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
Circumstance that produces the loss. ...
Type of accounting method, in life insurance, designed to match revenues and expenses of an insurer according to principles designed by the Financial Accounting Standards Board and the ...
Legislation that makes an establishment and/or individual selling liquor responsible for injuries caused by its customers to third parties. The best known law governing dispensation of ...
Document used in the transportation of goods that must be presented when a claim is made for a loss incurred. This document establishes the fact that the goods were under the care, custody, ...
U.S. government group term life insurance for male and female members of the federal uniformed forces on active duty, underwritten by private insurance companies. Premiums reflect peacetime ...
Method of calculating retirement benefits under pen ...
new dividend option under which the policyowner allows the dividends from the participating policy to be applied for the purposes of accumulating cash values. ...
Insurance marketed through advertising in such media as newspapers, magazines, television, and radio. The mail is used to collect the application and distribute the policy. An insurance ...
Health insurance that provides coverage for physicians' fees for all services, with the exception of surgeons' fees. ...
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