"Financial insolvency" means that an individual or an organization is unable to pay their debts or fulfill their financial obligations. This usually suggests a situation where income or assets are not enough to cover the debts or expenses.
Full definition
This new option is important because traditional travel insurance plans typically cover cancellations for a list of reasons, including traveler or family member accident / illness, and travel
supplier financial insolvency.
** In order to receive that coverage
for financial insolvency, the travel insurance plan needs to be purchased prior to or within 24 hours of final trip payment.
Trip Cancellation or Interruption resulting from
Financial Insolvency of an airline, cruise line or tour operator (when optional Trip Cancellation / Interruption is included) *
A covered loss means death, accidental injury, disease, or physical illness of the insured person or an immediate family member of the insured person; or default of the common carrier resulting
from financial insolvency.
Please note that to receive reimbursement, your circumstance must be covered with proof, which includes: bodily injury, illness, severe weather, terrorist action, jury duty, or
financial insolvency between parties.
The «cheap» plans just mean that you're going slightly less bankrupt if anything happens to you and now even middle class people who previously had OK plans will also likely go bankrupt with any major medical expenses as all, but the most premium plans have been forced to go the high deductible route with many deductibles so high that they still virtually
guarantee financial insolvency.
Wanting to turn around a school district struggling with low academic performance,
near financial insolvency, and weak community support, the Cleveland school board took a bold step in 2012.
She focuses her practice on advising entities and boards of directors on a wide variety of risk management issues, including indemnification agreements, negotiating insurance with the most favorable terms available in the marketplace,
financial insolvency concerns and insurance aspects of corporate transactions and other business contracts.
*
Financial Insolvency Coverage Applies: 1) If the traveler's premium is received by you within 15 days of his or her initial deposit / payment for the trip; and 2) the insolvency occurs more than 15 days after the insurance is purchased.
Pre-existing condition coverage available (conditions apply) and
financial insolvency included (if policy is purchased within 21 days of initial trip payment).
As many travelers have unhappily learned the hard way: calling and texting from abroad can result in painfully high smartphone bills with data service rates that can quickly lead you straight
into financial insolvency.
Other covered reasons include severe weather, military orders, terrorism, jury duty, home dwelling becoming inhabitable, quarantine, or
financial insolvency of the travel agency or operator of your trip.
Please note that to receive reimbursement, your circumstance must be covered with proof, which includes: bodily injury, illness, severe weather, terrorist action, jury duty, or
financial insolvency between parties.
However, 42 per cent of those queried say they are $ 200 or less away
from financial insolvency, with little cushion to pay unexpected bills or expenses at the end of the month.
The Italian soccer league's recent history is marred by match - fixing scandals,
financial insolvency, and fan racism and violence.
«Income volatility can lead to debt accumulation and
financial insolvency, increasing the chances of bankruptcy and downward social mobility.
This self - destructive approach would most likely end in
another financial insolvency.
It is a condition of
financial insolvency in which the person's debts exceed their assets and they have no other way out of their debt but to file for bankruptcy.
The trip cancellation or trip interruption of the insured person must be caused by or result from death, accidental injury, disease or physical illness of the insured person or an immediate family member of the insured person, or default of the common carrier resulting from
financial insolvency.
Frequently, the same circumstances that lead to IRS problems (loss of employment, medical bills) also lead to
financial insolvency.
This provision applies to the waiving of Pre-Existing Conditions,
Financial Insolvency (Classic and Classic Plus) and the Cancel for Any Reason Benefit (Classic Plus).
Aside from disreputability or
financial insolvency, the biggest thing you have to worry about with an auto insurer are hidden fees lurking in the background.
Our Preferred Travel Insurance Plan provides the same coverages and assistance services as our Standard Plan, but with higher coverage limits — plus coverages for the delay, loss, theft or damage of Sporting Equipment, and specific trip cancellation coverage in case of
the financial insolvency of one of your travel suppliers, like a cruise line or tour company.
For those plans that do offer coverage for bankruptcy, financial default and / or
financial insolvency, please note that there is no coverage for this specific event under any plans purchased on or after January 19, 2010.
Certain CSA Travel Protection plans offer coverage for some effects of bankruptcy, financial default and / or
financial insolvency.