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
Date of the initial annuity payment. ...
Transfer of property from a bailor to a bailee; for example, transferring a suit to be cleaned from the bailor (owner) to the bailee (cleaners). ...
Structure. In general, company functions are delegated to several departments: actuarial, agency, claims and loss control, investments, legal, marketing, and underwriting. ...
Circumstance under which the insured maintains that, if an insurance policy covers at least two scheduled items of real or personal property, in the event of a loss applicable coverage ...
Legal capability of those involved in mutual assent of making a contract, including an insurance contract. Those who have been deemed to be incompetent to make a valid contract include ...
Specific powers granted by the principal (the insurance company) to the agent in the contract. ...
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Written document containing instructions on managing one's assets during one's lifetime. The document may be revoked (unless made irrevocable at creation), terminated, or amended at any ...
Premium income divided by the surplus account. ...
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