Multiple Line Law
State legislation that allows insurers to offer both property and casualty insurance. At one time, U.S. insurers sold only one type of insurance, a practice that gradually became written into state law. Most significantly, New York State, where many insurers want to be licensed, allowed insurers to write only one line of insurance early in this century. But in 1949 New York passed a multiple line law, and most other states followed.
Popular Insurance Terms
Combination of contributions of many investors whose money is used to buy stocks, bonds, commodities, options, and/or money market funds, or precious metals such as gold, or foreign ...
Laws in most cases protecting life insurance policies from an insured's creditors. These laws typically exempt death benefit proceeds and policy cash values from attachment by creditors, ...
Right of a certificate holder to convert group life or group health insurance to an individual policy without a physical examination to furnish evidence of insurability. Usually this must ...
Number of individuals exposed to the risk of illness, sickness, and disease at each age, and the actual number of individuals who incurred an illness, sickness, and disease at each age. ...
Additional policy dividend paid to a life insurance policyholder when a policy terminates. A mutual insurance company is owned by its policyholders and writes participating policies, which ...
Wrongful inaction; failure to act; inactivity. ...
Policy in which an insurer agrees to pay property or liability losses in excess of a specific amount per occurrence. For example, this type of coverage typically is used by an employer that ...
Entity maintained by the Teachers Insurance Annuity Association. The fund essentially serves college faculties and staff, who pay premiums through salary deductions toward a tax-sheltered ...
Same as term Depositors Forgery Insurance: coverage provided for individuals or businesses for loss due to forgery or alteration of such financial instruments as notes, checks, drafts, and ...
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