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
State law that stipulates that the worth of separate accounts must be valued at current market with the exception of those separate accounts established and maintained for guaranteed ...
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Written contract between an insured and an insurance company stating the obligations and responsibilities of each party. ...
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