What does Sears V Commissioner mean? Read on to discover the definition & meaning of the term Sears V Commissioner - to help you better understand the language used in insurance policies.
Sears V Commissioner
One of three cases decided in January 1991 in which premiums paid to wholly owned insurance companies were deemed deductible expenses. Substantial unrelated business, among other tests, was critical. [96 T.C. 61 (1991, aff'd in part, rev'd in part, 972 F.2d 858 (7th Cir. 1992).]
More Insurance Terms And Definitions
The Merriam-Webster Dictionary defines insurance as:
b: Coverage by contract whereby one party undertakes to indemnify or guarantee another against loss by a specified contingency or peril.
c: The sum for which something is insured.
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