License Fee


Definition of "License fee"

Sum paid by an insurance company or other firms or individuals to designated types of business in a particular state or municipality.

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License

Document issued by a public or private institution to perform some activity according to legal requirements. There is usually a license fee. An exampl ...

Graduation

Statistical procedure applied to the data that comprises a mortality table. It is designed to smooth out the irregularities in that data believed to n ...

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Exception in general liability policies for all expenses associated with product recall. In recent years, there have been increasing instances of fede ...

Individual Level Cost Method With Supplemental Liability

Means of projecting the costs of pension plans on a level basis over a specified future period of time. The actuarial value of each employee's future ...

Minimum Continuation Premium

Smallest premium necessary to keep the life insurance policy in force regardless of the current mortality, interest, and expense experience of the ins ...

Blanket Position Bond

Covers all employees of a business on a blanket basis with the maximum limit of coverage applied separately to each employee guilty of a crime. ...

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