Convention Blank
Definition of "Convention blank"
Same as term Annual Statement: report that an insurance company must file annually with the State Insurance Commissioner in each state in which it does business. The statement shows the current status of reserves, expenses, assets, total liabilities, investment portfolio, and employees earning over $40,000 per year. It provides information needed to assure that an insurance company has adequate reserves, and that assets are available to meet all benefit payments for which the company has received premiums. The form used is agreed upon by the National Association of Insurance Commissioners (NAIC). This form is also known as Annual Convention Blank.
Popular Insurance Terms
Taking over of an insurance company's assets by the State Insurance Commissioner when examination of the annual report reveals that the company is in substantial financial difficulty. The ...
Legal instrument posted by a contractor or craftsman to guarantee that completed work is free of flaws and will perform its intended function for a specified period of time. ...
Coverage for an insured when negligent acts and/or omissions result in bodily injury and/or property damage on the premises of a business, when someone is injured as the result of using the ...
Insurance coverage placed by a broker with an insurance company. ...
Husband's interest in his wife's property upon her death. A husband has an insurable interest in that property and can purchase a property and casualty insurance policy to cover the ...
Instrument that guarantees compliance with various city, county, and state laws that govern the issuance of a particular license to conduct business. ...
Coverage for present and past U.S. uniformed services members under one of these programs: United States Government Life Insurance (USGLI) established in 1919 to provide RENEWABLE TERM LIFE ...
Person, business, or organization specified as the insured (s) in a property or liability insurance policy. In some instances, the policy provides broader coverage to persons other than ...
Documentation of loss required of a policyowner by an insurance company. For example, in the event of an insured's death, a death certificate (or copy) must be submitted to the company for ...
Have a question or comment?
We're here to help.