Nonforfeiture Clause

Business / Taxes / Nonforfeiture Clause: If there is a nonforfeiture clause in your insurance policy contract, and you have let the policy lapse because you haven’t paid a premium that’s due, you may qualify for the benefit named in the contract for a limited time, for a smaller benefit, or for a partial refund of your premium. However, the added protection of adding a nonforfeiture clause generally increases the premium for the policy.

Market Out Clause

Business / Finance / Market Out Clause: A clause that may appear in an underwriting firm commitment that releases it from its purchase requirement if there are negative securities market developments. MORE

Multicurrency Clause

Business / Finance / Multicurrency Clause: An agreement in the case of a Euro loan that permits the borrower to switch from one currency to another currency on a rollover date. MORE

Multiple-Listing Clause

Business / Real Estate / Multiple-Listing Clause: A provision in an exclusive listing for the authority and obligation on the part of the listing broker to distribute the listing to other brokers in the multiple-listing organization. MORE

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