Investment Company Act Of 1940
Definition of "Investment company act of 1940"
Act that regulates the variable dollar insurance products (equity related) sold by insurance companies. The act includes regulations that stipulate: the variable dollar insurance products must be funded through a separate account (segregated from the other investment accounts of the insurance company); benefits and cash values must vary in tandem with the investment returns of this separate account; mortality and expense fluctuations (above the maximum chargeable stipulated in the policy) must be borne by the insurance company; maximum sales load; and periodic financial reports must be sent to the policy owner.
Popular Insurance Terms
Clause in an insurance policy stipulating that the benefits under the policy will accrue to the right of the insured. For example, if the insured leaves a violin at a repair shop and that ...
Record of debit or industrial insurance policies. ...
Same as term Coverage: protection under an insurance policy. In property insurance, coverage lists perils insured against, properties covered, locations covered, individuals insured, and ...
Type of surety bond that is either a fiduciary or a court bond. Fiduciary Bond guarantees that individuals in a position of trust will safeguard assets belonging to others placed under ...
Agreement by the insured that, simply because the insurer investigates and determines a value for the claim, the insurer does not admit liability for the claim. ...
Coverage following the same structure as group term, the significant difference being that premiums go toward the purchase of permanent insurance instead of term insurance. The employee has ...
Failure to act with the legally required degree of care for others, resulting in harm to them. ...
Provision in a property, liability, or health insurance policy stipulating the extent of coverage in the event that other insurance covers the same property. ...
Buy or sell order for security that expires at the end of the trading date on which it was entered if not executed. ...
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