Open Policy
Definition of "Open policy"
Coverage normally used on an indefinite basis under OCEAN MARINE INSURANCE and INLAND MARINE INSURANCE (TRANSPORTATION insurance): business risks for the damage or destruction of a shipper's goods in transit. While the policy is in force, the shipper is required each month to submit to the insurance company reports on goods being shipped to be covered by the policy; premiums are also submitted at that time.
Popular Insurance Terms
Model state law of the NAIC setting general standards for group life insurance contracts. It specifies which types of organizations can sponsor group life insurance plans and outlines the ...
State legislation that allows insurers to offer both property and casualty insurance. At one time, U.S. insurers sold only one type of insurance, a practice that gradually became written ...
Act in which a life insurance company is permitted to transfer the death benefit from the policy to the custodian of a minor beneficiary provided the beneficiary designation has ...
Same as term Convention Examination: audit of the convention blank (NAIC Statement Blank) every third year as to all of the financial activities of a company; company claim practices; and ...
Type of major medical deductible amount that acts as a corridor between benefits under a basic health insurance plan and benefits under a major medical insurance plan. After benefits are ...
Many different, unofficial, and voluntary nonlitigation processes employed by insurance companies to resolve contractual disputes with their insureds. Examples would include nonbinding ...
Date of issue of the policy. ...
Same as term: statement of opinion : ...
Number of individuals exposed to the risk of illness, sickness, and disease at each age, and the actual number of individuals who incurred an illness, sickness, and disease at each age. ...
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