Prior-approval States
Definition of "Prior-approval states"
Those states requiring insurers to obtain prior approval rating of rates and policy forms before they use them. Although most states once fell into this category, many followed the lead of New York State in 1969 when it moved to a system of open competition.
Popular Insurance Terms
Assets of an insurer that are due and payable in the current year but have yet to be received by the insurer. ...
Liability insurance exception for pollution coverage that is not both sudden and accidental from the insured's standpoint. As a result of the damage suits from such incidents as the ...
Disability in which a wage earner is forever prevented from working because of injury or illness suffered. ...
Coverage that is renewable at the option of the insured, who is not required to take a medical examination. Regardless of physical condition, the insured must be allowed to renew the policy ...
Cooperative organization among insurers that rates and prepares new policy forms according to guidelines and regulations of the state insurance department. Loss experience, collected ...
Form of annuity returning premiums plus interest to a beneficiary if the annuitant dies during the accumulation period. A refund annuity costs more than a pure annuity. If the annuitant ...
Investments made in a variety of securities issued by government agencies. ...
Theft of another's property by a person entrusted with that property. Coverage can be found under various bonding arrangements. ...
Difference in the amount of losses between the beginning and end of a time period. ...
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