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
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Choice of beneficiary in which the death benefit of a life insurance policy is retained by the company to be paid as a series of installments of fixed dollar amounts per installment until ...
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Model act written and published by the national association of insurance commissioners (naic) whose purpose it is to regulate brokers who control insurance companies. The act permits the ...
Same as term Contingency reserve: percentage of total surplus retained, in insurance company operations, that serves as a reserve to cover unexpected losses as well as to cover the ...
Court-appointed or commissioner of insurance-appointed custodian to manage the affairs of an insurance company whose management is deemed unable to manage that company in a proper fashion. ...
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Losses representing claims paid. ...
Agreement concerning an insured individual, not the insured's property. A property and casualty insurance contract cannot be assigned, since it follows the insured, not the property. For ...
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