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6d5841ec_Glossary_Flashcards___Cram_com__A_SHARE_VARIABLE_ANNUITY | An organizational structure that provides mutual companies with the organizational and capital raising advantages of stock insurers, while retaining the policyholder ownership of the mutual. [A-SHARE VARIABLE ANNUITY] | MUTUAL HOLDING COMPANY | [] | III's Glossary Flashcards - Cram.com | A-SHARE VARIABLE ANNUITY | http://www.cram.com/flashcards/iiis-glossary-457869 | 38/1438042981969.11_20150728002301-00177-ip-10-236-191-2_395541887_0.json |
6d5841ec_Glossary_Flashcards___Cram_com__A_SHARE_VARIABLE_ANNUITY | A company owned by its policyholders that returns part of its profits to the policyholders as dividends. The insurer uses the rest as a surplus cushion in case of large and unexpected losses. [A-SHARE VARIABLE ANNUITY] | MUTUAL INSURANCE COMPANY | [] | III's Glossary Flashcards - Cram.com | A-SHARE VARIABLE ANNUITY | http://www.cram.com/flashcards/iiis-glossary-457869 | 38/1438042981969.11_20150728002301-00177-ip-10-236-191-2_395541887_0.json |
6d5841ec_Glossary_Flashcards___Cram_com__A_SHARE_VARIABLE_ANNUITY | Peril specifically mentioned as covered in an insurance policy. [A-SHARE VARIABLE ANNUITY] | NAMED PERIL | [] | III's Glossary Flashcards - Cram.com | A-SHARE VARIABLE ANNUITY | http://www.cram.com/flashcards/iiis-glossary-457869 | 38/1438042981969.11_20150728002301-00177-ip-10-236-191-2_395541887_0.json |
6d5841ec_Glossary_Flashcards___Cram_com__A_SHARE_VARIABLE_ANNUITY | Federal government-sponsored program under which flood insurance is sold to homeowners and businesses. (See Adverse selection, Flood insurance ) [A-SHARE VARIABLE ANNUITY] | NATIONAL FLOOD INSURANCE PROGRAM | [] | III's Glossary Flashcards - Cram.com | A-SHARE VARIABLE ANNUITY | http://www.cram.com/flashcards/iiis-glossary-457869 | 38/1438042981969.11_20150728002301-00177-ip-10-236-191-2_395541887_0.json |
6d5841ec_Glossary_Flashcards___Cram_com__A_SHARE_VARIABLE_ANNUITY | Auto insurance coverage that pays for each driver’s own injuries, regardless of who caused the accident. No-fault varies from state to state. It also refers to an auto liability insurance system that restricts lawsuits to serious cases. Such policies are designed to promote faster reimbursement and to reduce litigation... | NO-FAULT | [] | III's Glossary Flashcards - Cram.com | A-SHARE VARIABLE ANNUITY | http://www.cram.com/flashcards/iiis-glossary-457869 | 38/1438042981969.11_20150728002301-00177-ip-10-236-191-2_395541887_0.json |
6d5841ec_Glossary_Flashcards___Cram_com__A_SHARE_VARIABLE_ANNUITY | A type of accident coverage in homeowners policies. [A-SHARE VARIABLE ANNUITY] | NO-FAULT MEDICAL | [] | III's Glossary Flashcards - Cram.com | A-SHARE VARIABLE ANNUITY | http://www.cram.com/flashcards/iiis-glossary-457869 | 38/1438042981969.11_20150728002301-00177-ip-10-236-191-2_395541887_0.json |
6d5841ec_Glossary_Flashcards___Cram_com__A_SHARE_VARIABLE_ANNUITY | The idea that people who don’t buy coverage should not receive benefits. Prohibits uninsured drivers from collecting damages from insured drivers. In most states with this law, uninsured drivers may not sue for noneconomic damages such as pain and suffering. In other states, uninsured drivers are required to pay the eq... | NO-PAY, NO-PLAY | [] | III's Glossary Flashcards - Cram.com | A-SHARE VARIABLE ANNUITY | http://www.cram.com/flashcards/iiis-glossary-457869 | 38/1438042981969.11_20150728002301-00177-ip-10-236-191-2_395541887_0.json |
