Loss And Loss Adjustment Expense Reserves
Amount of the insurance company's liabilities for claims that have not been settled. If this reserve increases significantly in relation to the company's surplus, the risk is greater for potential deficiencies in the reserves; that is, the reserves could prove to be inadequate to meet future claim payments.
Popular Insurance Terms
Reinsurance broker for a primary company (the re-insured). This broker is paid commissions by the reinsurance company, just as an agent is paid commissions by an insurance company for ...
Section of a life insurance policy setting the procedure for revoking a current beneficiary and designating a successor beneficiary. Insurers require written notice of a beneficiary change, ...
Provides the same coverage as a comprehensive personal liability insurance policy, plus coverage to exposures that are peculiar to farms, such as farm business operations, farm employees ...
Endorsement attached to an insurance policy that eliminates coverage for certain specified perils. ...
Fee paid to an insurance salesperson as a percentage of the premium generated by a sold insurance policy. ...
Total of interest, dividends, and other earnings derived from the insurance company's invested assets minus the expenses associated with these investments. Excluded from this income are ...
Section describing coverages under a policy. Elsewhere in the policy other sections may restrict or exclude coverages. ...
Written contract between an insured and an insurance company stating the obligations and responsibilities of each party. ...
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