Minimum Benefit
Definition of "Minimum benefit"
Smallest face amount of life insurance that an insurance company will write on any one person.
Popular Insurance Terms
Federal agency that regulates the securities markets. The independent, five-member commission was created under the Securities Exchange Act of 1934 to enforce the securities act of 1933. ...
One of two bureaus that writes forms and files standard rates for inland marine insurance. The other is the inland marine insurance bureau. ...
Life insurance under which an insured receives the face value of a policy if the individual survives the endowment period. If the insured does not survive, a beneficiary receives the face ...
Legal power of the commissioner of Internal Revenue to approve any classification of employees that does not discriminate in favor of a prohibited group. Such approval is necessary before a ...
Proportion of an insurance company's total surplus at the end of each year's operation that is distributed to policy owners of participating life insurance policies. ...
Same as term Claims Made Basis: method of determining whether or not coverage is available for a specific claim. If a claim is made during the time period when a liability policy is in ...
Certain fixed payment made in addition to the regularly scheduled premium. ...
Historical record of dividends paid. ...
Payment by an insurance company to a damaged or destroyed business to hasten its return to normal business operations. For example, if a kitchen of a restaurant is damaged by fire, the ...
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