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
Present value computation of the accrued or projected benefits of a retirement plan. This computation is known as the actuarial valuation because it is based on probability (retirement ...
Principle of surplus distribution as the result of excess funds above the amount required to establish legal reserves. These excess funds are generated from three sources: mortality ...
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Stipulations of the rights and obligations of an insured and an insurer under a policy. ...
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Total earned premiums minus total expenses and losses paid of the insurance company. ...
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