Commissioners Standard Ordinary Mortality Table (cso)
Table used in calculating minimum non forfeiture values and policy reserves for ordinary life insurance policies. These tables, which give minimum values that must be guaranteed to policy owners as approved by the national association of insurance commissioners (NAIC), depict the number of people dying each year out of the original population, not as individuals, but in age groups.
Popular Insurance Terms
Call on a prospective insurance buyer without a prior appointment. Many salespeople find this exercise the most threatening in their career development. Some observers attribute the ...
Individual or other entity who owns an insurance policy. Synonymous with policyowner. ...
Same as term Calendar Year Experience: paid loss experience for the period of time from January 1 to December 31 of a specified year (not necessarily the current year). ...
To transfer a risk from an insurance company to a reinsurance company. ...
Salesperson who markets and services insurance policies in the state in which he or she is domiciled. ...
Individual who has a contractual agreement with a policyowner. The agent of record has a legal right to commissions from the insurance policy. ...
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Rule that provides four requirements for monitoring the independent agent distribution system: The insurance company must be involved in the training of the independent agent. The ...
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