Armstrong Investigation
Definition of "Armstrong investigation"
Inquiry conducted by a committee of the legislature of the State of New York in 1905 that looked at abuses of life insurance companies operating in the state. This study led to stricter supervision by New York and other state insurance departments. For example, many of the policies sold at that time contained language that made the receipt of benefits very difficult to obtain. As a result of the investigation, standard provisions were introduced into life insurance policies. While actual language is not dictated word for word by state regulatory authorities, a policy must provide minimum benefits (such as nonforfeiture provisions) expressed in acceptable language.
Popular Insurance Terms
Language in the insurance policy that can be considered unclear or subject to different interpretations. Under these circumstances, the courts have generally ruled in favor of insured ...
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In life insurance, the exchange of a series of installment payments, as the result of an installment settlement, for a lump sum distribution. ...
Investment-oriented whole life insurance policy that provides a return linked to an underlying portfolio of securities. The portfolio typically is a group of mutual funds established by the ...
Retirement taken after the normal retirement age. For example, if the normal retirement age is 65 or 70 an employee may continue to work beyond those ages. Normally the election of deferred ...
The absolute liability in insurance can be defined as actions, inactions, or negligence that leads to losses or damages to a third-party. The insurer is obligated to determine the ...
Policy underwritten on either a monoline primary insurance or monoline excess insurance basis that will allow the purchaser to increase the limits of liability coverage above that of ...
Payments made on a monthly basis by users of the medical services of health maintenance organizations (HMOs). After this payment is calculated for a future period of time, usually one year, ...
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