Disability Income Record System (dirs)
Service under the auspices of the medical information bureau (MIB) that provides the insurance company with nonmedical information concerning the APPLICANT for DISABILITY INCOME INSURANCE. The purpose of this System is to warn the insurance company in the event the applicant tries to purchase excessive amounts of disability income insurance from various companies. The member insurance company is required to report to the DIRS an applicant for disability income insurance in amounts of at least $300 per month to be paid to the disabled insured for at least 12 months. The DIRS then stores this information in its computer files, from which it is retrievable by any member company.
Popular Insurance Terms
Eligible rollover distribution that is paid directly from an employee's employee benefit insurance plan to the employee's individual retirement account (IRA) or to another plan maintained ...
Insurance coverage purchased on the same item from two or more insurance companies. ...
Same as term Unallocated Funding Instrument: pension funding agreement under which funds paid into a retirement plan are not currently allocated to purchase retirement benefits. The funds ...
Method of investing that staggers the maturities of a group of bonds. As a bond matures, the investor can reinvest the proceeds in either short- or long-term bonds depending on the interest ...
Rate applied when two or more separate buildings are insured under one policy, and/or when two or more separate contents are insured under one policy. ...
Portion of a life insurance policy cash value after the deduction of all the policyowner's indebtedness. ...
Physical handing of an insurance policy to the insured. Sales training emphasizes the importance of delivery of a policy by the agent. This develops a caring attitude on the part of the ...
Conducting of maritime suits involving ocean marine insurance policy claims before an admiralty court. ...
Type of excess of loss reinsurance in which the insurance company (cedent) cedes its known loss revenues to its reinsurer. ...
Have a question or comment?
We're here to help.