Assessable Mutual
Assessment mutual company that operates on a statewide basis or in more than one state. Assessable or assessment mutuals operate by taking a cash deposit, or premium, from members in exchange for insurance protection. If the company's losses and expenses exceed these deposits, the company can assess members for additional monies to cover losses. These companies are commonly used by a group of local farmers or merchants in a small geographical area. Some states have specific laws governing these mutuals. For example, they might be limited to a certain type of business or have a maximum dollar limit for each risk.
Popular Insurance Terms
Policy provision designed to restore an insured to his or her original financial position after a loss. The insured should neither profit nor be put at a monetary disadvantage by incurring ...
Coverage for damage due to peril! of war, usually written as part of an ocean marine insurance policy. ...
Coverage under life and health insurance policies for dependents of a named insured to include a spouse and unmarried children under a specified age. Under some life insurance policies an ...
Sum of insurance provided by a policy at death or maturity. ...
One of four types of risks affecting the life insurance company as identified by the society of actuaries. This risk is associated with losses that the life insurance company may incur as ...
Method of terminating a split dollar life insurance policy by the company transferring its interest in the policy (after the company has effected the largest policy loan permitted equal to ...
Coverage for a practicing physician, surgeon, or dentist, when bodily injury, personal injury, and/or property damage is incurred by a patient and the patient sues for injuries and/or ...
Maximum age of an applicant or insured beyond which an insurance company will not initially underwrite a risk or continue to insure it. For example, under some forms of renewable term life ...
Deferred annuity under which one premium payment is made and the annuity is paid up (no further premium payments are required). ...
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