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
Employee of a state insurance department who audits statements of insurance companies to determine their continued solvency. ...
Basic requirements of an employee benefit insurance plan such as minimum age and years of service with an employer. ...
Figure in a mortality table derived by dividing the number of people dying during a given year by the number of people alive at the beginning of that same year. ...
Charitable planning strategy in which a donor sells an asset to the charity for an amount less than its fair market value. Internal Revenue Service regulations require that the tax basis ...
For a variable annuity, the period of time from the close of business on the first business day to the close of business on the second business day. ...
Act of stealing. Coverage can be purchased under most property insurance policies such as the homeowners insurance policy. ...
Trade association whose objective is to further the interests of its membership, as well as to inform the public on the role of its members. ...
Claim, such as a worker's lien, to property under the care, custody, and control of another. This situation occurs when a worker is not paid for labor provided. For example, a carpenter ...
Agreement among insurance companies through which a multinational employer is permitted to purchase employee benefits coverage's for two or more of its overseas subsidiaries under a single ...
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