Act

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Act

1. See: Activity.

2. In insurance, any deed, especially one that foregoes the possibility of coverage. For example, life insurance policies rarely extend coverage if the policyholder commits suicide. In this case, the suicide is called an act.

ACT

see ADVANCE CORPORATION TAX.
References in periodicals archive ?
Benefit to corporation: As noted above, under the second part of the test, in order to successfully establish the fraud penalty, the IRS must also show that a corporation benefited from the fraudulent acts of the person who acted as agent or on behalf of the corporation.