Yearly Renewable Term Plan Of Reinsurance
Type of proportional reinsurance under which the ceding company (primary insurer) cedes to a re-insurer its net amount at risk for the amount above its retention limit on a life insurance policy. In the event the insured dies, the re-insurer is obligated to pay that part of the death benefit which is equivalent to the net amount at risk.
Popular Insurance Terms
Same as term Original Age: insured's age at the date a term life insurance policy is issued. An original age or retroactive conversion option permits the insured to convert the term policy ...
HEALTH MAINTENANCE ORGANIZATION that restricts to a relatively small amount the number of medical providers from which an HMO member may seek services. Usually, HMO members may select the ...
Assistance program for the financially needy. Medicaid, also referred to as Title XIX of the Social Security Act, was enacted in 1965 at the same time as medicare. It is a joint ...
Policy underwritten on either a monoline primary insurance or monoline excess insurance basis that will allow the purchaser to increase the limits of liability coverage above that of ...
Coverage for the contents of a renter's home or apartment and for liability. Tenant policies are similar to homeowners insurance, except that they do not cover the structure. They do, ...
Surrender of rights by an insured against the third party to an insurance company that has paid a claim. ...
Monetary sum paid to an intermediary who acts as the contact between the lender (an insurance company) and the borrower. ...
Additional coverage designed to provide protection against economic losses incurred by insured wage earners when their income is interrupted or terminated because of illness, sickness, or ...
Provision that excludes from coverage under Form No. 3: flood damage, except if the flood causes a fire, explosion, or theft; water damage from the backup of sewers; earthquake, except if ...
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