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
System whereby benefits in an employee benefit insurance plan vary according to the employee's earnings. ...
Additional amount of accidental death and dismemberment insurance not provided by the employee benefit plan (standard group life plan) that may be chosen by the employee. Generally, the ...
Arrangement by which an employee can retire and receive full benefits without reduction, or reduced benefits subject to a penalty. These ages can be classified in the following manner: ...
largest amount of reinsurance available from a company or from the general market; large amounts of reinsurance on one risk; or maximum premium volume that can be written by a reinsurer. ...
Alleged torts or breaches of contract, but not crimes. Action is brought by one individual against another at the litigant's own expense, within the statute of limitations. The losing party ...
Liability policy that covers all liability exposures for a large group that has something in common. For example, wrap-up insurance can be written for all the various businesses working ...
Time period in health insurance that must elapse between a previous illness and a current one, if the current one is to be considered a separate illness eligible for a new set of benefits. ...
Factors influencing the amount of life insurance to purchase, such as marketable skills of spouse, age of children, savings, investments, number of future working years' expectancy, amount ...
Process of discovering sources of loss concerning the property risk faced by individuals and business firms. The first step is to analyze possible perils that can damage or destroy both ...
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