Insurance company that actually underwrites and issues the insurance policy. The term is used because the insurance company assumes or carries the risk for policyowners. The agent usually has a primary carrier (the insurance company to which most of the business is submitted) and secondary carriers (to which lesser amounts are submitted). The primary carrier provides the agent with commission schedules, expense allowance, and the availability of markets for the agent's business.
Popular Insurance Terms
Approach that reflects losses expected. It is a calculation of the pure cost of property or liability insurance protection without loadings for the insurance company's expenses, premium ...
Insurance policy under which the value equals the benefits to be paid to the plan participants (employees) at normal retirement age, assuming that (1) their rate of earnings remains the ...
Policy owner rights under a life insurance policy, including the right to name a new beneficiary at any time and to surrender the policy for its cash value. ...
Type of excess of loss reinsurance in which the insurance company (cedent) receives payments from its re-insurer in a specific pattern of payments. ...
Organization of home office underwriters of life insurance companies. HOLUA offers educational material and national examinations for home office life underwriters, the individuals who ...
Synopsis of the key financial figures concerning the pension plan that is contained in the form 5500 that must be filed annually with the Internal Revenue Service. This report must be given ...
Aggregate sums, in certain states, to pay claims of insolvent insurance companies. These funds are maintained by contributions of companies operating in a particular state in proportion to ...
Any of a number of types of surety bonds that the law requires of government contractors, licensed businesses, litigants, fiduciaries, government officials, and others whose performance of ...
Grouping of applicants for life insurance according to expected mortality, so as to produce an underwriting classification in which the spread between health of the worst and best applicant ...
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