Convention Values
Definition of "Convention values"
Monetary sums attached to an insurance company's assets, as listed on the annual statement.
Popular Insurance Terms
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 ...
Insurance company established by a trade group or other association to provide selected types of primary insurance and/or liability insurance for members of the association and access to ...
Federal statute defining the federal tax code, covering such topics as credits against tax; business-related credits; computing credit for investment in certain depreciable property; ...
Legislation that makes an establishment and/or individual selling liquor responsible for injuries caused by its customers to third parties. The best known law governing dispensation of ...
Contract sold by an insurance company under which the premium payment frequency (monthly, quarterly, semiannually, yearly) may vary and the amount of each premium payment (usually subject ...
In property insurance policies, a clause that requires mat a particular insured property be a specified distance from like insured or noninsured property. For example, stored dynamite ...
Procedure to minimize the adverse effect of a possible financial loss by (1) identifying potential sources of loss; (2) measuring the financial consequences of a loss occurring; and (3) ...
Insurance that covers an indirect loss stemming from a direct loss by a covered peril to income-producing property. A building destroyed by fire represents a direct loss. Lost income ...
To transfer a risk from an insurance company to a reinsurance company. ...
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