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
Compilation that reports the number of new incorporated and nonincorporated businesses started during a single week. ...
Section providing protection in four areas: Coverage A (Home) the structure of the home (basic contract amount). Other property coverages in Section I are expressed as a percentage of ...
Individual action or failure to act as a reasonably prudent person would under similar circumstances, resulting in harm to another. Also called negligence. A reasonably prudent person is ...
Act that requires the Department of Labor (DOL) to have a formal program to educate the public about the importance of saving for retirement. The DOL is also required to educate the public ...
Monthly benefit payable to retired or disabled worker under Social Security. It is calculated by using the average monthly earnings of the covered person while working. Under this formula, ...
Federal act composed of amendments to the Product Liability Risk Retention Act of 1981 and enacted to make the procedures more efficient for creating risk retention groups (capitalized, ...
Commission paid to an agent as a percentage of the premiums he or she collects on debt insurance (home service insurance, industrial insurance). ...
Provision in an insurance policy allowing an initial premium to be charged, but subject to adjustment during the period of coverage or at the end of coverage depending on the actual loss ...
Trust under which the beneficiary (cannot be a charitable beneficiary) receives a fixed percentage (not less than 5% of the trust's annual value) of the net fair market value of the trust ...
Have a question or comment?
We're here to help.