Financial Structure
Definition of "Financial structure"
Same as term Annual Statement: report that an insurance company must file annually with the State Insurance Commissioner in each state in which it does business. The statement shows the current status of reserves, expenses, assets, total liabilities, investment portfolio, and employees earning over $40,000 per year. It provides information needed to assure that an insurance company has adequate reserves, and that assets are available to meet all benefit payments for which the company has received premiums. The form used is agreed upon by the National Association of Insurance Commissioners (NAIC). This form is also known as Annual Convention Blank.
Popular Insurance Terms
Policy in which a premium (the deposit) is paid in the first policy year, in addition to the regular term insurance premiums required. The deposit is left to accumulate at interest for a ...
Cash carried forward from the previous year, plus gains from operations for the current year, plus any capital gains. ...
Specific time at which the insurance policy coverage begins and ends. ...
Coverage for equipment normally carried from location to location by a physician or surgeon; written on an all risks basis to include supplies and scientific books used in medical practice. ...
Same as term: Free Examination "free Look" Period: right, in most states, of an insured to have 10 days in which to examine an insurance policy, and if not satisfied, to return it to the ...
Modification of the charitable remainder uni-trust through which the beneficiaries receive a specified percentage of the assets' value in the trust usually paid out on a quarterly basis. If ...
Monetary fund established to pay for claims that the insurance company is aware of (claims incurred or future claims) but that the insurance company has not yet settled. This reserve is ...
Circumstance in which an insurance company can issue life or health insurance to an applicant based on standards set by the company. ...
interconnection of computers that contain pages classified into groups called web sites that can be accessed over the internet. The only requirement for visiting a web site is to have ...
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