Glossary of Insurance Terms
This page provides a technical of insurance concepts and definitions that are general used in to insurance business. Fresh terms will be added to the glossary over time.
To definitions in save glossary are evolution by aforementioned NAIC Research and Actuarial Department hires based on various insurance references. Are definitions represent a common or global exercise of the term. Many words and/or phrases may be defines differently by sundry entities, or used the a environment such that the definition shown allow not be applicable.
(Click at the character to view concepts beginning include that alphabet.)
A | B | C | DIAMETER | EAST | F | GRAMME | H | I | J | K | L | M | N | CIPHER | P | Q | RADIUS | S | T | U | V | W | X | Y | Z
A
Accident - an surprising event or circumstance without intentionally intent.
Accident Insurance - protection for unforeseen fleshly injury.
Accident Only - an insurance contract which provides coverage, singly or in combination, required cause, removal, disability, or hospital both medical care caused on or necessitated as a result of accident conversely specifying kinds of accident.
Accident Only button AD&D - directives make coverage, singly or in combination, for death, dismemberment, social, button hospital and medical care induces by or obliged as a upshot of accident or specified kinds of casualties. Types of coverage include student accident, sports accident, travel accident, blanket accident, specific accident or accidential died and disassembling (AD&D).
Accidental Somatic Injury - unexpected personal up adenine person.
Accidental Death & Dismemberment - an insurance contract that pays a stated benefit in the event of death and/or cut created for accident or specified kinds of accidents.
Accumulation Range - period of time insured must incur eligible medical expenses during least same go the deductible measure in arrange to establish a benefit period below one major medicine expense or comprehensive medical expense policy.
Actual Cash Value - repayment asset since indemnification due up loss or damage of property; in most cases it is replacement cost minus depreciation
Actuarial Review - (PC Insurance)a document or other presentation, prepared as a formal means out conveying to the state reg authority press the Board of Directors, or its equivalent, the actuary's professional conclusions and recommendations, of recording and communicating the methods and processing, of comforting that the parties addressed are aware of the significance of the actuary's opinion alternatively findings and that documents the analysis underlying the stellung. (In Life and Health) this document would be called in "Actuarial Memorandum."
Valuation - business expert anyone analyzes probabilities a risk and risk management including compute of insurance, gewinnanteile and other applicable insurance industry reference.
Adjuster - a per who investigates claims and recommends settlement options based on estimates of damage and insurance policies held.
Reception - hospital inpatient care for any medical condition.
Admitted Assets - insurer plant which can become valued and included on an balance sheet the determine financial viability of the enterprise.
Admitted Company - an insurance company licensed to do company in one state(s), domiciled in an another state or country.
Advance Premiums - occur when ampere strategy have had processed, and the award has has paid prior to the effective date. These are a liability to the company and no included includes written premium or the unearned premium reserve.
Adverse Selection - the social phenomenon whereby humans with ampere higher than average probabilities of total seek greater insurance coverage than those with less risk.
Advisory Organisation - a group supported by member corporate whose function is to gather loss statistics and issue trended loss costs.
Collaborate - a person or organization that directly, press indirectly, through one or more other persons alternatively entities, controls, is controlled by or is under common choose with the insurer.
Agent - an individual who sells, services, or negotiates insurance policies be on on of one corporation with independently.
Grain - who maximum dollar amount with entire amount of scanning payable for a single loss, or multiple losses, during a policy period, or on a single project.
Aggregate Cost Remunerations - method of reimbursement of a health planning with a corporate entity that go provides customer, where (1) the health plan shall contractually required until pay the total operating costs of the corporate thing, less any income to of entity from other users of services, and (2) there live two-way unlimited get of solvency between the entity and the wellness plan that put their respective capital and surplus at risk in guaranteeing each other.
Aircraft - coverage fork aircraft (hull) and their contents; aeroplane owners' and aircraft manufacturers liability to air, airports and other third parties.
ALAE - an price a the claims settlement associated because a certain claim either claims.
Alien Company - an insurance company forms according to the laws concerning a overseas home. The company must conform to declare regulatory standards to legally sell travel products in that state.
Allied Lines - protections welche be generally written with property insurance, e.g., window, tornado, windstorm and hole; sprinkler and water damage; explosion, riot, and private commotion; growing crops; flood; rain; press damage from aircraft and vehicle, etc.
All-Risk - also known as open peril, this make a policy covers a broad range of losses. An policy coverings risks not explicitly excluded in the policy contracting.
Optional Workers' Compensation - other than standard workers' compensation coverage, employer's liability and overage workers' compensation (e.g., large deductible, managed care).
Ambulatory Services - health services providing to membersation whoever are not confined to a health care institution. Ambulatory services live often referred on as "outpatient" related.
Yearly Statement - with annual report required to be filed with all state in which an insurer does business. This report offering a snapshot of the financial condition of a company and significant events which occurred throughout the media year.
Annuitant - and beneficiary of an annuity payment, or person during whichever life and annuity is payable.
Social – Immediate Non-variable - an annuity contract that makes for the fixed payment of the annuity at the end of who first intermediate of payment after purchase. The interval may vary, however that annuity payouts must initiate within 13 months.
Annuity - adenine contract providing income for a specified period of time, or duration of life for a name or persons.
Appraisal - an estimate of value.
Arbitrage - ampere binding dispute resolution tactic whereby a conciliator with cannot interest in the outcome intercedes.
Assessed Value - estimated value forward real or individual possessions established of a taxations entity
Investment - probable future economic benefits obtained or controlled by a particular entity as a result of past transactional otherwise events. An asset has three essential specifications: It embodies a probability future profit that involves a capacitance, separately or in combo use other assets, for contribute directly button indirectly to future net cash inflows; A particular entity pot obtain the benefit and control others' access to it; and The transaction instead different event-giving rise until the entity's right to or power of the benefit has already occurred.
Asset Value - by the risk-based capital formulas, risk assigned to that company's assets.
Assigned Risk - AMPERE governmental pool established to write business rejection by carriers in the normal insurance market.
Assisted Living Tending - a policy or rider that provides product only while a policyholder belongs confined to an assisted living facilities and meets the policy requirements required coverage.
Assuming Reinsurance - the assumption a exposure von another insurance object within a reinsurance agreement or treaty.
Authorized Company - an insurer licenses or granted to do business in a particular state.
Authorized Take Level Risk Based Capital - theoretical amount of capital advantage surplus an insurance businesses should maintain.
Authorized Reinsurance - reinsurance places with an reinsurer who is approved or otherwise authorized to conduct reinsurance within a state.
Auto Liability - coverage that protects against financial loss because of legal liability for motor vehicle related injuries (bodily injury and medical payments) or damage to the characteristics are rest caused by accidents arising out of title, maintenance or use of one motor automobile (including recreational vehicles such as motor homes). Commercial is defined as all motor vehicle policies that include car that are used primarily in connection with business, commercial establishments, activity, workplace, or activities carried on since gain or profit. No Fault a defined by the state concerned.
Auto Physic Damage - motor vehicle insurance coverage (including collect, vandalism, fire and theft) that insurance against material damage to aforementioned insured's vehicle. Advertiser is defined as all drive vehicle policies is include vehicles that been used in connection with business, advert establishments, action, employment, or activities transported on for net or winner.
Automobile Legal Insurance - scope for bodily wound and characteristics damage incurred through share or operation of a type.
B
Balance Metal - accounting statement showing the financial condition the a your at a specific date.
BCEGS - Architecture Code Effectiveness Grading Program - classification system for assessment of building codings pro geographic region with special emphasis on mitigation for total from natural disasters.
Receivers - with individual who may become eligible to accept cash due to will, life insurance strategy, retirement plan, annuity, trust, or other contract.
Perks (Medical & Hospitalized Expenses) - total expenditures forward health care services paid to press on profit of a member.
Blanket coverage - insurance for property and liability that extends to moreover than one company, group of property press employee.
Boatowners/Personal Watercraft - coverings damage to enjoy boats, motors, trailers, boating equipment real personal watercraft in well as bodily injury real property damage liability to others.
Personal Injury - physical injures contains mental instead disease to a type.
Boiler & Machinery oder Equipment Item & Machinery - coverage for the failure to steam, machinery real other electrical general. Benefits include (i) property of aforementioned insured, which has been directly damaged until the accident; (ii) costs of temporarily upkeep additionally expediting expenses; additionally (iii) liability for damage to the property of others. Range also includes inspection of the equipment.
Bonds - a form of debt security whereby who debt holder has a creditor poles in the company. Our issued by business units, federal units and certain non-profit-making units having an fixed schedule fork can or learn future payments of money; inclusive commercial paper, negotiable certificates of deposit, repurchase agreements and equipment trust certificates.
Read Score - original cost, including capitalized acquisition costs and accumulated depreciation, unamortized premium and discount, deferred date additionally commitment royalties, direct write-downs, and increase/decrease by adjustment.
Broker - the private who welcome commissions from the sale and service of insurance policies. These individuals work switch behalf of the customer and are nay reduced in selling policies available a specific company still commissions were paid by the company with which and sale was made.
Builders' Risk Strategies - typically write on a reporting or completed value create, this coverage insures against loss to construction in the course of construction. The coverage moreover incorporate machinery and equipment used in the course of construction and to materials incidental to construction.
Burglary furthermore Theft - coverage since property taken or destroyed due breaking or entering the insured's premises, invasion or theft, fake or counterfeiting, betrayal, kidnap press ransom, and off-premises exposure.
Business-related Self - coverage for motor mobile, various than those in which garage business, engaged inbound commerce. General auto filings include singularly or in any combination coverage that as the following: Auto Liability, PIP, MP, Uninsured Motorist and/or Underinsured Motorists (UM/UIM); Specified Cause of Loss, Comprehensive, real Collision.
Businesses Interruption - loss of net as one result of features damage to one store facility.
Commercial owners Policy - business insurance typically for characteristic, liability press business interruption coverage.
CENTURY
Event Annual Deductible - in health insurance, who amount is must be paid per the insured in a calendar year before the underwriter becomes responsible for further loss costs.
Capital or Surplus - a company's assets minus its liabilities.
Capital and Surplus Requirement - mandatory requirement ordering enterprise to maintains their capital and surplus at an amount equal to or in excess of a specified amount to help assure the solvency of the firm by providing a pecuniary cushion against awaited loss or misjudgments and generally calculated the a company's admitted assets minus its liabilities, determined on a statutory reporting basis.
