Insurance Marketplace Standards Association (IMSA)
Voluntary market conduct compliance organization whose purpose is to protect the public interest and to enhance the insurance buyer's perception of the life insurance instrument. The member companies place the emphasis on self-regulation. Each member company is required to perform a self-assessment of its sales and marketing practices. Member companies are required to adhere to six principles of ethical market conduct that specifies compliance supervision, complaint procedures, types of sales materials, procedure for replacement and fair competition, agent selection and training, and suitability.
Popular Insurance Terms
Variable-rate bonds whose coupon and value increases as interest rates decrease. ...
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. ...
Option clause in a disability buy-out insurance policy that permits the owner of the policy to increase the limits of coverage for the expenses associated with the buy-out process. Usually, ...
Death caused by a person without legal justification. Wrongful death may be the result of negligence, such as when a drunken driver hits and kills someone; or it may be intentional, as when ...
Act that mandates that employers who have at least 26 employees must provide a terminating employee and family members, if residents of employee's household, with health insurance coverage ...
Status in which an insurance company holds funds of its insureds (the payment of premiums) in trust, and through an insuring agreement promises to make all benefit payments for which it has ...
Addition to reflect exposures with a greater probability of loss than standard exposures. For example, insuring a munitions factory obviously requires a premium greater than that required ...
Type of hold-harmless agreement made by a property owner as a condition for being served by a railroad spur. If the owner wants a special sidetrack, the railroad requires the owner to ...
Term referring to the most common charge, in health insurance, for a service. ...
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