Insurability definition

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Insurability. As a condition of your employment you may be required to drive a Company vehicle. If so, you must be able to meet the insurance requirements of the Company’s insurance carrier, which involves the following stipulations. During the course of your employment your driving record will be checked periodically. You agree to report any traffic violation or accident you are involved in, of any kind and regardless of whether it was work related, to the Company as soon as possible after the violation or accident occurred. If you become uninsurable with the Company’s insurance carrier, your employment may be terminated at any time thereafter by the Company with or without notice.

Insurability means the employer’s ability to obtain and keep vehicle insurance for the driver of the vehicle at a reasonable cost, as determined by the employer. Insurability factors include, among other things, speeding tickets, licence suspensions and traffic

Examples of Insurability in a sentence

• If the coverage is not changed within 31 days of acquiring your first eligible dependent an Evidence of Insurability on Dependents is required for approval.

• The HMO must not impose any pre-existing condition limitations or exclusions or require Evidence of Insurability to provide coverage to any Member.

• The Company will accept the assurance of an Eligible Member as a Member of the Scheme from his Normal Entry Date subject to any Evidence of Insurability that the Company may require.

• The MCO must not impose any pre-existing condition limitations or exclusions or require Evidence of Insurability to provide coverage to any Member.

• Insurability and eligibility to receive this benefit will be determined by the carrier.

• Any employee electing increased coverage or making a first election more than 31 days after their date of hire, must submit an Evidence of Insurability document.

• If there is in force reinsurance on policies or amounts issued under a Guaranteed Insurability Option, the Ceding Company may elect to include these policies or amounts in any particular recapture program.

• If the premium due is paid within 60 days of the due date (within 29 days after the end of the Grace Period) and during the Insured’s lifetime, the Coverage will be reinstated without Evidence Of Insurability.

• If the premium due is not paid within 60 days of the due date (within 29 days after the end of the Grace Period) Reinstatement will be subject to Evidence Of Insurability satisfactory to Us. All overdue premiums must be paid with interest compounded annually at 6% from their due dates to the date of reinstatement.

• We reserve the right to require Evidence of Insurability for any premium payment that would result in an increase in the Net Amount at Risk.

More Definitions of Insurability

Insurability. “Affordability”, “Justice”, “Solidarity”, “Individual responsibility”, “Solvency”, “Public-private partnership”, “PPP”, “Disaster compensation”, “Disaster relief”, “Ecosystem service*”, “Nature-based insurance”