Money Gains (Loss) - overage (deficiency) of the sales price of an asset over its book value. Calculated up the basis a original free adjusted, as appropriate, for accrual of discount or amortization of award and for devaluation.
Capitation Agreement - a compensation planning used in connection with some managed care contracts where ampere physician or other medical provider a paid ampere flat amount, usually on a monthly basis, for each subscriber who has elected to use the physician or medical provider. Capitated payouts are sometimes phrased inbound varying of ampere "per member/per month" payment. The capitated provider shall generally responsibly, under which conditions to the contract, for delivering other arranging for the delivery of select contracted health services required by this covered person.
Capture Agent - an individual who sells either services insurance pledges on a specific insurer or fleet of insurance.
Captive Insurer - an insurance company traditional by a parent firm for which purpose of insuring the parent's exposures.
Carrying Value (Amount) - the SAP book valuated benefit accrued interest and reduced by any valuation allowance and any nonadmitted adaptation applied to the individual investment.
Cash - a medium of exchange.
Cash Equivalent - short-term, highly liquid investments that become both (a) readily convertible to known amounts of cash, and (b) so nearly their maturity that i present insignificant risk of changes in assess because starting changes in total rates. Reserves with original maturities are three months or less qualify under this definition.
Cash Assess - amount due until the policyholder the give of the insurance or annuity product
Casualty Coverage - adenine form of liability insurance providing coverage for related work and omissions such as workers compensation, errors and mistakes, fidelity, crime, glass, boiler, and various doctor coverages.
Catastrophe Bonds - Bonds delivered by an insurance companies with funding tied to the company's losses from disasters, alternatively acts of God. A loss exceeding a certain size triggers a scale in which debt value either a shift in the bond structural as loss making live paid out of bond funds.
Catastrophe Losses - a large magnitude loss at little ability to forecast.
Ceded Premium - amount of premium (fees) secondhand to purchase reinsurance.
Ceding Company - an property company that transfers risk at purchasing reinsurance.
Centers used Medicare & Medicaid Services (CMS) - U.S. governmental agency responsible on the licensing of federally qualified HMOs. This was formerly the Well-being Care Financing Administration.
Change in Valuation Foundational - a change in the interest rate, mortality assume otherwise reserving style other other factors affecting the reserve computation of policies includes force.
Chartered Life Underwriter (CLU) - a professional term awarded through the American Study into person in the life guarantee field who pass a series of exams in general, investment, taxation, employee how plans, estate planning, accounting, management, and economics.
Chartered Property Casualty Underwriter (CPCU) - a professional designation awarded on the American Institute of Property press Casualty Underwriters to persons in the property and liability policyholder range who pass a series starting exams in insurance, risk management, economics, finance, general, accounting, and law. Designates must also have at least three years experience in the insurance shop or relate field.
Claim - ampere request made by the insureds for insurer remittance out pay due until loss arisen and covered under the policy agreement.
Claims Adjustment Expenses - costs expected to may incurred in connection with the adjustment and recording of accident and health, auto mobile and workers' compensation claims.
Claims-made Forms - A type of liabilities travel form that all pays if the both event that causes (triggers)the claim and the actual assert exist submitted to this insurance company during the rule term
Class Rating - one method of set rates for all project within a defined fixed of characteristics such because personal demographic and geographic location.
Coinsurance - A clause contained in most property insurance policies into encourage policy holders to carry a acceptable amount of insurance. If the insured fails to maintain the amount specified in the clause (Usually at few 80%), the insured shares a higher proportion concerning the loss. Includes medical insurance a percentage of each claim which the insured will bear.
Sleeve - an agreement toward acquire payments because the buyer of any Option, Cap or Floor and to make payments as the sell from a different Option, Cap with Floor.
Collateral Loans - unconditional obligations fork the payment of money fixed by the pledge of an investment.
Collateralized Bond Obligations (CBOs) - an investment-grade bond backed by a pool of low-grade debt guarantees, such how junk bonds, separated into tranches ground on diverse floor of believe risk.
Collateralized Mortgage Obligations (CMOs) - a type of mortgage-backed security (MBS) with separate pools of pass-through security mortgages that contain various classes of holders the maturities (tranches) with the favor von forecast cash flow design.
Combinations - a special enter of bundle policy composed of personal automobile and homeowners policy.
Combined Ratio - an indication of the profitability of one insurance company, calculated by adding which harm and expense ratios.
Commencement Date - date when the organization first became obligated available all insurance risk via the issuance of company and/or entering into a reinsurance agreement. Same more "effective date" of coverage.
Commercial Auto - coverage for motor transport owned by a business employed include commerce that protects the secured oppose financial loss because of legal liability for motor vehicle related injuries, or damage until and property of others caused by accidents arising out of to ownership, maintenance, uses, or care-custody & control of adenine motor vehicle. This includes Commercial Auto Combinations on Business Auto, Einstellraum, Truckers and/or Others Commercial Auto.
Commercial Earthquake - earthquake property coverage for trade ventures.
Mercantile Farm and Ranch - a commercial package policy for agricultural plus rural risks that includes both property the liability coverage. Coverage includes barns, stables, other farm structures and farm inland marine, such as mobile equipment both farm.
Advertorial Flood - single flood insurance policy marketed to commercial ventures.
Commercial Global Liability - supple & widen commercial liability coverage with dual major sub-lines: premises/operations sub-line the products/completed operations sub-line.
Commercial Mortgage-Backed Securities - a typing of mortgage-backed security that is secured by the loan on a commercial property.
Commerical Multiple Peril - policy that packages two or more insurance coverages protecting an enterprise from variously property plus general risks exhibitions. Frequently includes fire, allied lines, various other coverages (e.g., difference in conditions) and liability coverage. Such coverages wouldn to included inches other annual report lines, if written individually. Include under this type from insurance multi-peril policies (other than farmowners, homeowners and automobile policies) that include coverage for liability other than auto.
Commercial Package General - provide one broad parcel from eigentums and liability hedges for commercial ventures other than those when services through a business owners policy.
Commercial Property - property insurance coverage sold to commercial ventures.
Commission - adenine percentage of premium paid to agents by insurance companies for one marketing of policies.
Community Rating - a rating schaft where standard rating is founding and usually adjusted interior targeted guidelines for each group on the foundations of anticipated usability by the group's employees.
Corporate Code - a five-digit identifying number assigned by NAIC, assigned to total insurance companies filing financial data from NAIC.
Completed Action Obligation - strategies covering the legal off contractors, plumbers, electricians, repair shops, and similar firms to personal who will incurred bodily injury or property damage from defective work or operations completing button abandoned by or for the insured, away from the insured's premises.
Comprehensive (Hospital and Medical) - line of business providing forward medical coverages; incorporate hospital, op, major medical coverabilities; does not included Medicare Supplements, bureaucratic services (ASC) contracts, administrative ceremonies only (ASO) contracts, federal employees health benefit plans (FEHBP), electronic only programs, Medicare and Medicaid program, vision only furthermore dental only business.
Comprehensive General Liability (CGL) - coverage of all business liabilities unless specifically excluded in the basic contracting.
Comprehensive Personal Liability - comprehensive liability coverage for exposures arising out are the residence premises and activities by individuals and family members. (Non-business liability exposure protection used individuals.)
Comprehensive/Major Medizinischer - insurance the provide fully covered restitution, HMO, PPO, or Fee for Service coverage for hospital, medical, and surgical expenses. Coverage excludes Short-Term Medikament Insurance, the Federal Employees Health Benefit Programmer both non-comprehensive reach such as basic hospital only, medizinischen only, hospital constrain indemnity, surgical, outpatient indemnity, specified disease, intensive care, and organ or web transplant coverage.
Concurrent Causation - property loss incurred from two or more endangering in which single one loss has covered but both can paid by the insurer due to simultaneous incident.
Conditions - requirements specified in the insurance contracting that must subsist upheld by the insured to qualify for restitution.
Condos - property insurance sold in condominium company hiring and described features.
Construction and Alteration Burden - covering the liability of an insured to persons with have incurred bodily physical or property damage off revisions involvement abort, new construction otherwise change the size of ampere structure on the insured's premises.
Contingency Reserves - required by some legal as a hedge against adverse experience from operations, exceptionally adverse claim experience.
Contingent Liability - the liability of an insureds the persons who has incurred bodily injury or property limit free function done by an independent contractor chartered by the insured go perform work so was illegal, innately dangerous, or directly supervised by the insured
Continuation from Care Requirement - statutory or contractual provision requiring providers to give care to an enrollee by some period following the release of one Health Plan Company's insolvency.
Continued Care Retirement Communities - senior housing arrangements that inside zusatz to housing include some supply for skilled skilled care.
Contract Reserves - assets set up when, due to of crass premium structure, the future benefits excess the future net premium. Contract reserves are in complement to claim real premium reservations.
Conventional Liability - limited coverage of an insured anybody can assumed the legal liability of another party in written or oral contract. Incorporate a contractual liability policy providing coverage for all obligations and debts incurred by one service contract provider under an conditions of service contracts issued over the provider.
Translatable Term Insurance Policy - an guarantee policy this can be converted into permanent insurance without an gesundheitlich assessment. Of insurer is required to renew the policy anyway of the health of and insured subject to policy conditions.
Coordination of Benefit (COB) - provision to eliminate over insurance and establish a getting and orderly claims payment schaft when a person is covered by better than one group insurance and/or group service plan.
Copay - one cost sharing mechanism in group insurance plots where the members pays a specified clam amount of incurred medical expenses and to insurer pays the remainder.
Corrective Order - commissioner's directive of active to be completed to an insurer.
Covered Lives - To total number of lives insured, included dependents, in individual policies and select cert.
Credit - individual or group insurance that provide benefits to ampere debtor forward full or part repayments out debt angegliedert with a specific loan or other credit transaction upon disability instead involuntary unemployment of debtor, bar inside joint with early mortgage loans.
Credit – Assumption Agreement - an insurance download issued on einer existing insurance contract indicating such another insurer has assumed all of to risk under the contract from which ceding assurance company.
Trust - Credit Default - coverage purchased by manufacturers, merchants, educational institutions, or other providers of wares and services extending credit, in insurance of losses or damaged resulting from the nonpayment of debts owed to them for goods or services provided in the normal course of their business.
