Accumulated Value
Total of the number of accumulation units times the accumulation unit value for a variable annuity. Similar procedure is followed in the calculation of the current market value of a mutual fund found by multiplying the number of accumulation units times its net asset value.
Popular Insurance Terms
Total assets minus liabilities. It is used by underwriters to evaluate the financial standing of applicants for surety bonds. ...
Chart showing for a group of people: the number living at the beginning of a designated year; the number dying during that year. Yearly probabilities are used in calculating premium ...
Contract first written in 1918 that provided the basis for modern-day property insurance, both personal and commercial. Forms and endorsements must be added to complete the policy and ...
Clause listed after the general provisions of the insurance policy that requires the officers of the insurance company to sign their names in order for the contract to be completed. Most ...
Factors taken into account concerning the instrument used in funding a pension plan. For example, an allocated funding instrument guarantees that benefits will be paid for all premium ...
Law by which many states attempt to regulate insurers who are unlicensed in those states. With a few notable exceptions, such as re insurers, insurance companies must be licensed in the ...
Clause common to life and health insurance policies issued during wartime that exclude benefits for military service-connected perils of death, disability, illness, accident, or sickness. ...
Liability coverage mandated by the employee retirement income security act OF 1974 (erisa) under which employers are required to purchase insurance to cover their contingent liability for ...
Insurance company that transfers a risk to a reinsurance company. ...
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