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
Care in a sanitarium, nursing home, or other facility designed to provide custodial care on behalf of the mental and physical well-being of the patient. The cost may or may not be provided ...
Document used to sign up employees for plans such as salary savings, life insurance, or other employee benefits. ...
Type of court bond filed on behalf of the defendant and used to release assets to him or her that have been attached pending a court decision. ...
Individual who is legally responsible for taking care of another individual (s) who is deemed to be incapable of managing his/her own affairs. For example, children under the age of ...
Act that provides retroactive liability for environmental claims by mandating that those who polluted the environment must pay to clean up the pollution, regardless of how long ago their ...
Insurance contract under which a policy owner cannot be assessed for adverse loss and expense experience of the insurance company. ...
Coverage of the employer for all employees on a blanket basis, with the maximum limit of coverage applied to any one loss without regard for the number of employees involved. Both ...
Coverage for an insured whose property is damaged or destroyed by an insured peril, or whose negligent acts or omissions damage or destroy another party's property or cause bodily injury to ...
Funds paid by an insurance company associated with the normal costs of doing business other than the costs of claims payments. ...
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