Merit Rating
System of charges to an insured that fluctuates according to the loss experience of that insured. This is a form of experience rating.
Popular Insurance Terms
Instrument that guarantees compliance with various city, county, and state laws that govern the issuance of a particular license to conduct business. ...
Exclusion in property insurance eliminating coverage for damage or destruction of property due to insects. ...
Technique of risk management. It ensures that an individual or business does not incur any liability relating to a given activity by avoiding the activity in question. For example, a ...
In a mercantile open-stock burglary insurance policy, the dollar amount of coverage as required by the COINSURANCE clause. This dollar amount is the MAXIMUM PROBABLE LOSS (MPL) of ...
Same as term Canadian Institute of Actuaries: ...
Total amount of insurance on an insurer's books at a particular time. ...
Statement regarding an insured's retention of low-severity risks because they are not catastrophic, and can be absorbed without having a dramatic effect on the financial structure of a ...
Insurance company that underwrites and sells more than one line of insurance. ...
Agreement of two or more insurance companies to provide a product or service. ...
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