Insurance Company (insurer)
Definition of "Insurance company (insurer)"
Organization that underwrites insurance policies. There are two principal types of insurance companies: mutual and stock. A mutual company is owned by its policy owners, who elect a board of directors that is responsible for its operation. A stock company is owned by its stockholders. In a mutual company, profits take the form of policy dividends, or refunds of part of premiums paid, which are distributed to policy owners. Profits in a stock company take the form of stockholders dividends, which are distributed to stockholders.
Popular Insurance Terms
Federal law requiring that all pension plan trustees and anyone else who handles pension funds must obtain a fidelity bond. This bond covers the plan in the event of embezzlement and theft. ...
Condition in which an applicant has met an insurance company's standards. Requirements include a loss that is definable; fortuitous; one of a large number of homogeneous exposures; and ...
Insurer in a group of companies that act as subsidiaries. ...
Section of the insurance policy that lists all of the provisions that are applicable to the insurance coverage provided under that section. This section is attached to the policy jacket ...
Modified collateral split dollar life insurance plan under which the employee purchases and owns a life insurance policy on the employee's own life. The employer makes the unscheduled ...
Type of insurance providing all risks coverage for personal property of the crew and passengers aboard a ship. Marine cargo insurance does not cover personal property of the crew and ...
Limitation in all life insurance policies to the effect that no death payment will be made if an insured commits suicide within the first two years that the policy is in force. This clause ...
Time, in health insurance, from the first day of a disability, illness, or accident during which no benefits are payable. The longer the probationary period, the lower the premium. ...
Right of a policyholder, in life insurance with cash values, to continue full coverage for a limited period, as shown in a table in the policy, with no further premiums payable. ...
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