New York Insurance Code
Definition of "New york insurance code"
Standard for insurance regulation in New York State and a model for insurance regulation elsewhere. For example, the standard fire policy was first adopted in New York State. Similarly, following the Armstrong investigation, the New York Insurance Code of 1906 became a model for cleaning up life insurance industry abuses. New York is widely viewed as the toughest state to get an insurance license, but because of the size of the insurance market there, many companies are willing to meet the stiff requirements.
Popular Insurance Terms
Coverage in the event that, while practicing the profession of druggist, an act or omission is committed resulting in bodily injury, personal injury, and/or property damage to a customer. ...
Periodic payments to an injured person or survivor for a determinable number of years or for life typically in settlement of a claim under a liability policy. Terms may include immediate ...
Quantitative measurement of the total costs (losses, risk control costs, risk financing costs, and administration costs) associated with the risk management function, as compared to a ...
Property acquired before marriage by gift, by inheritance, or bought with separate monies. ...
Act that provides new funding for the Bank Insurance Fund and enhances the safety and soundness of the financial system. The FDICIA includes the Foreign Bank Supervision Enhancement Act ...
Deductible, applied to every loss, expressed as a percentage of that loss. As the loss increases, the deductible amount increases. ...
Type of coverage in which an insured's own policy provides indemnity for bodily injury and/or property damage without regard to fault. In many instances it is difficult if not impossible to ...
Balance sheet and profit and loss statement of an insurance company. This statement is used by State Insurance Commissioners to regulate an insurance company according to reserve ...
Action by the owner of a cash value policy to relinquish it for its cash surrender value. Since the depression of the 1930s, companies have reserved the right to delay payment of a cash ...
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