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
Contributions (under qualified employee benefit plans, such as pensions and health insurance) made by an employer on behalf of employees, deducted as a business expense for tax purposes. ...
Minimum degree of injury or loss for which an injured party can sue, even though covered by no fault automobile insurance. Traditionally, an accident victim had to prove the other driver ...
Cost of the assets listed on the accounting records of the company. These assets include the following: real estate (to include any adjustments for depreciation), transportation equipment ...
Date after which losses may occur and be covered under a claims-made basis liability coverage. ...
Dividends paid historically, currently, and projected. ...
Continuing on an indefinite basis. ...
Annual or other periodic rate of return on investments. Because life insurance companies act as custodians of premiums for many years, until money must be paid out in death benefits or ...
Form of marine insurance that covers mobile equipment of a contractor, including road building machinery, steam shovels, hoists, and derricks used on the job by builders of structures, ...
Aggregate amount of insurance policies that are paid-up (or are being paid) that a life or health insurance company has on its books. The size of a life or health insurance company is often ...
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