Brokerage Department
Section of an insurance company that sells through brokers. Some brokerage departments are self-contained in that they have their own underwriting and marketing staffs. Brokerage departments have come into their own in recent times as even captive agent insurance companies have sought additional distribution channels that may be less expensive than the captive agent field force.
Popular Insurance Terms
Offer made by the insurance company to insure an applicant, provided the applicant is insurable according to the underwriting standards of the company, and the applicant accepts the offer ...
Commitment that a lending institution makes to offer a loan at a stipulated interest rate at a predetermined future time, usually limited to 90 days. ...
Combination of the federal estate tax and the federal gift tax. ...
Investment risk associated with the changes in government policies that may have a dramatic effect on financial instruments. For example, if federal legislation is passed removing the ...
Same as term Coinsurance: ...
Legislation that makes insurance fraud a federal crime. This act is part of the Omnibus Crime Bill. Under the act, it is a federal crime to embezzle or misappropriate funds, money, or ...
Common law rule of negligence that imposes liability on an individual who had one last opportunity to avoid an accident but did not take it. An example is a driver who could have avoided ...
(Formerly the American College of Life Underwriters) accrediting body for the CLU (Chartered Life Underwriter) and the ChFC (Chartered Financial Consultant) designations. Provides ...
Same as term Compulsory Insurance: coverage required by the laws of a particular state. For example, many states stipulate minimum amounts of automobile liability insurance that must be ...
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