Annual Statement
Report that an insurance company must file annually with the State Insurance Commissioner in each state in which it does business. The statement shows the current status of reserves, expenses, assets, total liabilities, investment portfolio, and employees earning over $40,000 per year. It provides information needed to assure that an insurance company has adequate reserves, and that assets are available to meet all benefit payments for which the company has received premiums. The form used is agreed upon by the National Association of Insurance Commissioners (NAIC). This form is also known as Annual Convention Blank.
Popular Insurance Terms
Deleveraging of the insurance company's balance sheet. ...
Policy that generates a savings element. Cash values are critical to a permanent life insurance policy. The size of a cash value buildup differs substantially from company to company. In ...
transfer of money from or an employer-sponsored pension or other qualified plan into an INDIVIDUAL RETIREMENT ACCOUNT (IRA) with out paying tax on the distribution. transfer of money from ...
Management tool through which a plan for evaluation, measurement, and improvement is implemented. The insurance entity can use this tool to analyze market trends, measure sales performance, ...
Special type of charitable remainder trust (CRT) under which a designated beneficiary (cannot be a charitable beneficiary) receives an annual fixed income. The grantor of the trust is ...
Surcharge, in retrospective rating of property and liability insurance, added to the basic premium rate charged to reflect fixed cost of adjusting or settling losses. ...
Federal law passed in 1920 that allows any seaman incurring bodily injury as the result of the performance of one or more functions of the job to bring a suit for damages against the ...
When we are young, we usually don’t take our retirement seriously and don’t even know the definition of an Individual Retirement Account (IRA). We become more preoccupied with ...
Insurance coverage that protects a contractor or other type of business providing a service for expenses incurred in the event a contract is not ratified by a foreign government. For ...
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