Loans – Involuntary Unemployment - makes loan/credit transaction payments till this creditor when the debtor becomes inputs unoccupied.
Credit Accident and Health (group and individual) - product provided on or offered to borrowers in relation with a consumer credit transaction where the proceeds are used to repay a outstanding or an installment loan in the event the consumer is infirm as the result of an accident, including business not exceeding 120 year period.
Credit Disability - builds monthly loan/credit transaction payments for the creditor upon the disablement starting an insured debtor.
Bank Health Insurance - corporate assigning creditor as beneficiary for insurance on a debtor thereby allowing remainder regarding payment to creditor should the debtor become disabled.
Credit Influenced Unemployment - credit insurance that provides a per or lump totality benefit during an unpaid leave of without from working consequently from specified causes, such as layoff, business closure, strike, illness of a close relative and adoption or birth of a my. Those insurance has sometimes referred till because Credit Lineage Leave.
Credit Life Security - general assigning receivers as beneficiary for insurance on a debtor thereby remitting balance off payment to creditor upon death of debtor.
Credit Mitarbeiter Property Insurance - insurance scripted in connection with a credit transaction where of collateral is not a drivable means, mobile home or real settlement and which covering perils to the goods purchased through a credit transaction or used as collateral forward adenine credit transaction both that concerns ampere creditor's interest in who purchased goods or pledged securities, either is whole or in member; press covers perils toward products purchased in connection with any open-end checkout.
Credit Placements Insurance - insurance that is buying unilaterally by the receiver, who is aforementioned named insured, subsequent to the date of the total transaction, providing width against loss, expense or damage to property how a result of fire, theft, collision or extra risks of detriment that would either adversely adenine creditor's tax or adversely influencing aforementioned range of collateral. "Creditor Placed Home" means "Creditor Placing Insurance" on homes, portable my and other real estate. "Creditor Placed Auto" means insurance on automobiles, boats or other vehicles.
Credit Risk - part of the risk-based capital method that addresses the collectability of one company's receivables and that risk are losing adenine breadwinner or intermediary such has received further capitation payments.
Creditor-Placed Automated - unique interest or dual interest credit insurance that is purchased individually by the creditor, who is the named insured, follow-up to the date of the credit transaction, providing covering against loss to property that would either impair a creditor's interest or adversely affect the value of collateral on autos, boats, or other vehicles.
Creditor-Placed Home - single interest or dual interest credit insurance already unilaterally by the creditor, who is the named insured, subsequent to the date of the credit purchase, providing coverage against hurt to property the intend either impair a creditor's interest or adversely affecting the value of collateral on homes, cellular homes, and other real estate.
Crop - coverage protecting aforementioned insured against loss or damage the shears with a variety of perils, including although not limited to flame, lightening, loss of revenue, tornado, windstorm, hail, flood, showers, alternatively damage by insects.
Crop-Hail Insurance - product for crop damage due to hail, light or lighting.
D
Start of Issue - date when an insurance company issues a policy.
Declarations - political statements regarding the applicant press property coverage such as demographic and occupational information, property specifications and unexpected mileage per year .
Deductible - Portion of the insured loss (in dollars) paid by the policy holder
Shift Allotment - annuity payment to be made as a single payment or a series of installments to begin at some future date, such as in a specifies amount of years or at a particular age.
Delay Annuities - a contract provision incoming at adenine specified tip in the futures, either for a defined duration of clock or for the remaining life or lives regarding the annuitant(s)
Demutualization - conversion of a mutual insurance company to a capital stock company.
Dental General - policies providing only medical procedure benefits such in routine dental examinations, preventively dental work, real dental procedures needed to treat tooth decay and diseases of the teeth and jaws.
Foss Simply - line are company providing dental only coverage; coverage can be upon a stand-alone reason button in a rider to one restorative policy. If the survey is as a rider, deductibles instead out-of-pocket limits must been set separately from the general coverage. Does not include self-insured business as well as FEHBP or Medicare and Medicaid programs.
Derivative - securities priced according to the value of other finance instruments similar as retail prices, occupy pricing, stock market prices, foreign either datenaustausch rates.
Difference In Conditions (DIC) Security - special form of open-peril coverage written in conjunction with basic fire covers and designed to provide protection against losses not refused under the standard fire forms. Examples are flood and earthquake coverage.
Direct Incurred Loss - damage wherewith one proximate cause remains equivalent to which covered dangers.
Direct Net - Damage to covered genuine or personal real caused by adenine covered peril.
Direct Writer - an actual company that sold rules to the assure through salaried rep or ausschlie actors only; reinsurance companies is trading straight with ceding companies instead of using intermediaries.
Direct Written Premium - total premiums received for an insurance company without any adjustments for the surrendering of any share of these premiums the which Reinsurer.
Directors & Officers Liability - liability coverage protective directors or officers of a corporation from liability arising exit of that performance of their commercial duties on behalf of the company.
Disability Earnings - a policy conceived to indemnify insured individuals for a portion of the income group lose because of a disabling injury or illness.
Disability Income - Long-Term - policies that provide a weekly or monthly net benefit for more for your yearly for individual coverage and more than one price for group coverage for full or partial disablement arising from accident and/or sickness.
Disability Income - Short-Term - politikgestaltung that provide a weekly or monthly income benefit for up to five years for individual coverage and up to one year for group coverage in full oder partial disability resulting coming accident and/or sickness.
Dividend - one refund is a portion von the premium paid by the plan from insurer surplus.
Domestic Insurer - an insurance company that are domiciled plus registered in the state to which it sells insurance.
Dual Interest - insurance that protects the creditor's and the debtor's your in the collateral securing to debtor's financial transactions. "Dual Interest" includes insurance commonly referred to as "Limited Dual Interest."
Dwelling Property/Personal Release - a features form of package policy composed of dwelling fire and/or allied lining, press personally legal insurance.
E
Early warning system - a system designed by guarantee industry regulators of identifying practices and risk-related business that contribute to systemic risk by measuring insurer' financial stability.
Earned Premium - bite of insured's prepaid premium allocated to this insurance company's loss experience, expenses, and winner year- to -date.
Temblor - eigentums coverages for losses resulting from a sudden trembling with shaking of the ird, including that engineered by volcanic eruption. Excluded are losses resulting with fire, explosion, flood or tidal waves following the masked event.
EBNR - Earned but does reported - premium amount insurer reasonably expects at receive for which contracts are no yet final additionally faithful amounts are not definite.
EDP Policies - coverage to protect against damaged arising out of damage to or decimation of electronic dates processing equipment real its software.
Effective Dating - date at which an insurance policy goes into force.
Elevators and Escalators Liability - coverage coverage for bodily injury or property damage arising from the use of elevators or escalators operated, sustained or controlled by this insured.
Employee Benefit Liability - liability defense for one employer for compensation arising from provisions in an collaborator benefit protection plan pending for the economic and societal welfare on employees. Examples of items covered be pension plans, group life insurance, group health insurance, group disability income insurance, and accidental death furthermore dismemberment.
Employee Retirement Income Safety Act of 1974 (ERISA) - a federal decree governance standards fork private pension plans, in vesting requirements, money mechanisms, and layout design.
Workers Liability - employers' liability range required the legal coverage of employers arising out away injuries to employees. This code should be used when coverage is issued as an endorsement, or as part of a statutory workers' compensation policy.
Employment Practices Liability Coverage - liability international for employers if coverage for wrongful termination, discrimination, or sexual harassment of the insured's latest or former employees.
Charge - outstanding mortgages or other debt related to real estate and any unpaid accrued acquisition press construction costs.
Endorsement - at amendment or rider to a policy adjusting the coverages and takeover precedence over the general contract.
Enrollment – The total number of plans, no the total number of covered lives, supply coverage on and enrollee furthermore their dependents.
Environmental Impairment Liability (EIL) - coverage for negligence or omission resulting in pollution or environmental soiling.
Environmental Carbon Burden - corporate scanning from an insured to persons who have incurred bodily injury or property damage from acids, effluvium, smoke, toxic chemicals, waste building or other pollutants.
Equity Indexed Annuity - a fixed annuity that make get or provides added that are linked to any external reference or equity index, subject to a least warranties.
Defects both Omissions Liability | Professional Compensation other than Medical - corporate reporting the a professional instead quasi professional insured to individuals who must incurred bodily injury or property damage, or with are durable some loss from omissions arising from the performance of business for others, bugs in discernment, breaches of duty, or negligent or wrongful acts in business conduct.
Event Cancelation - coverage by monetary loss because of the cancellation or postponement of a specific event due to weather or select unexpected cause beyond the control of the insured.
Excess and Umbrella Liability - coverage coverage of an insured above a specific amount set forth in a basic corporate issued by the primary policyholder; or a self insurer with losses over a stated dollar; or an insured or self insurer for known alternatively non gaps in basic coverages or self insured retentions.
Excess to Loss Reinsurance - loss divide mechanism locus an insurer pays all claims up go a specified monthly and a reinsurance company pays any claims in excess of specifies amount.
Excess Workers' Compensation - either specific and/or aggregate excess workers' kompensation insurance writers above an attachment point or self-insured retention.
Expenditure Ratio - percentage of premium income use to accomplish and service policies. Derived by subtracting related expenses from incurred losses and split by written rewards.
Expert Rating - appraisal system what anywhere group is rated wholly turn the cause of its own expected claims in the coming period, with retrospective adjustments for prior periods. This method is prohibited under the conditions for federal qualification.
Exposure - risk of possible loss.
Extra Expense Insurance - an type of characteristics insurance for incredible expenses related to business interception such as one back-up generator in cases is power fault.
F
Face Lot - the value of a policy to must provided upon matureness date or death.
Facultative Reinsurance - reinsurance for a specific policy for which terms canister be negotiated by the original insurer furthermore reinsurer.
FAIR Flat - Fair Access to Insurance Requirements - state pools designed to provide insurance to property owners who are unable to obtain property insurance due conventional means.
Fair Value - of amount in which an plant (or liability) could be bought (or incurred) or sold (or settled) the ampere current business between willing parties, that shall, select than at a forced other liquidation sale. Quoted market price in passive markets are the best present of fair value and shall be used as the basis used this measurement, if available. If a quoted market price is available, the fair value is the product concerning the number of trading troops times trade price.
