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General acceptability by an insurer of an applicant for insurance, based on underwriting review, which may include items such as the applicant’s current health status,
The existence of potential financial loss on the part of the policy owner and/ or beneficiary in the event of the death of the insured.
A person authorized by an insurer to solicit applications, collect premiums, and write policies on behalf of the insurer.
The insurance broker is an individual who acts or aids in the negotiation of insurance contracts, in placing risks, or in soliciting or effecting contracts.
Insurance company that assumes risks for insureds and performs other insurance-related operations, such as loss control and claims settlements.
Property that has a value and lacks a physical existence, such as industrial property consisting of inventions, designs, or trademarks, or copyrights, such as artistic
When an individual commits an act with the intent of causing injury, damages, or a private violation of another person’s rights.
Using the organization’s funds for the financing of losses, e.g. deductibles, planned retentions, uninsured losses (planned or unplanned).
The calculation of an “unknown” discount rate that makes the PV of future cash inflows exactly equal to the net investment at time zero; only
A global system of interconnected computer networks using a standard Internet protocol to access data and information available on the World Wide Web (www); a
Investment returns on invested funds (loss reserves, capital, and retained earnings).
A self-directed, tax-deferred retirement investment account established by employed workers who earn a salary, wage, or self-employment income. An individual may establish an IRA account
A beneficiary that cannot be changed without the beneficiary’s consent.
The date an insurance policy is issued. This may also be the effective date of the policy coverage.
1) Legal doctrine applying in some states that allows an injured person to sue and recover the full amount from any one or more of
Association of two or more individuals or organizations who engage in a specific or limited business transaction; a partnership between separate business organizations.
An annuity that provides income to two or more people and continues in force as long as any one of them survives.
Provides annuity payments to the annuitant until they die then to the named survivor for their life. Usually spouse, but could be anyone named.
Exterior walls of masonry material (adobe, brick, concrete, gypsum block, hollow concrete block, stone, tile, or similar materials) with combustible floor and roof.
A rate that is applied solely to individual insureds by the insurance company.
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