Unsolicited Application
Request for life insurance coverage by an individual, not through an agent or broker. It is given extra scrutiny by an insurance company because of the possibility of self-selection, which is the likelihood that poorer risks will seek insurance on their own initiative.
Popular Insurance Terms
Method of pricing property and liability insurance. It uses charges and credits to modify a class rate based on the special characteristics of the risk. Insurers have been able to develop a ...
Provision in a life insurance policy that permits the policy owner to name anyone as primary and secondary beneficiaries. The policy owner may change the beneficiaries at any time by simply ...
1969 federal legislation requiring states to treat national banks, including those whose principal offices are out of state, the same way for tax purposes as they treat their own ...
Legal obligation of an individual or business because of negligent acts or omissions resulting in bodily injury and/or property damage or destruction to another party. There are no ...
Person other than the annuitant as designated by the policyholder on whose life expectancy the annuity payment is also based. ...
Continuing on an indefinite basis. ...
Form provided for an inspection report. ...
Federal regulation of the money supply through changing commercial bank reserve requirements and interest rates, thereby stimulating the economy or deflating the economy. ...
Actuarial procedure used to determine the annual rate of return at which annual benefits would have to be gained from the cash value life insurance policy in order to equal the annual ...
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