Exclusive Agency System
Same as term Captive Agent: representative of a single insurer or fleet of insurers who is obliged to submit business only to that company, or at the very minimum, give that company first refusal rights on a sale. In exchange, that insurer usually provides its captive agents with an allowance for office expenses as well as an extensive list of employee benefits such as pensions, life insurance, health insurance, and credit unions.
Popular Insurance Terms
Means of funding permitted under the employee retirement income security act of 1974 (ERISA). The administrator of a pension plan can comply with required minimum funding standards by ...
Named peril policy is how it’s called in the Real Estate Industry the insurance policies that specify the perils it covers. Under a named peril policy, if anything that isn’t ...
Coverage for two or more persons with the death benefit payable at the death of the last of those insured. Premiums are significantly lower under joint life and survivor insurance than for ...
Insurance that usually follows the format of comprehensive health insurance plans in that there is a coinsurance requirement of usually 75 to 80%, and a limit on benefits for any one person ...
Time frame during which an annuitant makes premium payments to an insurance company. The obligations of the company to the annuitant during this period depend on whether a pure annuity or ...
Expense of soliciting and placing new insurance business on a company's books. It includes agent's commissions, underwriting expenses, medical and credit report fees, and marketing support ...
Property insurance premium rate that is applicable to a single, particular piece of property. ...
Clearinghouse and forum of information concerning the environment used by local governments. Included in the information are topics on drinking water systems, pesticide management, public ...
Type of surety bond that is either a fiduciary or a court bond. Fiduciary Bond guarantees that individuals in a position of trust will safeguard assets belonging to others placed under ...
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