Net Gain From Operations
Statutory accounting principles (SAP), as listed in the insurance company's annual financial statements filed with the insurance commissioner of each state in which it is licensed. Income that is equal to the net income is filed under generally ACCEPTED ACCOUNTING PRINCIPLES (GAAP).
Popular Insurance Terms
Policy report issued to the policyowner that must include at least the following: first five years of premiums, cash values, death benefits, and dividends (if participating insurance); ...
Coverage for sample merchandise while in the custody of a salesperson. ...
Insurance salesperson who is licensed to place coverage with an insurance company that is not licensed to do business in the state of domicile of the broker. The excess line coverage must ...
Privately formed insurance company whose objective is to make a profit. ...
Financial instrument such as a fixed dollar annuity or bond that pays a minimum periodic income at a minimum guaranteed rate of interest. ...
The definition for retainer agreement: work for hire contract that provides a client with a fixed number of work-hours from freelancers or lawyers. Even a real estate lawyer uses this type ...
Arrangement under which employees may choose their own employee benefit structure. For example, one employee may wish to emphasize health care and thus would select a more comprehensive ...
Policy that remains in full force and effect for the life of the insured, with premium payments being made for the same period. ...
Provision found in a life insurance policy that provides that certain benefits will be paid in the event the insured becomes totally and permanently disabled from an accident incurred or ...
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