Intergovernmental Pools
Definition of "Intergovernmental pools"
Tool of risk management used for risk financing by local governments. The technique is for many local governments to combine resources in order to self insure a particular line of business, such as general liability, automobile, and workers compensation. Above the retention level, there is the collective purchase of reinsurance for the required excess coverage.
Popular Insurance Terms
In health insurance, the applicable average rate charged for a semiprivate room in the geographical area in which the charge is incurred. ...
Provision that excludes from coverage under Form No. 3: flood damage, except if the flood causes a fire, explosion, or theft; water damage from the backup of sewers; earthquake, except if ...
Costs associated with first-year expenses, claims expense, administrative expenses, and renewal expenses. ...
Chart published in 1868 by Sheppard Homans, an actuary with the Mutual Life Insurance Company of New York, based on insured lives from 1843 to 1858. Historically, it was widely used for ...
Insurance policy for which the required premium has been paid. ...
Circumstance in which no agent is servicing a debit. ...
Same as term Contingency reserve: percentage of total surplus retained, in insurance company operations, that serves as a reserve to cover unexpected losses as well as to cover the ...
Fee paid to an agent as compensation for his or her collecting premiums for debit insurance (home service insurance, industrial insurance). ...
Situation in which several liability insurance policies are in force to cover the same risk, thereby resulting in higher limits of coverage than is required to adequately insure the risk. ...
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