Surplus Lines
Reinsurance: surplus reinsurance contracts under which the agreement between an insurer and a re insurer is based on the ceding company's line guide, such that the amount re insured is expressed in terms of the multiples of the retention and is referred to as a number of lines. Regular market: insurance coverage not available from an ADMITTED COMPANY in the regular market; thus a surplus lines broker agent representing an applicant seeks coverage in the surplus lines market from a NON ADMITTED INSURER according to the insurance regulations of a particular state.
Popular Insurance Terms
Type of trust used to remove assets from a surviving spouse's estate, thereby excluding such assets from federal estate tax upon the death of the surviving spouse. This type of trust allows ...
Coverage in the event of threats to injure an insured or damage or destroy his property. ...
Form of insurance whereby the buyer (reinsurer) assumes the entire obligation of the cedent company, effected through the transfer of the policies from the cedent to the books of the ...
Provision in a life insurance policy that if an insured dies within a given period of time, the beneficiary receives the face value of the policy plus its cash value. ...
Ruling that is the most significant source for the valuation of closely held corporation capital stock critical to the close corporation plan. This ruling defines the fair market value as ...
Rate charged by the Federal Reserve to commercial banks for overnight loans made by these banks. If the Federal Reserve decreases the discount rate, other rates will decline as well. ...
Assets permitted by state law to be included in an insurance company's annual statement. These assets are an important factor when regulators measure insurance company solvency. They ...
Coverage for the office of a business, or an individual in a general office building or other structure. Includes burglary of a safe; damage caused by robbery and burglary, actual or ...
In insurance, volume of premiums written. Also describes commercial activities with the profit motive as the goal of the organization. Commercial insurance companies are organized with the ...
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