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
Distribution of a deceased beneficiary's share of an estate among that beneficiary's children. Contrast with per capita. ...
Coverage that goes into effect when an employer who has self insurance has its total group health insurance claims attain a certain level, which is usually 125% of its annual projected ...
Individuals who inherit assets as the result of being named in a will. ...
Option clause in a disability buy-out insurance policy that permits the owner of the policy to increase the limits of coverage for the expenses associated with the buy-out process. Usually, ...
Phrase describing a form of joint tenancy ownership where property passes to the survivors when one party dies. ...
Clause in an insurance policy stipulating that the benefits under the policy will accrue to the right of the insured. For example, if the insured leaves a violin at a repair shop and that ...
Interest earned on dividends from a participating life insurance policy left on deposit with the insurance company and subject to taxation. ...
Type of judicial bond under which a plaintiff is held liable for damages in the event of a false injunction. The objective of this bond is to protect the party who has been wrongly accused ...
Compensation payable to the owner of a ship detained for reasons beyond his or her control who incurs a loss of earnings because of the delay. Detainment can be caused by a delay in the ...
Have a question or comment?
We're here to help.