership of real property, such as mortgages, liens, easements, or restrictions of any kind.

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 ...

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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

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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 ...