Flexible Funding
Arrangement whereby the insured pays the insurance company a relatively small monthly premium payment. In exchange for this premium payment, the insurance company processes and pays claims from a fund owned and maintained by the insured. Should the claims exceed a stipulated limit, the insurance company pays the excess amount of claims.
Popular Insurance Terms
Insurance company's theoretical capital amount and surplus that it should maintain. ...
Agency that sells insurance policies from both a stock insurance company and a mutual insurance company. ...
In reinsurance contracts, clause that requires the re-insurer to provide coverage if an underlying carrier is unable to fulfill its obligations under the policy ceded to the re-insurer. ...
Costs associated with the general administration of the insurance organization to include such items as utilities, rent, salaries, postage, furniture, and housekeeping charges. ...
Authority that administers state laws regulating insurance and licenses insurance companies and their agents. ...
Type of inland marine insurance that provides coverage for jewels, watches, gold, silver, platinum, pearls, precious and semiprecious stones. Property can be owned by the insured jeweler, ...
Employee's right to transfer pension benefit credits from a former employer to a current employer. ...
Statement prepared by an inspection bureau for a life or health insurance company that summarizes information about an applicant for a policy, including financial standing, morals, physical ...
Mechanism for providing coverage when the insured's underinsured motorist coverage limit is more than the tort feasor's limit of liability that has been previously reduced by claim payments ...
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