Uniform Reciprocal Licensing Act
Definition of "Uniform reciprocal licensing act"
Law by which many states attempt to regulate insurers who are unlicensed in those states. With a few notable exceptions, such as re insurers, insurance companies must be licensed in the states where they do business. If a U.S. insurer sells insurance in a state where it is unauthorized, the insurer's home state may revoke its license under the Uniform Reciprocal Licensing Act.
Popular Insurance Terms
Payment made by a party causing harm to the party incurring that harm. ...
Coverage of an employee group whose members receive a monthly disability income benefit, subject to a maximum amount, if illness or accident prevents a member from performing the normal ...
Method of funding a pension plan after a worker retires. An employer purchases an annuity or sets aside a sum when an employee retires that will pay monthly lifetime benefits. ...
Feature of life and health insurance policies that stipulates that the policy represents the whole agreement between the insurance company and the insured, and that there are no other ...
List of injuries and diseases covered in a health insurance policy. Consumers are well advised to read and understand the definitions of injuries and diseases in a health insurance policy. ...
Investment risk associated with the psychology of the market in that emotions affect the price of a company's stock that, in most instances, has nothing to do with the current or potential ...
Coverage for exposures that exhibit a possibility of financial loss. ...
Statement of the financial condition of the insurance company, as well as significant events during the year in which the company has been involved and/or that have affected the company. ...
Policyholder's equity share of the life insurance company's assets. The share is based on the policyholder's contribution to assets (the company's gross premiums minus cost of insurance, ...
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