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
Designation earned by passing 10 national examinations on subjects including mathematics of life and health insurance, actuarial science, insurance, accounting, finance, and employee ...
Forced entry into premises. Coverage is provided under various property insurance contracts such as homeowners and special multiperil insurance (SMP). ...
Risk management control procedure that emphasizes safety management. Its purpose is to reduce the frequency and severity of potential losses. Business firms apply this procedure by posting ...
Same as term Close Corporation Plan: prior arrangement for surviving stockholders to purchase shares of a deceased stockholder according to a predetermined formula for setting the value of ...
Fixed or stated amount of interest paid by a security expressed as a percent of the par value of the security. The longer the length of time until maturity, the higher the coupon rate to ...
Legislation designed to provide the structural reform necessary to strengthen the thrift industry after the bailout of the insolvent Federal Savings and Loan Insurance Corporation (FSLIC) ...
Coverage for specialists in various professional fields. Since basic liability policies do not protect against situations arising out of business or professional pursuits, professional ...
Changing state of the economy associated with changes in human wants and desires such that losses or gains occur. Dynamic changes are not insurable. ...
Coverage for liability exposures that result from manufacturing and/or contracting operations in process on a manufacturer's premises (all locations of ongoing operations) or, in the case ...
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