Expense Limitation
Ceiling on expense reimbursement allowance, as stated in New York insurance law, that an insurance company licensed in New York State can give its agents. This is one reason why a company that is admitted (licensed) in all states but New York may have a sister company doing business only in New York State. If an insurance company is not admitted in New York State, it can allocate greater expense allowances and commissions to agents, thereby attracting more of their business.
Popular Insurance Terms
Life insurance distribution system under which the state underwrites and sells life insurance to any resident of Wisconsin who makes application. ...
Investment strategy that advocates the transfer of amounts from one category of investment to another category according to a perception of how each of these categories of investments will ...
Covers losses resulting from the malfunction of boilers and machinery. Most property insurance policies exclude these losses, which is why a separate boiler and machinery policy or a ...
Changing state of the economy associated with changes in human wants and desires such that losses or gains occur. Dynamic changes are not insurable. ...
Number of bits a modem can receive or send per second. ...
Property and/or liability coverage for a municipality. Municipalities are responsible for maintenance of through ways as well as a myriad of public services. Liability insurance for ...
Endorsement to a scheduled property floater that provides named perils coverages for props, costumes, and other materials that might be used by a theatrical company. Coverage is provided ...
Assets of an insurer that are due and payable in the current year but have yet to be received by the insurer. ...
Section in some property insurance contracts that eliminates further coverage for buildings after they have collapsed from causes other than fire or explosion. For example, fire coverage ...
Have a question or comment?
We're here to help.