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
Professional designation earned after the successful completion of three national examinations given by the insurance institute of America (IIA). Covers such areas of expertise as ...
Choice of beneficiary in which the death benefit of a life insurance policy is retained by the company to be paid as a series of installments of fixed dollar amounts per installment until ...
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Rate-making division of insurance services offices (ISO) for inland marine insurance coverages of member companies. ...
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