Definition of "License"
In insurance, legal authority obtained by an insurance company, agent, broker, or consultant that permits them to do business in a particular state. The document issued by the state shows that the company or person is in compliance with the various governing laws and thus is authorized to conduct insurance business in that jurisdiction. A license, in and of itself, is not a guarantee that a consumer will be sold the best product to fit his or her needs or that an agent will have the proper technical expertise to evaluate the products on a consumer's behalf.
Popular Insurance Terms
Contributions (under qualified employee benefit plans, such as pensions and health insurance) made by an employer on behalf of employees, deducted as a business expense for tax purposes. ...
Minimum degree of injury or loss for which an injured party can sue, even though covered by no fault automobile insurance. Traditionally, an accident victim had to prove the other driver ...
Cost of the assets listed on the accounting records of the company. These assets include the following: real estate (to include any adjustments for depreciation), transportation equipment ...
Date after which losses may occur and be covered under a claims-made basis liability coverage. ...
Dividends paid historically, currently, and projected. ...
Continuing on an indefinite basis. ...
Annual or other periodic rate of return on investments. Because life insurance companies act as custodians of premiums for many years, until money must be paid out in death benefits or ...
Form of marine insurance that covers mobile equipment of a contractor, including road building machinery, steam shovels, hoists, and derricks used on the job by builders of structures, ...
Aggregate amount of insurance policies that are paid-up (or are being paid) that a life or health insurance company has on its books. The size of a life or health insurance company is often ...
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