Financial Responsibility Clause
Provision in automobile insurance, such as the personal automobile policy (pap), stating that a particular policy furnishes adequate coverage, the minimum of which is at least equal to that required by the financial responsibility laws in the state in which the insured is driving.
Popular Insurance Terms
Same as term Dynamic: changing state of the economy associated with changes in human wants and desires such that losses or gains occur. Dynamic changes are not insurable. ...
Section of an insurance company that sells through brokers. Some brokerage departments are self-contained in that they have their own underwriting and marketing staffs. Brokerage ...
Same as term American Risk and Insurance Association: membership organization of companies,academics, and individuals in the insurance business whose interest is to further education and ...
Financial analysis method established by the national association of insurance commissioners (naic) to detect problems of property and casualty insurance companies and life and health ...
Factors taken into account concerning the instrument used in funding a pension plan. For example, an allocated funding instrument guarantees that benefits will be paid for all premium ...
Termination of life. A death certificate is required by a life insurance company for a beneficiary to receive the death payment. ...
Maximum amount of insurance coverage that an underwriter will write on a particular class of property or risk exposure. ...
new dividend option under which the policyowner allows the dividends from the participating policy to be applied for the purposes of accumulating cash values. ...
Physical handing of an insurance policy to the insured. Sales training emphasizes the importance of delivery of a policy by the agent. This develops a caring attitude on the part of the ...
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