Acquisition Cost Term
Expense of soliciting and placing new insurance business on a company's books. It includes agent's commissions, underwriting expenses, medical and credit report fees, and marketing support services. Because of competition, significant efforts are made by insurance companies to lower acquisition costs. Traditional captive agent companies have often turned to brokerage as additional distribution or sole distribution channels for this reason.
Popular Insurance Terms
Same as term Comprehensive Insurance: complete coverage for hospital and physician charges subject to deductibles and coinsurance. This coverage combines basic medical expense policy and ...
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Amount of the increase in the book of business of an insurance company over a specified time interval. ...
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Determination that group plans offering legal services are limited to an annual tax-free benefit of $70 per employee; group plans may offer employer-provided educational assistance plans on ...
Modification in premiums, reserves, and other values to reflect actual loss experience and expenses and expected benefits to be paid. ...
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Standards set by the various state regulatory authorities that determine how financial statements must be prepared for regulators. The states are responsible for making certain that ...
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