Assignment
Transfer of rights under an insurance policy to another person or business. For example, to secure a debt, it is not uncommon for the policyowner to transfer to the creditor his rights to borrow on the cash value. Life insurance policies are freely assignable to secure loans and notes (property and casualty insurance policies are not). Creditors such as banks often have printed assignment forms on hand at the time of making loans.
Popular Insurance Terms
Government reinsurance program that provided coverage for U.S. properties during World War II. Private insurers shared the first layer of coverage, with the government providing ...
Court that presides over estate distribution settlements, documentation of wills, and the appointment of legal guardians. ...
Organization of brokers and securities dealers in the over-the-counter market operating under the auspices of the Securities and Exchange Commission (SEC). Its purpose is to enforce, on a ...
Endorsement to an automobile insurance policy that protects an insured in either or both of two circumstances when driving a non owned car: business endorsement if the insured's negligent ...
Central computerized facility that keeps on file the health history of the applicants for life and health insurance with member MIB companies. For example, the health record of an applicant ...
Transaction of reinsurance under which there is a limit on the total liability of the re-insurer and future investment income is a recognized component of the underwriting process. This ...
Coverage following the same structure as group term, the significant difference being that premiums go toward the purchase of permanent insurance instead of term insurance. The employee has ...
Individual responsible for insurance agency operation in a particular area, including sale of life and health insurance, servicing policies already sold, recruiting and training agents, and ...
Amount of insurance coverage that an insurance company is willing to write on a given category of business. ...
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