Statutory Restriction
Limitation imposed on insurance companies by state law. States oversee the insurance industry, being responsible for making certain that the rates are fair, reasonable, and adequate, and that among other things, the companies that write insurance in the state are financially sound and able to pay future claims. To this end, the states restrict the types of investments insurance companies can make with their premium dollars, and they control insurers' relationships with insureds by guaranteeing certain minimum rights to insureds.
Popular Insurance Terms
Exemption in ocean marine policy for losses caused by strikes, riots, and civil commotion. ...
Illness contracted as the result of employment-related exposures and conditions. Coverage for such diseases is found under workers compensation insurance. ...
Person covered under an employee benefit insurance plan. ...
Type of court bond filed on behalf of the defendant and used to release assets to him or her that have been attached pending a court decision. ...
In some life insurance policies, provision that permits the beneficiary, upon the death of the insured, to receive not only the death benefit payable under the policy but also all premiums ...
Coverage on an all risks basis for loss or damage to fur and jewelry at any location. Furs and jewelry must be scheduled in order to be covered. ...
Principle of law recognizing that injured persons may have contributed to their own injury. For example, by not observing the "Don't Walk" sign at a crosswalk, pedestrians may cause ...
Rule that concerns the distribution of the aggregate surplus among the policies in the same proportion as each respective policy has contributed to the surplus. ...
Model state regulation that governs method of selling life insurance to prevent fraud or misrepresentation by agents or insurers. A life insurance disclosure model regulation to help buyers ...
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