An insurance company authorized to do business in a state by that state’s insurance department, including being subject to the department’s regulations regarding financial security,
An insurance company that is authorized and licensed to do business in a state.
A facility that provides long-term care services to adults during the day.
Individuals with poor health who are more apt to apply for or continue insurance than those with average or better-than-average health.
A relationship, express or implied, wherein one party (principal) delegates authority to another person (agent or proxy) to undertake certain activities for the principal. The
A captive owned by an insurance agency or agencies formed for the purpose of insuring the risks of agency clients or to participate with an
An office where insurance is sold. It may be directed towards property and liability insurance or life and health insurance, or both. Also, it might
A representative of one or more companies, who solicits, completes applications, collects initial premiums, issues binders and/or conditional receipts, delivers policies, and services insurance contracts.
The re-insurer pays when the ceding company’s aggregate net losses exceed a predetermined amount or proportion of premium income. For example, reinsurance covers 90% of
The maximum amount of protection for all losses occurring under an insurance policy or funding arrangement during the specified term of the contract (usually one
Similar to LPT’s in how they treat existing losses and the development of premium. However, unlike an LPT, a retrospective aggregate loss contract addresses gaps
An expense directly assigned to or that arises from a particular claim; examples of Allocated Loss Adjustment Expense include court fees and outside legal counsel.
A contract in which there is an unequal exchange between parties because the element of chance is involved in performance under the contract.
An insurance company formed and domiciled in a country outside the United States and permitted to do business in the US contingent on financial guarantees.
An expense directly assigned to or that arises from a particular claim; examples of Allocated Loss Adjustment Expense include court fees and outside legal counsel.
An expense directly assigned to or that arises from a particular claim; examples of Allocated Loss Adjustment Expense include court fees and outside legal counsel.
Method for resolving legal disputes other than full litigation through formal trial. Three types- mediation, arbitration, mini-trials or summary jury trials (SJT).
Any risk financing mechanism that does not involve a commercial insurance company, e.g., captive insurers, risk retention group, pools, and individual self-insurance
An accounting concept; expense (short-term) or capitalizing (long-term) of intermediate term costs (development costs); writing off the value of an intangible asset over its useful
Total value at risk at a single location regardless of protective measures limited only be adequate separation between structures.
The individual on whose life the annuity is based and normally the person who receives the annuity payment.
The beginning of a series of payments from an annuity. This term also refers to the settlement (payout) of life insurance policy proceeds under a
Payment of a benefit where an individual receives a regular stream of income from the insurer, for life or for a specified number of years.
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