Mass Merchandising
Definition of "Mass merchandising"
Coverage for a group of individuals under one policy. Usually, members belong to a particular company, union, or trade association. In a contributory plan a lump sum premium is paid by the group to the insurance company using salary deductions.
Popular Insurance Terms
One of four types of risks affecting the life insurance company as identified by the society of actuaries. This risk is associated with losses that the life insurance company may incur as ...
Act that seals a contract and is noncancellable. surety bonds and fidelity bonds resemble insurance contracts in many ways. However, the surety, which is often an insurance company, cannot ...
Inability of the insured to perform any and all important daily duties of that insured's occupation. ...
Wife's interest in her husband's property upon his death. The wife has an insurable interest in that property and can purchase a property and casualty insurance policy to cover the ...
Synopsis of the key financial figures concerning the pension plan that is contained in the form 5500 that must be filed annually with the Internal Revenue Service. This report must be given ...
Proposal by Roger Kenney, an insurance journalist, that in order to maintain the solvency of a property and casualty insurance company, insurance premiums written should not exceed more ...
Location that is different from an insured's home or place of business. Under the standard homeowners insurance policy, the property of the insured is covered off premises; for example, if ...
Probability of loss upon which a basic premium rate is calculated. ...
Concealment of the actual fact. For example, an insurance agent tells a prospective insured that a policy provides a particular benefit when in actual fact this benefit is not in the ...
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