Unbundled
Term that describes commercial insurance with no administrative services attached, or alternatively, administrative services from an insurer without insurance coverage. Years ago, insureds bought a package that included coverage for exposures as well as claims paying, loss control, and other risk management services. With the increasing sophistication of risk management in the past decade, and to reduce their costs, many corporations elect to perform some of these duties themselves and to purchase insurance and other services on an unbundled basis.
Popular Insurance Terms
Extension of a Workers Compensation and Employers Liability Insurance policy to cover workers who go aboard ship to perform their jobs. ...
The pro rata clause in an insurance policy stipulates ways in which coverage is distributed. Because of pro rata clauses, there are instances in the insurance world where one policyholder ...
Statistics (such as health data from physical examination of employees or other insureds) used as a benchmark from which deviations and comparisons of expected losses, as well as future ...
Study of buying habits of consumers to determine their insurance needs. ...
Relationship of the frequency of illness, sickness, and diseases contracted by individual members of a group to the entire group membership over a particular time period. ...
Date, in insurance, on which a person becomes one year older. Depending on the insurance company, premiums in life and health insurance manuals are figured to the age-nearest-birthday or ...
In marine insurance, clause giving an insured the right to abandon lost or damaged property and still claim full settlement from an insurer (subject to certain restrictions). Two types of ...
Policy that generates a savings element. Cash values are critical to a permanent life insurance policy. The size of a cash value buildup differs substantially from company to company. In ...
Highest price investor is willing to pay for a stock or mutual fund unit and lowest price a seller of a stock or mutual fund is willing to accept. ...
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