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
U.S. government agency (formerly the Atomic Energy Commission) responsible for regulating the nuclear energy industry. The commission also provides supplemental insurance for nuclear ...
Means of selling and servicing property and casualty insurance through agents who represent different companies. The agents own the records of the policies they sell. ...
Person covered under an employee benefit insurance plan. ...
Premiums paid with funds that are not borrowed from life insurance. It is important to ascertain the finance charges and the costs/benefits of such a transaction. ...
Statement submitted to the insurance company to accompany a request for the reinstatement of an insurance policy that has lapsed. This statement certifies that the insured's health has not ...
Person by whose life the duration of an insurance policy, estate trust, or gift is measured. This person is generally referred as the insured in an insurance policy. ...
Liability incurred by a parent by reason of a tort committed by his or her minor child. ...
same as term Lost Policy Receipt: life insurance company form to be signed by a policyholder who wishes to surrender a policy that has been lost. The signed receipt then becomes evidence ...
Automatic nonproportional reinsurance treaty or automatic proportional reinsurance treaty that provides coverage for losses upon which claims are made while the treaty is in force, without ...
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