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
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Company organized with the business objective of providing claims adjustment services to insurance companies that do not have an internal claims department. ...
Insurance company that is licensed by a state to market and service particular lines of insurance in that state. ...
Clause in an insurance policy stipulating that the benefits under the policy will accrue to the right of the insured. For example, if the insured leaves a violin at a repair shop and that ...
Social insurance that provides benefits to temporarily disabled workers in a few states. Five states require employers to pay cash benefits if workers are disabled. They are Rhode Island, ...
Index that reflects changes in industrial output by manufacturers, mines, electric utilities, and natural gas utilities. This is a monthly index published by the Federal Reserve. ...
Group that monitors government health insurance programs. Authorized by the 1972 amendment to the Social Security Act, PSROs were set up to cut costs and minimize abuses by checking on the ...
Insurance for which (1) an application has been filed but the first premium has not yet been paid or (2) a life insurance policy that has not yet been delivered to an insured. ...
Insurance company that is organized under the state laws by which the company is licensed and that is called a domestic insurer. Also, this insurance company may be chartered and licensed ...
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