Minimum Group
Smallest number of individuals for which an insurance company will issue a policy. A minimum number is required because the fixed expenses of placing a policy on the books exist regardless of the size of a group.
Popular Insurance Terms
Anticipated insurance-related costs, not including claims-related costs. ...
Same as term Ceding Company: insurance company that transfers a risk to a reinsurance company. ...
Protecting against loss by setting aside one's own money. This can be done on a mathematical basis by establishing a separate fund into which funds are deposited on a periodic basis. ...
Premium income divided by the surplus account. ...
Provision in most property insurance policies that permits a policyholder to use the insured premises to store materials and handle them in the manner needed to pursue his or her line of ...
Total amount of insurance that an insurer will write on any specific city block. Such a limit will reduce the insurer's exposure to a potential catastrophic occurrence, such as a hurricane, ...
Means used by a direct fire underwriter to protect against accumulation for a fire account, as well as against extremely large fire account liability. For example, heavy liabilities under ...
Coverage for railroad equipment, liability of a railroad for damaging another railroad's equipment, or the damage to goods under its care, custody, and control. Coverage is provided on an ...
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 ...
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