Accumulation period – The insured period must include eligible medical expenses at least equal to the deductible amount to establish a benefit period under a higher medical expense policy or a full medical expense policy. Officer – a president, vice-president, treasurer, actuary, secretary, controller and any other person who performs functions for the corporation that correspond to those of the above-mentioned officers. Federally Reinsured Harvest – Crop insurance coverage that is reinsurance, in whole or in part, by the Federal Crop Insurance Corporation (FCIC) under the Standard Reinsurance Agreement (SRA). These include: Multi-Risk Crop Insurance (MPC); disaster insurance, crop yield coverage (CRC); Income protection and sales security. Whole life – life insurance that can be maintained for a person`s entire life and that pays a benefit on the person`s death, regardless of the case. Limited policies – health insurance coverage for a specific disease, such as cancer. Additional expense insurance – a type of property insurance for extraordinary expenses related to business interruptions, such as a backup generator in the event of a power outage. Commercial flooding – separate flood insurance that is sold to commercial companies. Social Security – A compulsory insurance scheme administered by a federal or state government agency with an emphasis on social adequacy. NFIP – National Flood Insurance Program – Flood insurance and floodplain management for personal and commercial property managed under the National Flood Act of 1968. Promotes the participation of private insurers through a flood insurance fund.
The definitions in this glossary are developed by staff in the NAIC`s Department of Research and Actuarial Science based on a variety of insurance references. These definitions represent a general or general use of the term. Some words and/or phrases may be defined differently by other entities or used in a context where the definition indicated may not apply. Experience assessment – A scoring system in which each group is assessed entirely on the basis of its own expected rights for the coming period, with retroactive adjustments for previous periods. This method is prohibited under the conditions of federal qualification. Chartered Property Casualty Underwriter (CPCU) – a professional designation awarded by the American Institute of Property and Casualty Underwriters to individuals in the field of property and casualty insurance who pass a series of audits in the fields of insurance, risk management, economics, finance, management, accounting and law. Designated persons must also have at least three years of experience in the insurance industry or related fields. Condominiums – Home insurance sold to apartment owners who occupy the property described. Broker – a person who receives commissions from the sale and service of insurance policies. These people work on behalf of the client and are not limited to the sales policies of a particular company, but commissions are paid by the company with which the sale was made. Provision of unsolvability – a life insurance and provident insurance that limits the period during which the insurer has the right to cancel the contract on the basis of a significant misrepresentation in the insurance application.
Flood coverage that protects the insured against loss or damage to real or personal property caused by flooding. (Note: If flood coverage is offered as an additional hazard to a property insurance policy, submit it under the appropriate property insurance registration code.) Medicare – a state aid program adopted under Title XVIII of the 1965 Amendments to Social Security to provide hospital and health insurance to people over the age of 65. Commission – a percentage of the premium paid by insurance companies for selling policies to agents. Risk – uncertainty as to the possibility of loss due to a risk for which insurance is taken out. Unauthorised reinsurance – reinsurance with an entity that is not authorised in the country of residence of the reporting company. Term life insurance – life insurance that is payable only if the death of the insured occurs within a certain period of time, e.B. 5 or 10 years, or before a certain age. Group pensions – Non-variable and variable deferred – a repurchase agreement that provides for the accumulation on the basis of (1) funds accumulated on the basis of a guaranteed credit interest rate or an additional interest rate applied to certain considerations, and (2) funds whose accumulation varies according to the return chosen by the policyholder of the underlying investment portfolio. The contract provides for the initiation of payments at a certain later date. Variable life insurance – Life insurance whose face value and/or maturity varies according to the value of the underlying securities. Specified value policy – an insurance contract whose value is agreed in advance and is not linked to the amount of insured damages. Accidental Death and Dismemberment – an insurance policy that pays a fixed benefit in the event of death and/or dismemberment caused by an accident or certain types of accidents.
Accident insurance – a form of liability insurance that covers acts of negligence and omissions such as workers` compensation, errors and omissions, fidelity, crime, glass, boiler and various medical errors. Medicare + Choice – a major initiative of the Balanced Budget Act of 1997 (also known as Medicare Part C) that allows Medicare recipients to choose from multiple managed care options or a Medicare system. Surplus – An insurance term that refers to retained earnings. Excess Claim Reinsurance – A loss-sharing mechanism in which an insurer pays all claims up to a certain amount and a reinsurance company pays all claims in excess of the specified amount. Health insurance – an umbrella term that applies to all types of insurance that compensates for or reimburses damage caused by bodily injury or illness, including associated medical expenses. The Human Rights Campaign envisions a world where every member of the LGBTQ+ family has the freedom to live their truth without fear and with equality before the law. We empower our 3 million members and supporters to mobilize against attacks on the most marginalized people in our community. Reported losses – Includes the two expected payments for losses related to insurance-related events that have occurred and have been reported to the insurance company but have not yet been paid. Mutual insurance holding company – a company organized as a mutual insurance policy and holding one or more share capital insurers to pool risks for many people, usually in the same industry. Underlying interest rate – the assets, liabilities or other interest underlying a derivative instrument, including but not limited to one or more securities, currencies, price indices, commodities, derivatives or other financial market instruments. uncontrolled stock insurers – insurers in which a parent company holds: 1) a financial interest represented by the direct or indirect ownership of less than 50% of the voting shares, and 2) are not able to exercise control over the insurer, e.B. through voting shares or Chartered Life Underwriter (CLU) management contracts – a professional title, awarded by the American College to individuals in the field of life insurance who pass a series of exams in insurance, investments, taxes, retirement plans, estate planning, accounting, management and economics.
Rate – Value of insured losses, expressed as cost per unit of insurance. Claim Form – A type of liability insurance form that will only be paid for if the event that caused (triggered) the claim and the actual claim are filed with the insurance company during the insurance period Unauthorized attempts to upload information and/or change information about any part of this website are strictly prohibited and subject to prosecution under the Fraud and Fraud Act. computer abuse of 1986 and the National Information Infrastructure Protection Act of 1996 (see Title 18 U.S.C§ §§ 1001 and 1030). Credit health insurance – a policy that designates the creditor as the beneficiary of a debtor`s insurance, thereby transferring the balance of payments to the creditor in the event that the debtor becomes disabled. . . . .