Basic Limit
Definition of "Basic limit"
Minimum amount of coverage for which a company will write a liability insurance policy.
Popular Insurance Terms
Section of the code that qualifies the establishment of a trust for minors under which income can be accumulated until the minor reaches age 21. At that point, the accumulated income can be ...
Measure of the sensitivity of the insurance company's liability to changing policy surrender distributions. ...
pool that contains various reinsurance companies with each sharing reinsurance contracts on a pro rata basis as they are submitted to the pool. market that operates much like the New York ...
Individual who possesses a unique ability essential to the continued success of a business firm. For example, this individual might have the technical knowledge necessary for research and ...
Liability coverage mandated by the employee retirement income security act OF 1974 (erisa) under which employers are required to purchase insurance to cover their contingent liability for ...
Transaction by a tax-exempt organization with a person from inside the organization (disqualified person) that provides an economic benefit to that person that is in excess of the value of ...
Central (main) office of an insurance company whose facilities usually include actuarial, claims, investment, legal, underwriting, agency, and marketing departments. ...
Life insurance rate determined by the valuation of company policy reserves. State regulators set strict standards for policy reserves to make certain that life insurers will have enough ...
Adjustment in property insurance to reflect increased construction costs. ...
Have a question or comment?
We're here to help.