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
Analysis of uncertainty of financial loss. This classification can be according to whether a risk is fundamental, particular, pure, speculative, dynamic, or static. In life insurance the ...
Charitable planning strategy under which a donor transfers title to his or her residence or farm to the charity. Upon transfer of title, the donor reserves the right to occupy the property ...
Specialized property or liability coverage provided by a non admitted insurer in instances where it is unavailable from insurers licensed by the state. Examples of surplus lines are ...
Same as term Contingent Business Income Coverage Form: coverage for loss in the net earnings of a business if a supplier business, subcontractor, key customer, or manufacturer doing ...
Coverage for business risks including goods in transit, fire, burglary, and theft. A common example is the COMMERCIAL PACKAGE POLICY (CPP). ...
Law that requires that all surplus lines insurance companies maintain a minimum specified amount of capital and surplus; also requires that alien insurers maintain a trust fund on location ...
Insurance policy under which payment is made for a loss not subject to any deductible or under which payment is made up to the limits of the policy, and then an excess insurance policy ...
Table used by the Internal Revenue Service (IRS) in evaluating split dollar life insurance plans as to the extent of the economic benefit that is considered taxable ordinary income to the ...
Same as term Cancel: termination of a policy. Contract may be terminated by an insured or insurer as stated in the policy. If the insurance company cancels a policy, any unearned premiums ...
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