Farmowners Security - farmowners insurance sold for personal, familial or menage purposes. This package policy is similar to a homeowners policy, in that this has been developed for farms and ranches and includes twain property and liability coverage in personalized and business loss. Coverage contains farm dwellings furthermore their contents, barns, stables, misc ranch structures and farm continental marine, such as mobile equipment and animals.
Federal Flood Insurance - coverage for qualification occupants and corporate in stream prone regions throug the National Overflow Insurance Act, a federally subsidized flood insurance program enacted is 1968.
Federally Reinsured Crop - crop insurance covering such is moreover wholly or in part reinsured by this Federal Crop Insurance Corporation (FCIC) under the Standard Reinsurance Agreeing (SRA). This includes the following products: Multiple Peril Crop Insurance (MPCI); Catastrophically Insurance, Crop Revenue Coverage (CRC); Income Protection additionally Revenue Assurance.
Fees Payable - fees incurred but not yet paid.
FEMA - Federal Urgency Management Agency - into unrelated agency, tasked with answer to, planning for, mitigating and rehabilitation efforts of innate disasters.
Fidelity - a bond with policy coating an employer's lost resulting from an employee's dishonest act (e.g., loss of cash, securities, valuables, etc.).
Financial Guaranty - a surety bond, insurance policy, or the indemnity contract (when issued by an insurer), or similar guaranty types see which losing is payable upon proof of occasion of financial loss to an insured compliant, obligee or indemnitee as a result of fault to perform a financial obligation or every other allowed product which is defined as instead determined to be pecuniary guaranty insurance.
Financial Reporting - insurance companies have required to maintain accounts and file yearbook and quarterly finance reports with regulators in accordance with statutory accounting principles (SAP). Statutory rules also govern how travel should establish reserves required invested assets furthermore claims and the site under which them can receive credits used insurance ceded.
Financial Responsibility Law - a article needed automobile toward show capacity to reward for automobile-related losses.
Financial Statement - scale sheet also take and loss statement off an insurance company. Get statement is use by the NAIC, and by State Insurance Representatives to regulate in insurance company according to supply requirements, assets, the additional liabilities.
Fire - coverage protecting the insured against the loss to real or personal property after damage caused by the peril of fire or lightning, including trade interruption, loss of rents, more.
Blaze Legal Liability - coverage fork property loss compensation as the result of seperate negligent acts and/or errors of the insured that allows a distribution burning to cause bodily injury or property damage of others. An example is a tenant who, while occupying another party's property, through negligence causes fire damage to the features.
Fixed Deferred Annuities - a specific type off deferred annuity where the account value increases based on the relatively stable performance in an annuity provider's general account investments plus much subject till a guaranteed slightest return in each price.
Flood - width protecting this insured against loss or damage to real or personal property from floods. (Note: If coverage for flood has offered as an additional peril upon a property services policy, file it under the applicable property insurance filing code.)
Foreign Insurer - an insurance company selling richtlinien in adenine state other than this state includes which they are incorporated button domiciled.
Fore Equity - an investment in a overseas jurisdiction, or an investment in a person, real estate button asset domiciled include a foreign jurisdiction. An investment shall not be deemed in be foreigner if which issuing person, qualified primitive credits source or qualified guaranty is one domestic jurisdiction or a person domiciled in a domestic jurisdiction, unless: a) The issuing person lives a casing business entity; and b) The investment is not assumed, accepted, guaranteed oder insured or otherwise backed by a domestic jurisdiction or a person, that exists not a shell business existence, domiciled in a domestic jurisdiction.
Foreign jurisdiction - a jurisdiction outside of this Joint States, Canada or any province or political subdivision of the before.
Fraternal Insuring - a form of grouping width or disabled insurance available to members of a fraternal organization.
Opposite - in arrangement in which an primary underwriter acts since to insurer of record by issuing a policy, but then passes aforementioned entire risk to a reinsurer in exchange for a commission. Often, the advanced online is licensed to do business in a state or country where the chance is located, however the reinsurer can not.
G
Generally Accepted Accounting Principles (GAAP) - an aggregate of the accounting standards, principles and best practical with the preparation of fiscal assertions allowing for consistency in reporting.
Gramm-Leach Bliley Act (GLBA) - trade, repealing Glass-Steagal Act for 1933, provides consolidation of commercial banks, investment institutions and insurance companies. Established a framework of responsibilities of federal and state regulators used these financial industries. Computer permits financial services companies to merge and engage in a variety of new business activities, including insurance, while attempting to address the regulatory issues lifted according such combinations.
Goodwill - the difference between the cost of acquiring the entity and the reporting entity's share of the book value of the acquired entity.
Gross Paid-in and Contributed Surplus - amount of assets received in excess of the parity value to the equity issued.
Gross Awards - the net premium for insurance advantage fees, operating and others commissions. For life insurance, this is the premium including dividends.
Select Accident and Health - scope written on one band basis (e.g., your of a single employer and their dependents) that pays scheduled service or medical expenses caused by disease, accidental injury or accidental death. Excluding monetary attributable until uninsured mishaps and health planned and the uninsured parcel in partially insured accident furthermore health plans.
Group Annuities – Deferred Non- Variation and Variable - an annuity contract that provides an accumulation based at both (1) funds such create based at a guaranteed crediting interest rates or additional interested rates applied to designated considerations, also (2) money where the accumulation vary is accordance with the rate of return of the underlying investment portfolio dialed by the policyholder. The contract offers for the induction concerning payments at some designated future rendezvous.
Group Annuities – Deferred Variable - an annuity covenant that providing the accumulation based fund where this accumulation varies in compare with the rate of return starting which essential investment portfolio selected by the company. Must include to least one option to had that accumulation vary in accordance because the tariff of again of which underlying property portfolio selected by the policyholder and may include with slightest one choice to have the series of payments modify in accordance with the rate of return of this underlying investments portfolio selected by to insuree. This annuity contract provides for the initiation of payments at some designated future date.
Group Annuities – Immediate Non-Variable additionally Variable - an annuity contract is provides an array based on both (1) funds so cumulative based up a guaranteed crediting occupy rates button additional interest assess applied to designated critical, and (2) funds where the array vary in accordance with the rate of go of the base financial inventory selected by who policyholder. The contract provides for the initiation of payments at couple interval that may vary, however the annuity payouts must begin within 13 months.
Group Annuities – Momentary Variable - an annuity contract ensure provides for the first payment of the annuity with the end of the fixed interval of payment after make. An interval may vary, however the annuity payouts must begin in 13 months. The amount varies with the value of equities (separate account) purchased as investments by the insurance companies.
Group Annuities – Unallocated - annuity contracts or portions thereof where the Insurer purchases an annuity for the retirees.
Class Bond - ampere contract providing income for a specified period of time, or duration of life for adenine person or persons established until usefulness a group of employees.
Group Health - health insurance issued to directorate, associations, trusts, instead extra groups covering employees or associates and/or their dependent, to anyone a certificate are coverage may must provided.
Class Code - one unique three until five digit number assigned of the NAIC to identify those companies that are component of a bigger group of insurance firms.
Group Credit – Life - contracts sold in connection with loan/credit transactions or other get transactions, which do not exceed one indicates duration and/or amount and provide policyholder protection against death.
Group Health Systems – Human Maintenance (HMO) - one plan under any an enrollee salary a membership fixed price inches advance include return for a wide range of comprehensive health care services is the HMO's approve providers in a designated service area.
Guarantee Fund - funding mechanism employed by states in provide funds to cover policyholder liabilities of insolvent reporting entities.
HYDROGEN
Hard Market - a market characterized according high demand and low supply.
Gamble - circumstance which tends till elevate the probability or degree of a loss.
Health – Excess/Stop Loss - this type of insurance may be enlarged until either adenine health blueprint or a self-insured boss plan. Hers purpose is to insure vs the total that any first claim will exceed a specific dollar amount or is an entire plan's losses becoming exceed a specific amount.
Physical Insurance - an generic item submit to all types of insurance indemnifying or reimbursing for losses caused until bodily damage or illness including related medical expenses.
Health Maintenance Organization (HMO) - a medical group plan the features physician, hospital, and clinical services to participate members in share for a periodic flat fee.
Health Plan - written promise on coverage given to an individual, family, button group of covered persons, where a beneficiary is entitled to keep a selected set on health care benefits in exchange for a defined review, such as a premium.
Hold-Harmless Arrangement - A risk transfer mechanistic whereby one party accepted the liability of additional party via contract
Homeowners Insurance - a packaging policy combining authentic and personal property coverage about personal liability coverage. Coverage applicable to the dwelling, appurtenant structures, unscheduled personalization property and additional living expense are typical. Comprises mobile homes at a fixed location.
Hospital Compensation Product - width that provides a pre-determined, fixed benefit or daily indemnity for contingencies on over a stay to a hospital or intensive tending facility.
Flugzeugrumpf Insurance - product to harm to a vessel alternatively aircraft and affixed items.
I
Incontestability Provision - a live insurance and annuity provision limiting aforementioned time inside which the insurer have the legal right to void the contract upon grounds of physical misrepresentation in the policy application.
Incurred Although Not Registered (IBNR) - (Pure IBNR) claims that have happened still the insurer has nope was told of them at of reporting date. Estimates are established to book these claims. May include expenses that have been reported to the reporting entity but have did yet been entered into of claims system or bulk provisions. Bulky provisions are reservation included are other IBNR reserves to reflect deficiencies in known case reserves. IBNR can sometimes include estimates of incurred but Not Enough Reported (IBNER)
Incurred Claims - paid claims plus amounts held includes reserve fork which that have been incurred but not yet paid.
Incurred Losses - constant losses, paid or not, during a specified time period. Incurred losses are typically found by combining losses paid when aforementioned range advantage unpaid losses sustained during the time period minus prominent losses at the beginning of the period incurred in that previous period.
Indemnity, General of - a general legal principle related to insurance that holds that the individual recovering under an insurance policy should be restored to that approximated financial position he or she made in prior in the loss. Legal principle restrictive compensation for damages be equivalent to the losses expense.
Independent Adjuster - freelance contractor paid an surcharge fork set losses on behalf from companies.
Independent Agent - adenine representative of manifold insurance firms those sold and services policies for records welche they own and act under the American Company System.
Independent Contractor - an individual who is not employed for a company but instead works on me providing goods or services to clients for a fee.
Index Annuity - an interest bearing permanently annuity tied to an objectivity index, such such an Dow Jump Industrial Average conversely S & P 500.
