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Simple English definitions for legal terms
ATIMA
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A quick definition of ATIMA:
Term: ATIMA
Definition: ATIMA is a short way of saying "As their interests may appear." This phrase is often used in insurance policies to show that the person who is named in the policy has some kind of interest in the property that is being insured. This interest might not be specified, but it means that the person is entitled to benefits if something happens to the property. The phrase is also used in a policy's mortgage clause to protect the person who has loaned money to buy the property. This way, if something happens to the property, the lender's interest is also protected.
A more thorough explanation:
Definition: ATIMA (-tee-m-).abbr. As their interests may appear.
The phrase "ATIMA" is often used in insurance policies to show that the named insured has an interest, usually an unspecified one, in the property covered by the policy and is entitled to benefits to the extent of that interest. It is also used in a policy's mortgage clause to protect the mortgagee's real-property interest.
For example, if John buys a house and takes out an insurance policy on it, he would be the named insured. However, if John's friend, Jane, also has an interest in the property, but it is not specified in the policy, the phrase "ATIMA" would be used to indicate that Jane is entitled to benefits to the extent of her interest.
Another example would be if a bank loans money to someone to buy a house, the bank would have a mortgage on the property. The phrase "ATIMA" would be used in the policy's mortgage clause to protect the bank's interest in the property.