Schedule P Reserve
Definition of "Schedule p reserve"
Statutory reserve for automobile liability, representing specific dollar estimates for future claims. The national association OF insurance commissioners (naic) established formulas to project the amount that liability insurers must put aside for unpaid claims. These formulas are based on the assumption that future claims will approximate those paid out in recent years. The name comes from the NAIC convention annual statement blank, where it is designated as Schedule P.
Popular Insurance Terms
Means of funding permitted under the employee retirement income security act of 1974 (ERISA). The administrator of a pension plan can comply with required minimum funding standards by ...
Search, attraction, interview, and employment of insurance agents. This is a primary function of the general agent (GA) or agency manager. ...
Amount in a cash value life insurance policy that a policy owner will receive upon surrender of the policy, minus any outstanding loan and accrued interest. A table in the policy shows the ...
Coverage providing funds for maintenance of a business as closely to normal as possible in the event of a loss of a key person, owner, or partner. ...
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Nonforfeiture option that uses the cash value of an ordinary life policy as a single premium to purchase term life insurance in the amount of the original policy. The length of the term ...
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