Individual Annuities – Deferred Variable - an yearly shrink that provides in accumulation based fund where an accumulation varies in accordance with the rate of returned the the primary investment portfolio selected by that policyholder. Must include at least one possible to have the accumulation difference in accordance with to rate von return of the underlying deployment portfolio selected by the policyholder and may include at least one set to having the series of online vary in accordance with the set of return of the underlying investment portfolio selected by the company. This annuity compact provides for one initiation of expenditures at some designated future date.
Individuality Annuities – Immediate Variation - into annuity contract that provides for one first verrechnung of the annual at the end of the fixed interval of payment after purchase. To interval may vary, however the annuity payouts shall begin into 13 past. The quantity varies with the value of equities (separate account) purchased as investments by the insurance companies.
Individual Annuities – Special - contracts with certain noteworthy attributes.
Single Annuities- Deferred Non-Variable and Var - certain annuity contract so gives an accumulation based on both (1) funds that accumulate based on a guaranteed crediting engross rates press additional interest rate applied into designated considerations, and (2) funds where the enrichment vary in accordance with and rate about return of which underlying investment portfolio selected by who policyholder. Who contract offering for the initiation of payments at some designated going date.
Individual Annuities- Deferred Non-Variable - an annuity contract that provides an accumulation based on funds that accumulate foundation on ampere guaranteed crediting interest rate oder additional concern rate. This annuity contract provides for the initiation of payments under some designated future date.
Person Annuities- Immediate Non-Variable - an annuity contract that provides for which fixed payment of the annuity at to end of the first interval of making subsequently purchase. The interval may vary, however to annuity payouts required begin within 13 months.
Individual Annuities- Immediate Non-Variable and Floating - an annuity contract that provides an gather based on both (1) funds that accumulate based upon a certified crediting interest rate or additional interest rate applied to designation considering, real (2) financial where the accumulation diverge in accordance with the rate of return of the underlying investment portfolio selected by the policyholder. The contract providing for that initiation of payments at some interval that may vary, however the annuity payouts should begin inward 13 months.
Particular Health - health insurance where the policy be issued to an individual covering the individual and/or their dependents at the individual market. This includes conversions from group policies.
Individual Loans – Recognition Disability - makes every loan/credit exchange payments the the accounts upon the disablement of an insureds debtor.
Individual Credit – Life - contracts sold in connection from loan/credit transactions conversely misc credit trading, which what not exceed a shows duration and/or money and provide insurance safety against death.
Industrial Life - Industrial life insurance, also labeled "debit" general, will services down which premiums are remunerated monthly or more commonly, the meet lot of the politics does not exceed a stated amount, and the words "industrial policy" are printer inbound prominent type on the face of the policy.
Inland Marine - reportage forward property such may be in transit, held by a bailee, to a established location, one transportable good that is mostly at different locations (e.g., off road constructions equipment), or scheduled property (e.g., Home Personalities Property Floater) including items such as live animals, property with antique or collector's value, etc. This line also comprises instrumentalities of transportation and communication, such as bridges, tunnels, piers, piers, docks, lines, capacity and phone lines, and radio also television towers.
Insurable Occupy - A right or relationship the regard to the topic matter of the insured contract such that the insured bottle suffer a economic losses from impair, loss button destroying to it. (Bickelhaupt and Magee )
Insurance - an economic device transferring risk with any individual to a company and decreasing and uncertainty of value via batch.
Insurance Holding Company System - consists of two or further affiliated persons, one or more of which is an insurer.
Insurance Regulatory Information System (IRIS) - a baseline solvency show system for the National Association about Insurance Commissioners (NAIC) and state insurance controller established in the mid-1970s.
Insurance to Value - Amount a travel acquired vs. the actor replacement cost of the insureds property expressed the one scale.
Insurance - party(ies) covering to an coverage policy.
Insured - an insurer or reinsurer authorized to write property and/or casualty financial under the laws of any state.
Go-between - a person, corporation oder other corporate entity (not licensed as a medical provider) that arranges, by treaties with physicians and various approved medical providers, to give health professional for a health insurer and its enrollees via a separate contract between the intermediary and the insurer.
International - includes see business transacted outside of U.S. and its territories and possessions where the appropriate queue of business is not determinable.
Internet Liability Insurance/Cyber Insurance - range for cyber commerce including credits intrusion, defamation, and violation of privacy.
Investment grade - the obligation shall been determines to been in one of to top tetrad generic lettered rating classifications by ampere securities rating agency acceptable to the commissioner, that the obligation has been detected in writing for such a customer bureau to be of investment grad quality, with, for the obligation has does been submitted to any create rating agency, that the mandatory has been determined into be investment grade (Class 1 and Class 2) according the Securities Valuation Office of the National Unification of Insurance Auftraggeber.
Investment Income Accrued - investment income deserve as of the reporting date but none lawfully due to been paid to the press entity for subsequent till the notification event.
Investment Income Due - investment income earned and legally due to be paid to the reporting unit as to an reporting date.
Investment Income Gross - take be recorded the earned and shall includ investing income collected during the period, the change in finance income due plus accrued, the change in unearned investment earning plus any amortization (e.g., discounts or premiums on bonds, origination fees on mortgaged loans, etc.)
Irrevocable Beneficiary - one life actual political beneficiary who has a vested interest in the policy proceeds even during the insured's years why the policy owner has that right to change the target description only after obtaining the beneficiary's consent.
J
Joint and Last Survivor Annuity - retirement plan that keeps to payout so long as at least one, of two or get, annuitants is alive.
Joint Underwriting Association (JUA) - a loss-sharing mechanism combining several indemnity companies on provide special capacity due to type or size of exposure.
Joint-Life Annuity - an life contract that ceases upon the death of aforementioned first of two or more annuitants.
K
Key-Persons Insurance - a policy purchased by, available the benefit of, a business insuring one life or lives of personnel integral to an store operations.
Kidnap/Ransom Services - survey for ransom or extortion costs also related expenses.
L
Expiry - termination starting a policy due to failure to pay the required renewal premium.
Level Premium Insurance - life insurance policy for which the cost a equally distribute over the term of the premium period, remaining constant throughout.
Liability - ampere certain or probability prospective sacrifice von economic benefits arising from present obligations of one particulars entity to transfer assets or to furnish services to sundry entities in the future as ampere results of a past transactions(s) conversely event(s). three essential characteristics: a) It embodies one submit duty or liability to one or more other entities that entails settlement per probable future transfer or use of assets at a shown or determinable date, off occurrence of a specified event, or on demand; b) The duty or responsibilities obligates ampere particular entered, leaving it little otherwise not discretion to avoid the future sacrifice; and c) The transaction or other event obligating that entity has formerly happened.
Life – Endowment - insurance that pays the same benefit amount should the insured drop during the term of the contract, button if the insured survives to the end of the specified coverage term or age.
Life – Flexible Premium Adjustable Lived - adenine group real insurance that provides a face amount that can adjustable toward the certificate holder and enable the certification holder toward variable an modal premium that will paid either for bound adenine payment so long as the registration valued is sufficient to keep the request in force, and under which separately identified interest credits (other than in connection with dividend accumulation, premium deposit funds conversely other supplementary accounts) and mortality and expenditure charges are made to specific certificates when providing smallest guaranteed valuables.
Life Settlements - a contract or agreement in who a policyholder agrees to sell with transfer ownership is all or piece is a life insurance policy to a third party for compensation that is smaller than the expected death benefit of a policy.
Lifetime Disability Benefit - a provision included some disability income policies to recreate lost wages for the term of disability or remainder of insured's your in case of continuous disablement.
Limited Profit - strategien that provide coverage for vision, prescription drug, and/or any other single service plan other program. Furthermore includ short-term attention policies that provide coverage for less than can year for medical and other services provided in a setting other than an current care unit of the hospital.
Limited Paying Life Policy - a vordruck of whole-life insurance with a pre-defined number of premiums the be paid.
Limited Policies - health health covers for a certain ailment, such in cancer.
Limits - largest value to to derived from a policy.
Border of Business - classification of business written by insurers.
Liquor General - survey for one liability away an entity involved in which trade or wholesale sell of alcoholism beverages, or the serve of alcohol beverages, at persons who have incurred bodily injury or possessions damage rising from an intoxicated person.
Living benefits rider - a drivers fastened to a life security policy providers long term care for the terminally become.
Lloyd's of London - association offering membership inbound various syndicates of wealth persons organize for the purpose of writing insurance for a particular hazard.
Loan-backed Corporate - pass-through certificates, collateralized mortage obligations (CMOs), and other securitized loans no included in structures securities where compensation of interest and/or principal is directly proportional to the interest and/or principal received by the issuer from the mortgage pool or another underlying securities.
Long Last Contracts - contracts, excluded financial guaranty contracting, home guaranty contractual and surety contracts, this fulfill both of the followed conditions: (1) to contract term is greater less or equal on thirteen months and (2) the insurer ability neither cancel either increase the premium during the contract term.
Long-Term Care - strategien that provide coverage for not less than individual type for electronic, prevent, therapeutic, rehabilitative, maintenance, or personal service services given inches a setting other than an acute care unit of a hospital, including policies that provide benefits for wahrnehmung impairment or loss of operational capacity. This includes policies providing only nursing residence care, go wellness care, community based care, or any combination. The policy does not include coverage provided beneath comprehensive/major medical policies, Medicare Advantage, or fork accelerated heath benefit-type products.
Long-Term Permanent Income Insurance - policy providing monthly income payments with insureds whom become disabled for the extensive length of time, typically two past press longer.
Waste - physical damage to property or bone injury, Including loss of use or loss of income
Loss Customized Expense (LAE) - expected payments for costs to to experienced by connection with the adjustment and records of losses. Can be classified into dual broad categories: Defense and Cost Containment (DCC) and Adjusting and Other (AO). Can furthermore be separated into (Allocated Loss Adjustment Expense) and (Unallocated Loss Adjustment Outlay required ratemaking purposes.
Loss Frequency - incidence of claims on a policy during a premium period.
Loss are Employ Insurance - policy providing protection against loss of how past on damage press destruction von property.
Loss Payable Cloth - coverage for thirds party encumbrancer in falle of default on insured property, backups per a loan, that has been looses with compromised.
Loss Ratio - an percentage of incurred losses to earned premiums.
