Waiver Of Restoration Premium

Provision under the Internal Revenue Code, Chapter 13, that specifies a transfer tax of 55% of the gift to a person at least two generations younger than the transferor (person who gives ...

U.S. Supreme Court case in 1868 in which the decision (since overruled) was that an insurance policy was not an instrument of commerce, and thus did not involve interstate commerce ...

Form of insurance whereby the buyer (reinsurer) assumes the entire obligation of the cedent company, effected through the transfer of the policies from the cedent to the books of the ...

Standards set by the various state regulatory authorities that determine how financial statements must be prepared for regulators. The states are responsible for making certain that ...

Same as term Insuring agreement: section describing coverages under a policy. Elsewhere in the policy other sections may restrict or exclude coverages. ...

Fairness (as an objective of insurance pricing). Premium rates are set according to expectation of loss among a classification of policy owners. The premise is that all insureds with the ...

Return of a percentage of premium paid by a business firm if its loss record is better than the amount loaded into the basic premium. ...

Coverage that pays a fixed dollar amount of interest at regular intervals. ...

Management philosophy developed by W. Edwards Deming, the thesis of which is the continuous improvement in quality through research in customer satisfaction and the empowerment of ...