6d5841ec_Glossary_Flashcards___Cram_com__A_SHARE_VARIABLE_ANNUITY | Assets that are not included on the balance sheet of an insurance company, including furniture, fixtures, past-due accounts receivable, and agents’ debt balances. (See Assets ) [A-SHARE VARIABLE ANNUITY] | NON-ADMITTED ASSETS | [] | III's Glossary Flashcards - Cram.com | A-SHARE VARIABLE ANNUITY | http://www.cram.com/flashcards/iiis-glossary-457869 | 38/1438042981969.11_20150728002301-00177-ip-10-236-191-2_395541887_0.json |
6d5841ec_Glossary_Flashcards___Cram_com__A_SHARE_VARIABLE_ANNUITY | Insurers licensed in some states, but not others. States where an insurer is not licensed call that insurer non-admitted. They sell coverage that is unavailable from licensed insurers within the state. [A-SHARE VARIABLE ANNUITY] | NON-ADMITTED INSURER | [] | III's Glossary Flashcards - Cram.com | A-SHARE VARIABLE ANNUITY | http://www.cram.com/flashcards/iiis-glossary-457869 | 38/1438042981969.11_20150728002301-00177-ip-10-236-191-2_395541887_0.json |
6d5841ec_Glossary_Flashcards___Cram_com__A_SHARE_VARIABLE_ANNUITY | A written notice required by insurance companies immediately after an accident or other loss. Part of the standard provisions defining a policyholder's responsibilities after a loss. [A-SHARE VARIABLE ANNUITY] | NOTICE OF LOSS | [] | III's Glossary Flashcards - Cram.com | A-SHARE VARIABLE ANNUITY | http://www.cram.com/flashcards/iiis-glossary-457869 | 38/1438042981969.11_20150728002301-00177-ip-10-236-191-2_395541887_0.json |
6d5841ec_Glossary_Flashcards___Cram_com__A_SHARE_VARIABLE_ANNUITY | Covers operators of nuclear reactors and other facilities for liability and property damage in the case of a nuclear accident and involves both private insurers and the federal government. [A-SHARE VARIABLE ANNUITY] | NUCLEAR INSURANCE | [] | III's Glossary Flashcards - Cram.com | A-SHARE VARIABLE ANNUITY | http://www.cram.com/flashcards/iiis-glossary-457869 | 38/1438042981969.11_20150728002301-00177-ip-10-236-191-2_395541887_0.json |
6d5841ec_Glossary_Flashcards___Cram_com__A_SHARE_VARIABLE_ANNUITY | A form of long-term care policy that covers a policyholder’s stay in a nursing facility. [A-SHARE VARIABLE ANNUITY] | NURSING HOME INSURANCE | [] | III's Glossary Flashcards - Cram.com | A-SHARE VARIABLE ANNUITY | http://www.cram.com/flashcards/iiis-glossary-457869 | 38/1438042981969.11_20150728002301-00177-ip-10-236-191-2_395541887_0.json |
6d5841ec_Glossary_Flashcards___Cram_com__A_SHARE_VARIABLE_ANNUITY | Abnormal condition or illness caused by factors associated with the workplace. Like occupational injuries, this is covered by workers compensation policies. (See Workers compensation) ) [A-SHARE VARIABLE ANNUITY] | OCCUPATIONAL DISEASE | [] | III's Glossary Flashcards - Cram.com | A-SHARE VARIABLE ANNUITY | http://www.cram.com/flashcards/iiis-glossary-457869 | 38/1438042981969.11_20150728002301-00177-ip-10-236-191-2_395541887_0.json |
6d5841ec_Glossary_Flashcards___Cram_com__A_SHARE_VARIABLE_ANNUITY | Insurance that pays claims arising out of incidents that occur during the policy term, even if they are filed many years later. (See Claims-made policy ) [A-SHARE VARIABLE ANNUITY] | OCCURRENCE POLICY | [] | III's Glossary Flashcards - Cram.com | A-SHARE VARIABLE ANNUITY | http://www.cram.com/flashcards/iiis-glossary-457869 | 38/1438042981969.11_20150728002301-00177-ip-10-236-191-2_395541887_0.json |
