Sherman Antitrust Act
1890 law prohibiting monopolies and restraint of trade in interstate commerce. The Sherman Act was strengthened in 1914 with amendments known as the Clayton Act that added further prohibitions against price-fixing conspiracies. These federal antitrust laws at first were not applied to the insurance industry because of the 1869 Supreme Court ruling in Paul V. Virginia that insurance was not commerce and thus not subject to federal regulation. After the south-eastern underwriters association (SEUA) case in 1944 and passage of the mccarran-ferguson act (public law 15) in 1945, Congress made it clear that states would retain the power to regulate insurance but price-fixing and restraint of trade not sanctioned by state laws and regulations would be subject to federal antitrust prosecution.
Popular Insurance Terms
Rule that provides four requirements for monitoring the independent agent distribution system: The insurance company must be involved in the training of the independent agent. The ...
Coverage of two or more individuals with the death benefit payable at the last death. Premiums are significantly lower than for policies that insure one person, since the probability of ...
Important means of preventing accidents and injuries. Insurers take corporate safety programs into account when rating workers compensation and other business insurance policies. ...
One named under provisions of the employee retirement income security act of 1974 (erisa) for a terminated pension plan with an unfunded liability for its benefits. ...
Act in which a life insurance company is permitted to transfer the death benefit from the policy to the custodian of a minor beneficiary provided the beneficiary designation has ...
Approach that reflects losses expected. It is a calculation of the pure cost of property or liability insurance protection without loadings for the insurance company's expenses, premium ...
Organization of inland marine insurance underwriters. ...
Coverage if an insured can not collect on property damage or destruction losses from the hired transporter. For example, a truck transporting furniture of the insured is involved in an ...
Expenses and damages incurred as the result of damage to a ship and its cargo and/or of taking direct action to prevent initial or further damage to the ship and its cargo. These expenses ...
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