Funded Cover

Single premium immediate annuity purchased to fund a structured settlement. This product is purchased when the injured party (the plaintiff) wishes to have a monthly income payment for life ...

Life insurance policy in which the cash value and in some circumstances the death benefit will vary according to the investment performance of an underlying portfolio usually comprised of ...

Group of marine underwriters formed in 1971 to provide coverage for shipowners for water pollution liability. The federal water quality improvement act of 1970 made shipowners responsible ...

Same as term Expected Loss: probability of loss upon which a basic premium rate is calculated. ...

Provision of a property policy that excludes construction that is likely to suffer a loss. For example, the roofing material used may not be able to withstand a wind force of more than 15 ...

pool that contains various reinsurance companies with each sharing reinsurance contracts on a pro rata basis as they are submitted to the pool. market that operates much like the New York ...

Falsification of birth date by an applicant for a life or health insurance policy. If the company discovers that the wrong age was given, the coverage will be adjusted to reflect the ...

Option clause in a disability income policy that the insured can exercise that would permit the insured the right to purchase additional limits of coverage regardless of the insured's ...

One of the major underwriting organizations for insurance company pools insuring commercial aircraft liability exposure. ...