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
Combination of contributions of many investors whose money is used to buy stocks, bonds, commodities, options, and/or money market funds, or precious metals such as gold, or foreign ...
Laws in most cases protecting life insurance policies from an insured's creditors. These laws typically exempt death benefit proceeds and policy cash values from attachment by creditors, ...
Right of a certificate holder to convert group life or group health insurance to an individual policy without a physical examination to furnish evidence of insurability. Usually this must ...
Number of individuals exposed to the risk of illness, sickness, and disease at each age, and the actual number of individuals who incurred an illness, sickness, and disease at each age. ...
Additional policy dividend paid to a life insurance policyholder when a policy terminates. A mutual insurance company is owned by its policyholders and writes participating policies, which ...
Wrongful inaction; failure to act; inactivity. ...
Policy in which an insurer agrees to pay property or liability losses in excess of a specific amount per occurrence. For example, this type of coverage typically is used by an employer that ...
Entity maintained by the Teachers Insurance Annuity Association. The fund essentially serves college faculties and staff, who pay premiums through salary deductions toward a tax-sheltered ...
Same as term Depositors Forgery Insurance: coverage provided for individuals or businesses for loss due to forgery or alteration of such financial instruments as notes, checks, drafts, and ...
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