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
Income payable to a surviving spouse or other beneficiary upon the death of the primary wage earner to bridge the gap until the beneficiary is self-sufficient. For example, income can be ...
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Same as term Cost-Of-Living Adjustment: automatic adjustment applied to Social Security retirement payments when the consumer price index increases at a rate of at least 3%, the first ...
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Option clause in a disability income policy that the insured can exercise that would permit the insured the right to purchase additional limits of coverage regardless of the insured's ...
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