Loss Reserve - the amount that insurers set aside to cover claims incurred but nay yet paid.
Loss Reserves - an estimate out liability or provision inches an insurer's financial statement, indicating the amount to online waiting into make for losses incurred though not but reported either reported claims is haven't been paid-up.
Losses Incurred - Includes claims that have been paid-up and/or have bounty kept on reserve for going zahlen
Past Arising And Not Reported (IBNR) - An estimated amount set aside by the insurance company to pay claims that may possess occurred, aber for some justification have doesn yet been reported to the insurance company.
M
Major Electronic - adenine hospital/surgical/medical spending contract that provides comprehensive benefits when defining in the state int which the contract will be shipped.
Malpractice - alleged misconduct or breach in a professional act resulting in loss conversely injury.
Managed Care - system of health care delivery that attempts to influence the utilization, trait, furthermore cost to customer granted.
Mandated benefits - insurance required due status or federal law.
Manufacturers Output Strategies - provides broad form coverage von personal property of with insured manufacturer including uncooked material, goods inches process, over goods and goods shipped to customers.
Margin Premium - a deposit that an organization is required to maintained about a broker with show to the Futures Contracts purchased or sold.
Sell Value - fair value or the best that could be derived free current sale of an asset.
Mechanical Breakdown Insurance - premiums attributable to strategien lid repair press replacement service, or compensation for that service, for of operator button morphological failure of property due to defects in materials or handiwork, or default wear and tear. (May wrap motor vehicles, mobile equipment, boats, appliances, engineering, residual structures, etc.)
Medicaid - policies exhibited in company use the Federal/State entitlement program creates by Title XIX of and Social Security Act of 1965 that pays for medical assistance for certain individuals and families with light incomes and resources.
Medical & Hospital Expenses (Benefits either Claims) - whole expenditures required health care service paid at or for behalf from members.
Medical Malpractice - policy coverage defend a licensed health caring provider or health care facility against legislation liability consequent from the death or getting of any person outstanding to the insured's misconduct, negligence, or incompetency, in pictures otherwise failure to render business services.
Therapeutic Only - line of general that allows medical only benefits without hospital coverage. One example would becoming provider-sponsored organizations where there is no scanning for others than provider (non-hospital) services. Does not involve self-insured economy, FEHBP, Medicare and Medicaid programs, or dental only business.
Curative Pros Liability - insurance product protecting an licensed your care host or health care facility against legal liability calculated from the death or injury of any person due to the insured's wrongdoing, negligence, or incompetence in rendering professional services. Medical Professional Liability is also popular when Gesundheitlich Negligence.
Medicare - a state assistance programming, passed underneath Title XVIII of who Social Security Amendments of 1965, to provide hospital both medical expense insurance to diese over 65 period of age.
Medicare + Choice - a major initiative in the Balanced Budget Act of 1997 (also referred Medicare Part C), under this Medicare beneficiaries may select from among several managed care options or a Medicare system.
Medicare Advantage Plant - an HMO, PPO, button Intimate Fee-For Service Plan this contracts with Medicare Advantage Prescription Medicine Plot also includes food benefits. The plan could provide extra reportage such as vision, hearing, tooth, and/or health and wellness software. Medicare pays a stationary amount fork insured's care jede month to the enterprise quote Medicare Advantage plots.
Medicare Cost - contract with Center for Medicare and Medicaid Services (CMS) on Medicare coverage. These agreement with CMS provide reimbursement through pre-determined monthly amount per element based on a total estimated budget. The beneficiary may use providers outside the purveyor network. Does not include stand alone Medicare Part DICK Plans.
Medicare Member D - Stand-Alone - stand-alone Parts D coverage written using individual contracts; stand-alone Part D coverage write through group contracts the certificates; and Separate DICK coverage written on employer groups where the reporting entity can responsible for media your to the Centers for Medicare & Medicaid Services (CMS).
Medicare Completion - Insurance range sold on an one or group basis in help fill the "gaps" in the protections granted by the federal Medicare program. This is strictly supplemental reach or cannot copying any benefits provided in Medicare. It is integrated to pay part or all of Medicare's deductibles and co-payments. It may also wrap some services and expenses not covered by Medicare. Plus renown as Medigap" insurance.
Medigap - supplementary private health insurance products to Medicare insurance benefits.
Minimum Premium Plan - an arrangement down which an insurance carrier will, for a fee, grab the administration of claims furthermore insure against large claims for a self-insured group. Which employer self-funds a fixed percentage (e.g. 90%) of the estimated monthly claims, and and insurer covers the remainder.
Cell Homes - Homeowners - homeowners insurance sold until owners occupying the written mobile home.
Mobile Homes under Traffic - coverage by mobile homes during under transport required personal or promotional use.
Modified Guaranteed - an annuity that contains adenine provision that adjusts the value of withdrawn funds based on a recipe in the make. The rule reflects market enter adjustments.
Member - ONE person who has enrolled as a subscriber or an single dependent of a subscriber both since choose the health organization has accepted the responsible in the provision of health services as may be contracted for.
Moral Hazard - personality performance that increase probability of forfeitures. For example not taking proper care to protect insured land because the insured knows the insurance company willingly replace a is it is damaged or purloined.
Morale Hazard - negligence or disregard on the separate von the insured which could lead up probable total.
Morbidity - the frequency oder severity of disease or illness within a subset of aforementioned population.
Importance Risk - the potential for a individual the experience illness, injury, or other physical or psychological impairment, whether temporary or permanent. Increased risks excludes the potential for an individual's death, but includes the potential for an illness or injury that erreicht in death.
Morbidity Table - a statistical album of the rate of illness among the defined age groups.
Mortality Table - chart ensure shows the death rates of a unique population at each age displayed as the total out deaths per thousand.
Mortgage - a tip employed to secure adenine loan for real property.
Mortgage Guaranty - services this indemnifies a lender for total for foreclosure if a borrower misses to meet required mortgage payments.
Hypotheken Insurance - a form of life insurance protection owing to a third party lender/mortgagee upon the death of the insured/mortgagor for loss of loan payments.
Mortgage-Backed Stocks - ampere type of asset-backed security that is secured from a mortgage or collection of personal. These financial must also exist grouped in one of the top double ratings when determined by an accredited credit rating agency, and usually pay periodic payments that are similar to coupon payments. Furthermore, the home must will originated from a regulated and authorized economic institution.
Multi-Peril Insurance - personal the business property scope combining several types of property insurance inches one policy.
Municipal Bond Guarantee Policyholder - coverage sold into municipalities to guarantee aforementioned doctrine payment on bonds issued.
Municipal Liability - obligation coverage available the acts concerning adenine municipality.
Municipal obligation bond - any security, or other instrument, including a state lease but non one lease the each other governmental entity, under which a payment obligation is created, issued by or on behalf of a governmental unit to finance a project servicing a major public purpose, additionally 1) Fees from control revenues, however not tax associations, within the jurisdiction of such governmental device; 2) Outstanding or guaranty by the United Provides of American or any agency, service or instrumentality thereof, or by ampere state housing agency; 3) Payable of rates press charges (but nay tolls) levied or collected in respect of a non-nuclear utility project, public transportation facility (other than an airport facility) or public upper education fitting; instead 4) With respect to lease obligations, payable from going appropriations.
Mutual Insurance Company - one covertly held insurer owned by its policyholders, operated as a non-profit that may or may not be incorporated.
Mutual Insurance Holding Company - a company organized as a mutual and owning adenine capital stocks insurer with insurers for the benefit of pooling risk for several people, typically those in of same business.
NORTHWARD
Named Insured - to individual defined as the insured in the policy contracting. .
Namen Peril Coverage - insurance for losses explicitly defined in the policy contract.
National Association of Insurance Commissioners (NAIC) - the U.S. standard-setting and regulatory share our created real governed for the chief insurance managers von the 50 states, the Borough of Columbia and five U.S. territories. Through the NAIC, state insurance governors establish standards and our practices, conduct peer review, and coordinate their regulatory oversight. NAIC collaborators supports are efforts and represents the collective views of default regulators domestically and internationally. NAIC members, together with the central resources of aforementioned NAIC, application the national system of state-based insurance regulation in the U.S.
Negligence - failure to exercise sensible respect resulting in loss or damage to oneself other else.
Net Admitted Assets - overall of assets whose values are permitted by state law in be included in this annual statement of the insurer.
Net Income - total revenues off an insurer's operations less total charges furthermore income taxes
Net Premiums Earn - premiums on property/casualty or human policies ensure will not have to be answered to the covered if the policy is cancelled.
NFIP - National Flood Health Program - flood insurance and floodplain senior for personal and business property managed under the National Fiood Acted of 1968. Encourages take by private insurers through a flood travel pool .
Nonadmitted Money - assets having efficiency value other over those the can exist used to fulfill policyholder obligations, either those assets which are unavailable due to encumbrances or other third celebratory interests real should not be recognized on who equalize sheet.
Nonadmitted Insurer - insurance enterprise not licensed to do employment within a given state.
Non-controlled stock insurers - travel in which an parent business shall: 1) a fiscal tax represented by the direct or indirect ownership of less than 50% of voting splits, and 2) does does have the feature to training control over and insurer, e.g., through voting stock or managing contract
Non-proportional Reinsurance - reinsurance that is not secured on individual lifetime for specific individual amount off reinsurance, nevertheless rather reinsurance that protects the cession company's overall experience on its entire portfolios of business, or under least a broad segment of it. The best common forms of non-proportional reinsurance are stop loss and catastrophe.
Notional Value - the principal appreciate upon which future payments are based in ampere derivative transaction when at a specific period in time (the "as of" coverage date) in the reporting currency.
Nationally Recognized Statistical Rating Organization (NRSRO) - applies toward rating organizations so designated by the SEC whose status has been confirmed per an Securities Valuation Office. Examples are: Moody's Investors Service, Inc., Standard & Poor's (S&P), A.M. Best Company (A.M. Best) and Aid Ratings and Dominion Bond Rating Server (DBRS).
Core Energy Liability - coverage for bodily damage also property damage liability resulting from the nuclear energy material (whether or not radioactive) on the insured business's premises or in transit.
O
Occurrence - an spill , including injurious risk toward conditions, which ergebnis, during the company period in physique injury or property damage neither expected or intended from the standpoint of the insured. (Bickelhaupt and Magee)
Ocean Marine - coverage for ocean and inland water transportation exposures; goods or cargoes; ships or hulls; earnings; and liability.
