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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Provision in health insurance under which an insured disabled person is required to undertake (and is reimbursed for) expenses associated with vocational rehabilitation for retraining to ...
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in life insurance, receipt by a company of an insurance application accompanied by the first premium. in property and casualty insurance, a company's receipt of an application. ...
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Sum it takes to replace an insured's damaged or destroyed property with one of like kind and quality, equivalent to the actual cash value, minus physical depreciation (fair wear and tear) ...
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