Retro-note Plan
Definition of "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: generally accepted accounting principles (GAAP): ...
State in which an insurance company has its principal legal residence; where an individual resides in a fixed permanent home. ...
Statistical approach stating that if a series of samples is taken from a stable population, the distribution of the means (averages) of these samples will form a normal distribution whose ...
Trust that qualifies assets under the marital deduction provision in the Federal Tax Code for favorable treatment of an estate. The surviving spouse has the full power to use the assets of ...
Term in surety coverage. Through the issue of a surety bond, a surety company is in effect the guarantor. ...
Organization of property insurance companies whose goal is to prevent and uncover fraudulent automobile fire and theft claims. ...
Coverage for personal effects of a tourist, including apparel, books, toilet articles, watches, jewelry, luggage, portable typewriters, photographs and photography equipment and supplies. ...
Recommendation of medications that should be prescribed for certain ailments. They can be classified as follows: open or voluntary recommends a list of drugs to physicians that is supposed ...
process of discovering sources of loss concerning the liability risk faced by individuals and business firms. The first step in risk management is to identify the causes of a loss by ...
Have a question or comment?
We're here to help.