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
Coverage for bodily injury and property damage liability excluded under standard ocean marine insurance. Coverage includes protection of wharfs, docks, and harbors; bodily injury; cost of ...
Payment of benefits by an insurance policy to a policy owner (usually the insured) if a loss occurs. ...
Total limit of coverage under all policies applicable to the covered loss for which an insured can be indemnified. For example, if two health insurance policies are in force on the same ...
laws enacted by all of the 50 states whose purpose it is to reduce or eliminate the volunteer's civil liability exposure. An ideal law would exclude the volunteer from civil liability ...
Camera and related equipment coverage found in inland marine insurance. ...
Professional designation earned after the successful completion of four national examinations given by the insurance institute of America (IIA). Covers such areas of expertise as insurance ...
recipient. insurance company that receives a premium payment from a payer. insured or beneficiary who receives a loss or benefit payment from an insurer. ...
Insurance contract that cannot be cancelled by the insurance company. Since the insurance policy is a UNILATERAL CONTRACT instead of a BILATERAL CONTRACT, the INSURED may cancel at will. ...
Plan under which life insurance is substituted for retirement income. Under the plan, a married individual selects a single life annuity payout from the pension plan, which will generate ...
Have a question or comment?
We're here to help.