Retro-note Plan
Means of financing by which some large organizations pay their property or liability insurance premiums to reflect losses actually paid during the first year of coverage, plus claims expenses, administrative and servicing expenses, and a loading for the company's profit. The insured signs a promissory note to the company for the difference in the normal or standard premium that should have been charged.
Popular Insurance Terms
Same as term: Beneficiary; Beneficiary Clause: ...
Value in life insurance policies that entitle the insured to these choices: to relinquish the policy for its CASH SURRENDER VALUE. (Note that in the beginning years the cash value may be ...
Policy that pays a specified sum not related in any way to the extent of the loss. The term applies to a life insurance policy rather than to a contract of indemnity because the former does ...
Partnership in which family members hold all interest in the partnership. This partnership is treated as a cash flow through stand-alone entity. All sums of income and credits, as well as ...
Specific date determined by the Internal Revenue Service on which a beneficiary has received a death benefit from an insurance company, an annuitant has received an income benefit, or a ...
Dwelling insurance is how it’s called the most obvious coverage type under the homeowner’s insurance umbrella. It deals with the damages done to the physical structure of the ...
Provision in some disability income policies that provides a monthly income benefit to a disabled insured for as long as he or she remains disabled according to the definition of disability ...
Calculation of insurance premiums based on an age less than the current age of the insured. ...
Loss caused by two or more perils. A certain amount of controversy exists when one of the perils is insured and the other peril is excluded from coverage. Some courts are beginning to find ...
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