Statutory Statement Of Accounting Principle (SSAP) 65—property And Casualty Contracts
Definition of "Statutory statement of accounting principle (SSAP) 65—property and casualty contracts"
State law that stipulates the establishment of required reserves for claims made basis liability coverage contracts, removes the excess statutory reserves, and directs that all amounts that represent contractual reimbursements to the insurance company be reflected as a reduction in paid losses.
Popular Insurance Terms
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Maximum sum of money that the insurance company will pay, during the time interval that the product liability insurance coverage is in effect, for all product liability-related claims ...
Modest life insurance coverage to pay burial expenses upon the death of an insured. ...
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Guarantee by a reinsurance company that payment for losses incurred by a third party will be made even though that third party has no contractual arrangement with the reinsurance company. ...
Law that requires that all surplus lines insurance companies maintain a minimum specified amount of capital and surplus; also requires that alien insurers maintain a trust fund on location ...
Worst case scenario under which an estimate is made of the maximum dollar amount that can be lost if a catastrophe occurs such as a hurricane or firestorm. ...
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