Act

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Related to acting as: acting on behalf

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 ?
If this argument is successful in showing that the responsible person acted ultra vires, it will be difficult for the IRS to prove that the individual was acting as "agent" or "in behalf" of the corporation when his actions were unknown and unauthorized by the corporation and were in breach of the fiduciary duties incumbent on an officer/director.