Self-insured Excess Plan
Plan for excess layer (s) of insurance coverage over the primary coverage, for example, if a corporation buys $8 million as excess above a $2 million self insurance retention level. Excess coverage can be purchased from either a primary insurer or a re insurer. Before deciding on a self-insurance plan, the corporation should review its past loss experience according to pattern, timing, and types, as well as its current financial position.
Popular Insurance Terms
Plan that provides protection in the event of legal actions resulting from charges of harassment, discrimination, wrongful termination of employment, defamation, and invasion of privacy. ...
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Process of calculating a premium so that it is adequate-sufficient to pay losses according to expected frequency and severity, thereby safeguarding against the insurance company becoming ...
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Authority derived from an agent's contract with an insurance company. ...
Record a debit (or other) agent makes for premiums collected, time period for which the policy is paid, and the week of collection or date the premium was paid. In essence, the debit agent, ...
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