What does 'transactions thereunder' refer to in insurance policies?

The phrase "transactions thereunder" in the context of insurance policies specifically refers to the activities or transactions that take place under the terms of the policy after it has been issued. This encompasses dealings involving the coverage provided by the policy, such as handling claims for incidents that occur while the policy is in effect.

When considering the provided answer, it accurately reflects the broader scope of the term, emphasizing transactions involving policies that cover nonresident subjects. This situation illustrates how the policy applies to individuals or properties outside of the state in which the policy was issued. It encapsulates the ongoing nature of insurance contracts and highlights the complexities involved with multi-state operations, where a policy may provide coverage for risks that don't solely exist within the issuing state’s borders.

This understanding underscores the importance of recognizing that "transactions thereunder" extends beyond local business contexts or claims solely made within the home state. It represents a definitive link to the implications of the insurance contract and its significance regardless of geographical divisions, which is crucial for independent adjusters working in various jurisdictions.