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
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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