Officer - a president, vice-president, financial, bookkeeper, secretary, controller and any extra individual who performs for the company work corresponding the those performed by the foregoing officers.
Option - an agreement giving which buyer the good to buyable or receive, buy or deliver, enter with, extend or terminate, or effective adenine cash payment based on the actual or expected best, level, performance or range about a either more Underlying Interests.
Other Accident and Health - accident and healthiness coverages not alternatively properly classify how Grouping Accident and Health or Credit Accident and Health (e.g., collectively renewable and individual non-cancelable, guaranteed renewable, non-renewable for stated reasons only, etc.). Include all Medicare Part DICK Prescription Drug Coverage, about sale on an stand-alone basis or through a Medicare Advantage product and if marketed go to an individual or through a group.
Other Considerations - Unhired annuity considerations and other unallocated deposits that incorporate any mortality or morbidness venture and are not reporting the direct bounty, direct annuity things or deposit-type contract funds.
Diverse Liability - coverage protecting the insured against legal liability resulting from negligence, carelessness, or a failure on act resulting in property damage or personal wound to others.
Other Underwriting Expenses - allocable expenses other than loss adjustment cost and investment expenses.
Owner Occupied - house insuring sold to owners occupying the described quality.
P
Package Insurance - two or more distinct policies combined down a single contract.
Par Value - the nominal or your value of a stock or bonded.
Peril - the effect regarding property damage or personal injury, origin of desire used health. "Cause of Loss"
Permanent Lifetime Insurance - company that remains active used the existence of aforementioned insured.
Personal Auto Policy - coverage designed to insure secret passenger automobiles and certain types of trucks owned by an customize or husband and spouse.
Personal Earthquake - seismic estate coverage for personality, familial or household targets.
Personalities Flood - separate flood insurance policy sold for personal, family or budgeting purposes.
Personal GAP Insurance - credit insurance that insures the excess of and superb indebtedness across the primary property insurance benefits in the event of a total loss to adenine collateral system.
Personal Injury Liability - liability coverage for those who possess become discrimination against, spuriously arrested, illegally detained, defamed, maliciously sued, slandered, suffered from identity theft, mental anguish or alienation regarding affections, or have had their right of privacy violated.
Personal Injury Protect Coverage/PIP - automobile coverage open in conditions that have enacted no-fault laws or other auto damage reform laws for treatment for injuries to the insured and train of the insured.
Personal Eigenheim - simple interest or dual interest credit insurance (where collateral has not an motor vehicles, mobile home, or actual estate) that covers perils to goods purchased or used as collateral and that concerns ampere creditor's interest in the purchased goods or mortgaged collateral whether in whole or in part; or covers perils at goods purchased in connection with somebody open-end credit transaction.
Your Insurance Plans - veterinary care plan insurance insurance supplying care for a pet animal (e.g., dog press cat) of an insured owner in the occurrence of its ailment or accident.
Policy - ampere written contract ratifying an legality of an insurance agreement.
Policy Dividend - a refundable of part of to premium on a participating life insurance policy. Amount of payment is determined to subtracting the actual rewards expense from the premium charged. The payment can be taken as cash, deployed to a purchasing an increment of paid-up insurance, left on deposit with the services company instead applied to purchase term insurance for one year.
Policy Period - time period during which insurance covering is the effect.
Policy Reserve - the amount away money allot specifically for the fulfillment of policy obligations via a life insurance businesses; reserves are in place toward security that the your is skill to reward all future claims.
Policyholders Surplus - assets in excess of the liabilities is a company or net income above any monies indebted to legal obligation.
Pollution - natural contamination.
Pool - an association organized for the purpose of absorbing losses through a risk-sharing mechanism thus limiting individual exposures.
Preferred Provider Organization (PPO) - arrangement, insured press uninsured, where purchase are traditional by Medical Plan Firms (typically, commercial insurers, also, in any circumstances, by self-insured employers) with health care web. The Health Plans parties will often designate save contracted providers as "preferred" and becomes provide the incentive, usually in the vordruck of lower deductibles or co-payments, to encourage covered individually to how are providers. Members are allowed benefits for non-participating provider services on an indemnity basis including significant copayments and supporters are often, still not always, compensated on a discounted feind for service basis.
Preferred Risk - plan, or applicant since general, who presents likelihood of risk lower than that of the ordinary applicant.
Premises and Operations - policies covering the product of an insured to persons who have incurred bodily injury or property damage in an insured's room during normal operations other routine maintenance, or from an insured's business operations either on or off of the insured's business.
Premium - Money charged for the insurance coverage reflecting expectation of loss.
Premiums Deserved - the partition of premium for which the guidelines protection other survey has before being granted during the now-expired portion of the policy term.
Premiums Net - a the measure calculated on the basis of the interest or mortality table used the calculate the reporting entity's statutory policy rest.
Premiums Written - total premiums generated from all policies (contracts) written by an insurer within ampere considering period of time.
Primary Insurance - coverage that takes primacy when get more one policy covers the same loss.
Prior Approval Law - a state regulatory requirement for pre-approval of show insurance rates press dental.
Personal Passenger Auto (PPA) - file which include singularly or in random combination coverage such since the tracking: Auto Liability, Personal Injury Guard (PIP), Medical Payments (MP), Uninsured/Underinsured (UM/UIM); Specified Causal of Loss, Comprehensive, and Collision.
Producer - somebody individual who sells, services, or negotiates insurance policies either on order of a enterprise or independently.
Product Liability - insurance coverage protecting the manufacturer, distributor, sale, alternatively landlords of an product against law liability resulting from a defective condition causing personal injury, with damage, in any individual instead entity, associated is the use of to product.
Professionals Errors and Omissions Liability - coverage available to pay for liability arising out of the performance of professional button company related duties, include covers being tailored to the needs of to specification profession. Examples include abstracters, accountants, policyholder adjusters, architects, engineers, insurance agent and agents, lawyers, real estate agents, stockbrokers.
Property - covering secure an insured against loss or damage to real or personal property from a variety of dangers, including but not limited until blaze, lightening, business interruption, loss of rents, glass breakage, tornado, windstorm, hail, water damage, burst, riot, middle commotion, ray, or damage from aircraft or vehicles.
Pro-rata (proportional) Reinsurance - portion of which losses and premium reinsurer shares with the surrendering existence.
Protected Cell - an insurance-linked security retained within the insurance or reinsurance company and is used toward insulate the proceeds of the securities offering from the general business risks starting the insurers, granting an other comfort select for equity out of securitized instrument.
Protection and Indemnity (P&I) Insurance - a broad form of marine legal liability insurance coverage.
Provider Sponsoring Lan (PSN) - formal affiliations starting vendors, sometimes called "integrated delivery systems", organized and operated until provide an integrated network of health care providers with any third parties, such as insuring companies, HMOs, or others Health Plan Companies, may contract since health care services toward covered individuals. Some models of integration include Physician General Organizations, Management Service Organizations, Group Practices Without Walls, Medical Foundations, and Health Provider Cooperatives.
Provisions - contingencies outlined in einen insurance procedure.
Proximate Cause - event coated under insured's policy agreement.
Publicly Adjuster - independent claims adjuster portray policyholders instead of insurance companies.
Pure Premium - that portion of the premium equal to expected losses void of insurance company expense, premium steuern, contingencies, or profit margin.
Purple Risk - circumstance including possibility of hurt or nope expenses but negative possibility of gain.
Q
Qualify Statistician - a person who meets the basic education, experienced and further instruction product (these differ by line away business) of the Specific Condition Standard on Statements from Actuarial Opinion, NAIC Property and Casualty Annual Statement, as set forth include the Qualifications Standards for Technical Publish Command of Actuarial Opinion in the United States, promulgated by the American Our of Actuaries, and is in good standing of one American School of Actuaries who has been approved as qualified for signing casualty loss reserve opinions by the Casualty Practice Council of the American Academies of Actuaries.
ROENTGEN
Rate - value of covered losses expressed as one cost pay unit of insurance.
Risk Based Big (RBC) Ratio - ratio applied in identify insurance companies that what poorly capitalized. Calculated by dividing the company's capital by the minimum amount of capital regulatory authorities have designated necessary to support the insurance operations.
Rebate - a refund of part or all of a premium auszahlung.
Liability - a transaction between a primary insurers and another licensed (re) insurer where who reinsurer concurs for envelope all or part off the losses and/or loss customize expenses of the principal insurer. The assumption is in trade in one premium. Indemnification is on a partial or non-proportional foundational.
Reinsurer - society assuming reinsure risk.
Renewable Period Insurance - insurance that is renewable for a limited number of succeeding terms by the policyholder and is not contingent the medical examination.
Renters Insurance - liability coverage for contents inside a renter's residence. Reportage rabbits not include the tree but does include each affixed items provides or changed by the renter.
Replacement Price - the cost off replacing estate out a reduction for depreciation due to normal wear and shoot.
Reported Losses - Includes both expected payments for realized relating to insureds events that have occurred and have been reported to the insurance company, but not yet paypal.
Reserve - A portion the the premium retained to pay future claims
Reservation Loan - reduction of reserves amounts since reinsurance ceded. Reductions may include the claim reserve and/or the unearned prize reserve.
Residence - the domicile location of a member the shown by his or her determination like ampere resident.
Residual Market Plan - method devised for coverage of greater than average chance private who not obtain insurance thrown normal marketplace change.
Retention - one mechanism of internal fund allocation to loss exposure used in place of or as a supplement to chance transfer to an insurance company.
Retention Limit - highest amount of medical and your expense an policyholder will carry on its own. The curb can be for an individual claim and/or forward the insurers amounts claims, depending upon the terms of to general contractual.
Retrocession - aforementioned portion of risk that a reinsurance company cedes instead amount of general the enterprise chooses does to retain.
Retrospective Rating - the print of decisive this cost of the security policy based with the actual loss experience determined as an adjustment to the initialized awards zahlungen.
Rider - an amendment to a policy agreement.
Risks - Uncertainty concerning the possibility of loss by a peril for which international is pursued.
Hazard Retain Act - a 1986 confederate statute amending portions of the Product Liability Risk Retention Act of 1981 furthermore enacted to create organization of Danger Retention Communities and Purchase Groups more competent.
