Legal Terms

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Settlement.

Conclusion of litigation by the mutual agreement of parties involved prior to final verdict; certain settlements must be court-approved.

Slander.

A spoken statement about someone which is personally injurious to the individual. See also Defamation.

Stacking of Limits.

Applying the limits of more than one policy to an occurrence, loss or claim. In some cases, courts have required a stacking of limits when multiple policies, or multiple policy periods, cover an occurrence.

Statute of Fraud.

A statute which states that certain contracts must be in writing in order to be enforceable. An example would be any contract involving the sale of real estate.

Statute of Limitations.

The time limit set by law during which a person must bring legal action on a case.

Subrogation.

The right of one who has taken over another's loss to also take over his right to pursue remedies against a third party. It is never used in Life Insurance and seldom in Health.