Business Transacted With Producer Controlled Property/casualty Insurer Act
Definition of "Business transacted with producer controlled property/casualty insurer act"
Model act written and published by the national association of insurance commissioners (naic) whose purpose it is to regulate brokers who control insurance companies. The act permits the insurance commissioners to institute civil actions in the event they perceive broker violations (broker's conduct contributing to the insolvency of a controlled insurance company and the respective state insurance commissioner requires the broker to make restitution to that state's guarantee fund).
Popular Insurance Terms
Money expended with the object of profit. The goal of an insurance company is to invest in assets with a rate of return greater than that to be paid out as benefits under its policies. ...
In some states, principle of tort law providing that in the event of an accident each party's negligence is based on that party's contribution to the accident. For example, if in an auto ...
Employer's obligation to fund a pension plan for the time period when employees were qualified to participate but the plan was not yet established. For example, a pension plan is ...
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 ...
Specific time at which the insurance policy coverage begins and ends. ...
Prepaid group health insurance plan that entitles members to services of participating physicians, hospitals, and clinics. Emphasis is on preventive medicine. Members of the HMO pay a flat ...
Provision in an Adjustable Life Insurance policy that permits the structure of the policy to be changed by: increasing or decreasing the premium; increasing or decreasing the face amount; ...
Section providing protection under three coverages: Coverage E (Personal Liability} coverage in the event a suit is brought against the insured because of bodily injury and/or property ...
Goals of the financial planning process as follows: Standard of Living Maslow's basic needs satisfied such as food, water, clothing, shelter, and nice-to-have discretionary items, such as ...
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