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
Health insurance that is not subject to alteration, termination, or increase in premium upon renewal. ...
Viewpoint that an insurer whose liability policy is in force at the time of an accident or injury should pay a claim. See also long-tail liability; manifestation/injury theory. ...
Trust in which the trustee distributes capital and income to the beneficiaries of the trust according to their economic needs. ...
Reinstatement of an insurance policy or bond to its original face amount (face of policy) after the payment by the insurer of a loss. The purpose of this type of coverage is to indemnify ...
Provision in a property, liability, or health insurance policy stipulating the extent of coverage in the event that other insurance covers the same property. ...
Phrase in most liability insurance policies that eliminates from coverage damage or destruction to property under the care, custody, and control of an insured. Such coverage is excluded ...
Automatic reinsurance that requires an insurer to transfer (cede) and the reinsurer to accept the part of every risk that exceeds the insurer's predetermined retention limit. The reinsurer ...
Coverage that will indemnify the insured for the expenses, up to the limits of the policy, if a building is damaged by a peril such as fire, and zoning requirements and/or building codes ...
Cost per unit of insurance. ...
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