Top Guidelines Of D&O Insurance RatesFinancial Statement - equilibrium sheet and revenue and loss statement of the insurance company. This statement is utilized by the NAIC, and by State Insurance Commissioners to regulate an insurance company according to reserve requirements, property, as well as other liabilities.
People with regular credit scores paid $214 a year more on their own auto insurance policies than comparable drivers with high credit scores.
Loss Payable Clause - coverage for 3rd party mortgagee in the event of default on insured property, secured by a loan, that has been dropped or damaged.
Other states, like Florida, need a vehicle to possess a salvage title In the event the insurance company declared the vehicle a total loss. These titles generally suggest whether or not the vehicle is "rebuildable" (is often fixed and driven within the highway) or "not rebuildable" (need to be marketed for parts).
Assumed Reinsurance - the belief of risk from another insurance entity within a reinsurance agreement or treaty.
Group Annuities – Deferred Non- Variable and Variable - an annuity contract that presents an accumulation based on both of those (one) money that accumulate based with a assured crediting curiosity rates or added interest rate placed on selected factors, and (two) resources where by the accumulation vary in accordance with the rate of return from the underlying investment decision portfolio chosen because of the policyholder. The contract delivers for the initiation of payments at some designated potential date.
Retrospective Rating - the process of determining the cost of the insurance policy based on the actual loss knowledge determined as an adjustment on the Preliminary premium payment.
Variable Annuity - an annuity contract under which the premium payments are utilized to purchase stock as well as value of each and every unit is relative on the value with the expenditure portfolio.
Healthcare facility Indemnity Coverage - coverage that offers a pre-determined, mounted profit or every day indemnity for contingencies based on the keep in a healthcare facility or intense care facility.
Capitation Arrangement - a compensation plan Utilized in connection with some managed care contracts wherever a medical professional or other medical service provider is paid a flat sum, usually over a monthly foundation, for every subscriber that has elected to utilize that medical professional or medical company.
Significant Medical - a clinic/surgical/medical expense contract that delivers comprehensive benefits as outlined in the state in which the contract will be shipped.
Commencement Date - date when the insurance agency Group very first turned obligated for just about any insurance risk by using the issuance of policies and/or getting into right into a reinsurance arrangement. Very same as "powerful date" of coverage.
Variable Universal Life - brings together the flexible premium capabilities of common life with the element of variable life in which excess credited to the hard cash value with the account will depend on expenditure outcomes of separate accounts. The policyholder selects the accounts into which the premium payments are to generally be made.
Continuing Care Retirement Communities - senior housing preparations that As well as housing include things like some provision for competent nursing care.