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
Maximum amount that an insurance company will pay under a liability insurance policy for bodily injury incurred by any single person as a result of any one accident. ...
Model state law of the NAIC that stipulates that the purchaser (debtor) of a credit life insurance (creditor life insurance) policy must be provided a descriptive policy; the policy must ...
Document setting out the responsibilities of a borrower, such as a corporation issuing bonds, and the powers of a trustee who will be looking after the interests of the bondholders. ...
Percentage of life insurance or other insurance policies remaining in force; percentage of policies that have not lapsed. The higher the percentage, the greater the persistency. Since it is ...
Major credit insurer of the early 20th century that merged into the London Guarantee and Accident Co. in 1931. ...
Method of determining reimbursement from medical insurance according to diagnosis on a prospective basis. It originated with the medicare program. ...
Same as term cash surrender value: money the policyowner is entitled to receive from the insurance company upon surrendering a life insurance policy with cash value. The sum is the cash ...
Federal agency that researches injury and illness arising from workplace hazards and recommends standards for maximum exposures to hazardous substances. ...
Forgery insurance covering securities issues such as stocks and bonds. They protect the issuer of securities against forgery of the securities. ...
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