Eitf 93-6
Rule adopted by the financial accounting standards board that requires that obligations owed to re-insurers under multiyear insurance contracts must be reported as liabilities by the ceding companies and as assets by the re-insurers. Conversely, if the ceding companies make a profit under the contract, it must report the profit as an asset and the re-insurers must report the profit as a liability.
Popular Insurance Terms
Day on which the New York Stock Exchange is open for transactions; used in calculating accumulation unit values for variable dollar insurance products. ...
Sale of life insurance policies through vending machines. This method of distribution is generally limited to travel accident insurance, supplemental health or disability policies, or life ...
Right of a policyholder, in life insurance with cash values, to continue full coverage for a limited period, as shown in a table in the policy, with no further premiums payable. ...
Provision in a policy that states the circumstances under which an insurer may elect not to renew the policy. ...
Organization located in Washington, D.C., whose membership consists of automobile insurers. ...
Situation in which parties agree to take part in a structured settlement negotiation through the guidance of a neutral expert. By participating in this process, the parties do not agree ...
Publication stipulating underwriting rules applicable for a given line of insurance, classifications of exposures within that line of insurance, and premium rates per classification. For ...
Irrevocable trust into which the grantor places assets and receives in turn a fixed amount of income from a fixed annuity (amount of income stipulated at the time the trust is established) ...
Act by a company that authorizes an agent to act on its behalf. ...
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