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
Right of survivors to the interest in property of a deceased joint tenant as the result of property held in joint tenancy. ...
In insurance, fraudulent or unethical practice that is illegal under state law. States may fine or revoke the licenses of agents and brokers for unfair trade practices, including ...
Term meaning that an exporter of goods that are damaged or destroyed during international shipment relinquishes responsibility for the damage or destruction once the goods leave the point ...
Policy that combines life insurance coverage on two lives and pays policy proceeds on the second person's death with the accumulation potential of an underlying variable investment ...
Methods for payment of the value of a policy. An insurance company can select one of three options in settlement of a loss: make a cash payment; take possession of damaged or destroyed ...
Securities that derive their value from other financial instruments that are used by the insurance company to hedge its bets on which direction the market is moving. For example, cattle ...
Net cost of insurance with no markup to cover an intermediary's profit or expenses. An intermediary, such as a broker, sells an insurance product net; that is, there is no loading for his ...
Retirement plan in which money is currently allocated to fund an employees' pension. ...
Clause requiring an insured to cooperate with an insurance company by producing all evidence requested in settlement of a claim. The company may have difficulty settling a claim without the ...
Have a question or comment?
We're here to help.