Unisex Legislation
Definition of "Unisex legislation"
Regulations affecting the right of insurance companies to use sex as one of the factors in the actuarial determination of premium rates. The precedent case for such legislation is Arizona Governing Committee v. Norris in which the decision was that a municipal retirement plan could not provide retirement benefits based on sex.
Popular Insurance Terms
Insurance company that becomes subrogated to the rights of another party. ...
Measure of the rate at which policies are cancelled or allowed to lapse. The termination rate is a factor in setting premiums for group life and health policies. ...
Formula for a given line of insurance used by property and casualty insurance companies to compare losses and loss adjustment expense with premiums. This shows the amount of each premium ...
Same as term Expected Loss: probability of loss upon which a basic premium rate is calculated. ...
Calculations involving the mortality rate of a company's insureds and the rate of return on the company's investments. It is used in calculating the prospective reserve. ...
Date of the initial annuity payment. ...
Same as term Expense Allowance: payment to an insurance agent in addition to commissions. Expense allowances, that differ from company to company, vary with the amount of business agents ...
Choice of one of the following available to a life insurance policy owner (or beneficiary, if entitled to receive a death benefit in a lump sum at the death of an insured): INTEREST OPTION ...
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 ...
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