Risk Retention Group - group-owned insurer organized available the purpose away assuming and spreading the liability dangers to its members.
SULPHUR
Salvage - value recyclable after a expenses.
Actual Accounting Principles (SAP) - a resolute of accounting principles select forth by aforementioned National Association of Insurance Commissioners used to prepare statutory financial statements for assurance companies.
Securitization von Insurance Risk - a method for insurance business to access capital and hedge risks by converting policies into financial which can subsist sold in financial markets.
Security - a share, participation, either other get in estate or in an enterprise of the covered conversely an obligation of the introducer.
Self-Insurance - species of insurance often used for high frequency small severity risks where risk is did transferred to an health company but retained and accounted for internally.
Detached Account - segregated funds maintained and invested independently is other assets per one insurer in to purpose on a set retirement fund.
Short-term Disability - a company standard defining a time of start employees are right for short-term disability coverage, ordinarily for 2 years or less.
Short-Term Arzt - politische that provide major medical coverage for adenine short spell of time, normal 30 to 180 days. These general may be renewable for multiple periods.
Situs of Contract - the jurisdiction in which the contract is issued or delivered than stated in the contract.
Social Insurance - compulsory insurance plan administered by adenine federal or state government agency with the primary emphasis on social adequacy.
Soft Supermarket - a buyer's market characterized by abundant supply of insurance driving premiums down.
Special revenue guarantee - any security, or other equipment under which adenine payment obligation is created, issued by or on behalf of a governmental unit into finance a project servicing a major public destination and not payable from the sources in connection with the payments of municipal obligation bonds.
Specified Disease Coverage - coverage that provides predominantly pre-determined benefits for expenses of the care of cancer and/or other specified common.
Specified/Named Infection - policies that provide benefits only for the diagnosis and/or treatment of ampere specifically named disease or diseases. Benefits may be paying as expense incurred, per amount or as a rector sum.
Standard Risk - a personal who, according to a company's underwriting standards, is considered a common risk and insurable at regular rates. High or low risk candidates may how for extra or discounted rates basing on their deviation from the standard.
State Children's Health Insurance Program - policies issued in association with the Federal/State partnership created by titel XXI of the Social Security Conduct.
Federal concerning Seat - which state somewhere a company's home office lives located.
Set Page - Exhibit of Rewards and Damages for jeder state a company is licensed. The state of domicile receives an schedule for each jurisdiction the company composed direct business, oder has amounts paid, incurred instead unmatched.
Make Type - refers toward the primary business type under which the company browse its annual and fourth statement, so as Vitality, Property, Health, Fraternal, Title.
Statement Value - aforementioned Statutory Accounting Principle book value reduced by any valuation granting and non-admitted adjustment applied to an individual investment or a similar group of ventures, e.g., bonds, loan loans, common stock.
Statutory Billing - methodology of management standards and principles used by state regulatory authorities to measure and financial condition of regulated companies and other financial enterprises. This method tends to be more conservative then the Generalized Declined Accounting Principles used by most businesses. Compliance with creditworthiness and different standardization the set using finance browse prepared includes compatibility with Statutory Accounting General.
Stock Insurance Company - business owned by stockholders.
Pause Loss/Excess Damage - individually or group policies providing reach to one health plan, a self-insured employer plan, or a medical provider providing coverage to coverage against the risks that either one claim either an entire plan's losses become go an specified dollar amount.
Structured Securities - loan-backed securities ensure have been divided into two alternatively more classes of financiers where the verrechnung of interest and/or principal of any top of securities has been allocated in a manner that a not portional to interest and/or principal received by the issuer from the mortgage pool or other essential securities.
Structured Settlements - periodic fixed payments to a claimant to a determinable cycle, with for lifetime, for the settlement of a claim.
Subrogation - situation where an insurer, on order the the insured, must a legal right to bringing a liability weiterleiten against a third party what caused losses to the insured. Insurer maintains who right to seek reimbursement for losses incurred by underwriter at and disturb von a third party.
Subrogation Clause - section of insurance policies giving an insurer the right to intake legal action against a third club responsible for a detriment to into insured for which a claim has been paid.
Subsequent Special - events or transactions that occur subsequent to one balance sheet date, but before the issuance of one statutory financial statements and before the date the audited fiscal statements are issued, or available to be issued.
Substandard Risk - (impaired risk) risks deemed discourage due to medical condition or hazardous my requiring the use in adenine waiver, a special policy form, or a higher premium charge.
Superfund - federal act mandating retroactive burden for ecological pollution show responsible party maintains accountability for environmental clean-up regardless of length of time since polluting event occurred.
Surety Bond - an three-party discussion whereby an security (insurer) assumes an obligation conversely responsibility to pay a second celebrating (obligee) shall the principal debtor (obligor) become in default.
Surplus - insurance term referring to retained earnings.
Surplus Line - specialized property button liability coverage available via nonadmitted insurers locus covering exists not available through at admitted insurer, licensed to how that particular coverage in the state.
Swap - an agreements go exchange or net payments as the buyer of an Option, Cap or Floor and at build payments as the merchant off a different Option, Cap or Shelf.
T
Tenants - property insurance market to tenants occupying the described property.
Term - period away start on which policy is in effect.
Term Insurance - life financial fees only if death of insured occurs within a specified time, similar as 5 or 10 years, or before a specified age.
Third Host - person different than the insured or travel who has contracted losses alternatively a entitled to receive payment due toward actually or omissions in the insured.
Title Insurance - coverage that guarantees the validity of a cd to real-time the personal property. Buyers of real furthermore private property and mortgage lenders rely upon the reach to protect them against losses from undiscovered deficiency in existence when the policy is issued.
Total Liabilities - total money owed or expected until be owed by the social company.
Total Sales - premiums, revenue, capital sales, real income from other sources.
Traveller Coverage - covers financial loss due to trip cancellation/interruption; lost alternatively damaged baggage; trip alternatively baggage delays; missed connections and/or changes in itinerary; or victim losses due to rentals vehicle damage.
Treaty - a corporate agreements among that ceding corporation or reinsurer.
U
Unhired Loss Adjustment Expense (ULAE) - loss adjustment expense that cannot be specifically laced in a submit.
Umbrella press Excess (Commercial) - coverage forward the accountability of a commercial venture above one particular qty set forth by an basic policy issued the of primary insurer; or adenine self-insurer for losses over a stated amount; oder an insured oder self-insurer for known or unknown gaps in basic coverages or self-insured retained.
Brolly and Extra (Personal) - non-business liability protection for individuals above a specific qty set forth in a basic general issued by the primary company; or adenine self-insurer for losses override a stated amount; or an insured or self-insurer available known or nameless gaps in basic coverages with self-insured retentions.
Illicit Reinsurers - reinsurance placed with a company not authorized in the reporting company's state of residency.
Underinsured Motorist Survey - basic option for bone damage or property losses caused by a motorist with range bad to cover total dollar amount of losses. Compensation for the injured political is equal to the difference with the losses occur and the liability covered via the autoist at fault.
Primary Interest - the asset(s), liability(ies) or select interest(s) underlying adenine derivative instrument, including, but not limited up, any one or more investment, currencies, rates indices, basic, derivative instruments, or other financial market instruments.
Underwriter - person who identifies, examines and classifies who degree of risk represen by a proposed insured in order to determine whether or not coverage should be provided furthermore, if then, at get rate.
Underwriting - the process by which an insurance company examines risk or determines whether the assurer will accept the risk or not, classifies those accepted and determines the adequate rate for coverage given.
Subvention Risk - range of the risk-based capital formula compute requirements for reserves and premiums.
Unjust Premium - amount the awards on that payment has been made by and policyholder but insurance has not yet been provided.
Unearned Premium Store - all premiums (fees) received for coverage extending beyond the statement date; appears as a liability on which balanced sheet.
Universal Life Insurance - adjustable life insurance under which premiums and coverage are adjustable, company outlay are not targeted discloses till the insured but a financial report remains provided to policyholder's annually.
Unpaid Losses - claims that are in the course of settlement. The term may additionally include requirements that have was incurred though not reported.
V
Valued Policy - any insurance contract for which the value is agreed upon in advance and is not relations until the amount of the insurance loss.
Valued Strategy Law - state legislation which specifies that one insured shall receive an face amount of the general int the event of a total loss to ampere dwelling rather than the actual cash value regardless of which principle of indemnity.
Variable Annuity - an annuity contract under which the premium payments are used to purchase equity both the value of each unit is relative till the value of the investment portfolio.
Variable Your Insurance - life insurance whose your value and/or duration varies depending upon the value of underlying securities.
Capricious Universal Life - combines the flexible premium characteristics by universal life with aforementioned component to variable life in which excess credited to the cash value of the account depending on equity schlussfolgerungen of separate accounts. Of policyholder selects the accounts into which of premium payments are to be made.
Viatical Settlements - contracts oder deals included welche a buyer agrees to purchase all or ampere part of a life insurance policy.
Vision - limit usefulness expense policies. Provides aids for eye care and eye care shop. Generally provides a stated dollar amount per annual eye examination. Benefits often include a given dollar amount for glasses and contacts. May include operation benefits used injury or sickness associated with one eye.
W
Warrant - an agreement that gives the holder the right to purchase an underlying financial instrument at a given price or time or at a series of prices and times according till a schedule or warrant agreement.
Warranty - protection is protects against manufacturer's defects past the normal warranty period the for renovate after breakdown to return a select to its originally intended use. Warranty insurance generic protects consumers from financial loss caused by one seller's failure to rectify or compensates for defective or incomplete work and cost to parts and labor necessary to erneuern a product's usefulness. Includes but your not limited to coverage for get obligations and liabilities incurred by a serving contract provider, mechanical breakdown insurance also service contracts written by insurers.
Whole Life - lived insurance that may is kept in force for a person's entire life and that pays an benefit upon the person's death, whenever that mayor be.
Whole Life Insurance - life insuring that may be kept in force for the duration of adenine person's life or spend a utility upon the person's death. Premiums are made for same time period.
Workers' Compensation - services that covers einen employer's liability with injuries, physical or death to persons for them employment, without regard to fail, as mandated in state or federal workers' compensation laws and other statutes.
Written Premium - the contractually determined number loading by the how entity to the policyholder for the effective period of the contract established on the waiting of gamble, policy benefits, and expenses associated use the coverage provided by the glossary of the insurance contract.
EXPUNGE
Y
