Q Schedule
Definition of "Q schedule"
SCHEDULE provision of the new York insurance code and regulations under which the life insurance company must file with the Insurance Commissioner all expenses associated with selling new life insurance policies; and a limit is set on expenses to acquire new business. The expense limitation serves to restrict agent commissions in New York State. This is one important reason why many national insurance companies do not sell life insurance in New York, or why some organize subsidiary companies for the sole purpose of conducting life insurance business only in New York. Many life insurance companies feel the expense limitation too restrictive to attract brokerage business.
Popular Insurance Terms
Length of time insurance policy is in force. ...
Classification of insured life and health risks based on the sex of the proposed insured. Gender has long been one of many factors in classifying, accepting, and rating risks. For example, ...
Coverage for all personal property, regardless of location of an insured and household residents, including children away at school. Written on an all risks basis, subject to excluded ...
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Method of terminating a split dollar life insurance policy in which the company transfers its interest in the life insurance policy to the insured employee. Through such a transfer, the ...
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difference between the face value of a permanent life insurance policy and its accrued cash value. The pure cost of protection is based on this difference. For example, if the face value ...
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Named peril policy is how it’s called in the Real Estate Industry the insurance policies that specify the perils it covers. Under a named peril policy, if anything that isn’t ...
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