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
Deferred annuity under which one premium payment is made and the annuity is paid up (no further premium payments are required). ...
Coverage for bodily injury, property damage or destruction, for which the insured garage and/or its representatives become legally liable resulting from the operation of the garage. For ...
Same as term Disability Benefit: income paid under a disability policy that is not covered under workers compensation benefits. It is usually expressed as a percentage of the insured's ...
Formal process of setting aside funds on a mathematical basis to provide deferred income benefits. ...
Specific values of securities computed annually by the national association of insurance commissioners (NAIC) as guidelines and procedures for insurance companies in listing of their ...
List of cash allowances for various types of surgeries. ...
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In a commercial general liability (comprehensive general liability) policy, exclusion of coverage for sold premises. The objective of this exclusion is to eliminate coverage for property ...
tort against another person's property, designed to detain or dispose of it in a wrongful manner. For example, wrongful selling of another person's automobile without permission would ...
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