Statement (insurance Company To Insured)
Definition of "Statement (insurance company to insured)"
Annual report to policyholders of certain cash value life insurance products and annuities to inform them of the value of the investment portion of their contracts. Buyers of whole life insurance can be said to purchase both an insurance product and a tax-deferred savings vehicle. If the insurance is terminated, the policyholder is entitled to the cash value buildup. In addition, newer forms of these policies, such as universal life insurance, variable annuities, and variable life insurance, offer policyholders a choice of investments rather than a guaranteed return. A statement informs the insured of the annual cash buildup and the performance of the investment portion.
Popular Insurance Terms
Premium income divided by the surplus account. ...
Low-cost life insurance sold by savings banks in the states of Connecticut, Massachusetts, and New York. SBLI is a popular source of life insurance in these states for two reasons: it is ...
Management philosophy developed by W. Edwards Deming, the thesis of which is the continuous improvement in quality through research in customer satisfaction and the empowerment of ...
Variation of ordinary life insurance under which current mortality experience and investment earnings are credited to the insurance policy either through the cash value account and/or the ...
Clause included in or attached to a fidelity bond designed to pay the losses that would have been paid under another specific bond had that specific bond's period of discovery not expired. ...
Amount of reinsurance accepted by a second reinsurer which is in excess of the original insurer's retention limit and the first reinsurer's first surplus treaty's limit. ...
Part of a marine cargo policy that exempts the policyholder from vouching for the seaworthiness of the vessel. For example, while a purchaser of hull marine insurance warrants that a ship ...
Amount designated as a future liability for life or health insurance to meet the difference between future benefits and future premiums, net level premium is determined so that this basic ...
Coverage that indemnifies a third party lender if a customer refuses to repay a loan made on a faulty product and the dealer who arranged the loan refuses to correct the fault. This ...
Have a question or comment?
We're here to help.