American Academy Of Actuaries
Professional association that sets standards of performance for those engaged in actuarial functions. Members are entitled to use the professional designation MAAA (Member, American Academy of Actuaries). The U.S. Department of Labor and the Internal Revenue Service requires that documents filed with these governmental agencies be signed by a member of the American Academy of Actuaries attesting to the validity of actuarial calculations concerning benefits to be paid and their funding. The academy is located in Chicago, Illinois.
Popular Insurance Terms
Same as term General Characteristics: attributes of a particular employee benefit plan. For example, a general characteristic of group life insurance is that the whole group is ...
Legal instrument posted by a contractor or craftsman to guarantee that completed work is free of flaws and will perform its intended function for a specified period of time. ...
Endorsement to a fidelity bond or surety bond to cover losses that occurred after lapse of the discovery period of the previous bond. Coverage is limited to the amount provided by the ...
Diagram used in property insurance to locate the geographical area in which risks reside. Maps are also used to reveal areas of high concentration of insured risks and their potential ...
In property insurance contracts, provision that states that the violation of one or more contract condition^) at a particular location that is insured will not void coverage at other ...
Model state law of the NAIC setting minimum standards with which insurance products must comply if they are to qualify under the definition of a long-term care (LTC) insurance policy. These ...
Intense combustion resulting in a flame or glow. In order for the fire peril to be covered under property insurance, the fire must be a hostile fire, not a friendly fire. ...
Facility that provides short periods of stay for a terminally ill person in a homelike setting for either direct care or respite. A "terminally ill" person has a life expectancy of six ...
Limited pay whole life policy under which all premium payments have been made. For example, a 20 pay policy is completely paid for after 20 payments; no future premiums have to be made, and ...
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