Reserve Liabilities Regulation
- LIFE INSURANCE: specification by each state regarding the minimum assumptions that must be used in reserve calculations as theypertain to the maximum interest rate that can be assumed; the mortality table that can be used (the more conservative the table,the higher the death rates that will be shown that exceed the death rates actually expected); and (c) the reserve valuation that must beused (the minimum is established by the National Association of Insurance Commissioners' Standard Valuation Law).
- PROPERTY AND LIABILITY INSURANCE specification by each state regarding the minimum assumptions that must be used in reservecalculations as they pertain to unpaid loss reserves and unearned premium reserves.
Popular Insurance Terms
Statement showing the amount of money owed the agent by the insurance company, according to the contract he or she has with the insurance company. ...
Coverage for sample merchandise while in the custody of a salesperson. ...
Partition of noncombustible material in a wall of similar material, designed when closed to slow the spread of fire from one side of the wall to the other. The national fire protection ...
Clause in a reinsurance policy that excludes the reinsurer's liability for losses occurring after a stipulated date. ...
Latin phrase meaning "overpowering force"; an unavoidable accident or calamity; an accident for which no one is responsible; an act of god. ...
Judgment decision by the insurance agent concerning whether or not to submit an application. The decision is based on the agent's familiarity with the insurance company's underwriting ...
One of four types of risks affecting the life insurance company as identified by the society of actuaries. This risk is associated with losses that the life insurance company may incur as ...
Independent federal government organization authorized by the employee retirement income security act of 1974 (erisa) to administer the pension plan termination insurance program. Its ...
Act of starting a fire; arson. Arson is a covered peril under a property insurance contract, provided that the owner of the property is not responsible for the arson. ...
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