Insurance Company, Choosing An
Definition of "Insurance company, choosing an"
Consideration should be given to a company's capacity to underwrite a particular risk, as indicated by its financial standing, claims philosophy, price structure, agent representation, loss prevention and reduction services, and risk analysis expertise. Information can be gained in several ways:
- Reputation a prospective insured can fairly easily learn something about an insurance company through business and professional associates (lawyer, accountant, banker), through conversations with others in the same field, and by discussions with agents and brokers.
- Financial capacity larger businesses and public libraries often have up-to-date reference books, such as Best's Insurance Reports(available in Life-Health and Property-Casualty editions) giving detailed analyses of hundreds of companies.
- State Insurance Department information about specific insurance companies may be available from the insurance departments located in state capitals.
Popular Insurance Terms
Trade association of commercial insurance brokers whose objective is to further the interests of these brokers through education, lobbying, and adherence to professional ethics. ...
Same as term Deviated Rate: rates used by a property and casualty insurance company that are different from that suggested by a rating bureau. An insurance company may use deviated rates ...
Entitlement of an employee to benefits immediately upon entering a retirement plan. As benefits are earned, they are credited to the employee's account. These "portable" future benefits can ...
Addition to the homeowners INSURANCE POLICY AND COMMERCIAL PACKAGE POLICY that provides liability and medical coverage for damages resulting from the operation of motor boats too large to ...
Health insurance that provides coverage for physicians' fees for all services, with the exception of surgeons' fees. ...
Series of payments made on either a FIXED DOLLAR ANNUITY basis or VARIABLE DOLLAR ANNUITY basis. ...
Important 1944 U.S. Supreme Court ruling that the insurance business constituted interstate commerce and was thus subject to the SHERMAN antitrust act. This decision came in U.S. v. ...
Insurance policy under which the value equals the benefits to be paid to the plan participants (employees) at normal retirement age, assuming that (1) their rate of earnings remains the ...
In a commercial general liability (comprehensive general liability) policy, exclusion of coverage for sold premises. The objective of this exclusion is to eliminate coverage for property ...
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