Savings Bank Life Insurance (sbli)
Low-cost life insurance sold by savings banks in the states of Connecticut, Massachusetts, and New York. SBLI is a popular source of life insurance in these states for two reasons: it is offered in bank lobbies, which makes it convenient; and there are no commissions, as with commercial life insurance, which makes it cheaper. Although banks generally are barred from the insurance business, SBLI was allowed by these three states at the urging of consumer groups. Other states have refused to adopt similar legislation. Maximum policy amounts are limited by state law.
Popular Insurance Terms
Organization formed to encourage research in insurance and to foster an exchange of ideas and research methodology among the society members. ...
Failure of an insurance company to offer similar insurance coverages at comparable premium rates to all individuals or groups with the same underwriting characteristics. Such discriminatory ...
Set of yield curves in which an interest rate is specified for various maturities such as monthly, quarterly, or annually. The basis of the interest rate can be corporate bond rates, United ...
(stop loss) amount over which a health insurance plan pays 100% of the costs in a percentage participation plan. Here, an insured shares costs with the insurer according to some ...
Assembly of people formed only for obtaining group insurance. Such a group is uninsurable and violates underwriting principles concerning group insurance. ...
Surcharge, in retrospective rating of property and liability insurance, added to the basic premium rate charged to reflect fixed cost of adjusting or settling losses. ...
Transit over land. ...
Federal legislation requiring employers with traditional health plans to also provide an HMO to its employees. The act also makes it mandatory for employers to contribute as much to the HMO ...
owner of property has an insurable interest because of the expectation of monetary loss if that property is damaged or destroyed. creditor of an insured has an insurable interest in ...
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