What does Estoppel mean? Read on to discover the definition & meaning of the term Estoppel - to help you better understand the language used in insurance policies.
A legal doctrine restraining a party from contradicting its own previous actions if those actions have been reasonably relied on by another party. For example, an insurer that has repeatedly accepted late premium payments from an insured may be estopped from later canceling the policy on the basis of nonpayment because the insured has been reasonably led to believe that late payments are acceptable.
We hope the you have a better understanding of the meaning of Estoppel.