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
Wording in life insurance policies to determine the order of deaths when the insured and the beneficiary die in the same accident. For example, if the insured is deemed to have died first, ...
Rate of return computed by dividing the current annual dividend (if a stock) or annual coupon amount (if a bond) by the amount paid for that financial instrument. ...
Professional designation earned after the successful completion of six national examinations given by the insurance institute of America (IIA). Covers such areas of expertise as premium ...
Payment made by a party causing harm to the party incurring that harm. ...
In property insurance contracts, provision that states that the violation of one or more contract condition^) at a particular location that is insured will not void coverage at other ...
Insurance company that has the authority to assess or charge its policyholders for losses that the company is incurring. This company is sometimes called stipulated premium company or ...
Direct relationship between the use to which a building is put and the likelihood that it will catch on fire. Occupancy is one of the most important factors in setting fire insurance rates. ...
Same as term Deviated Rate: rates used by a property and casualty insurance company that are different from that suggested by a rating bureau. An insurance company may use deviated rates ...
Additional amount of life insurance above that provided by the employee benefit plan (standard group life plan) that may be chosen by the employee. A limit is usually placed on this maximum ...
Have a question or comment?
We're here to help.