6d5841ec_Glossary_Flashcards___Cram_com__A_SHARE_VARIABLE_ANNUITY | Coverage of all types of vessels and watercraft, for property damage to the vessel and cargo, including such risks as piracy and the jettisoning of cargo to save the property of others. Coverage for marine-related liabilities. War is excluded from basic policies, but can be bought back. [A-SHARE VARIABLE ANNUITY] | OCEAN MARINE INSURANCE | [] | III's Glossary Flashcards - Cram.com | A-SHARE VARIABLE ANNUITY | http://www.cram.com/flashcards/iiis-glossary-457869 | 38/1438042981969.11_20150728002301-00177-ip-10-236-191-2_395541887_0.json |
6d5841ec_Glossary_Flashcards___Cram_com__A_SHARE_VARIABLE_ANNUITY | States where insurance companies can set new rates without prior approval, although the state’s commissioner can disallow them if they are not reasonable and adequate or are discriminatory. [A-SHARE VARIABLE ANNUITY] | OPEN COMPETITION STATES | [] | III's Glossary Flashcards - Cram.com | A-SHARE VARIABLE ANNUITY | http://www.cram.com/flashcards/iiis-glossary-457869 | 38/1438042981969.11_20150728002301-00177-ip-10-236-191-2_395541887_0.json |
6d5841ec_Glossary_Flashcards___Cram_com__A_SHARE_VARIABLE_ANNUITY | The cost of maintaining a business’s property, includes insurance, property taxes, utilities and rent, but excludes income tax, depreciation and other financing expenses. [A-SHARE VARIABLE ANNUITY] | OPERATING EXPENSES | [] | III's Glossary Flashcards - Cram.com | A-SHARE VARIABLE ANNUITY | http://www.cram.com/flashcards/iiis-glossary-457869 | 38/1438042981969.11_20150728002301-00177-ip-10-236-191-2_395541887_0.json |
6d5841ec_Glossary_Flashcards___Cram_com__A_SHARE_VARIABLE_ANNUITY | Contracts that allow, but do not oblige, the buying or selling of property or assets at a certain date at a set price. [A-SHARE VARIABLE ANNUITY] | OPTIONS | [] | III's Glossary Flashcards - Cram.com | A-SHARE VARIABLE ANNUITY | http://www.cram.com/flashcards/iiis-glossary-457869 | 38/1438042981969.11_20150728002301-00177-ip-10-236-191-2_395541887_0.json |
6d5841ec_Glossary_Flashcards___Cram_com__A_SHARE_VARIABLE_ANNUITY | Endorsement to a property policy, including homeowners, that pays for the extra expense of rebuilding to comply with ordinances or laws, often building codes, that did not exist when the building was originally built. For example, a building severely damaged in a hurricane may have to be elevated above the flood line w... | ORDINANCE OR LAW COVERAGE | [] | III's Glossary Flashcards - Cram.com | A-SHARE VARIABLE ANNUITY | http://www.cram.com/flashcards/iiis-glossary-457869 | 38/1438042981969.11_20150728002301-00177-ip-10-236-191-2_395541887_0.json |
6d5841ec_Glossary_Flashcards___Cram_com__A_SHARE_VARIABLE_ANNUITY | A life insurance policy that remains in force for the policyholder’s lifetime. [A-SHARE VARIABLE ANNUITY] | ORDINARY LIFE INSURANCE | [] | III's Glossary Flashcards - Cram.com | A-SHARE VARIABLE ANNUITY | http://www.cram.com/flashcards/iiis-glossary-457869 | 38/1438042981969.11_20150728002301-00177-ip-10-236-191-2_395541887_0.json |
6d5841ec_Glossary_Flashcards___Cram_com__A_SHARE_VARIABLE_ANNUITY | Sheet metal auto parts made by the manufacturer of the vehicle. (See Generic auto parts ) [A-SHARE VARIABLE ANNUITY] | ORIGINAL EQUIPMENT MANUFACTURER PARTS / OEM | [] | III's Glossary Flashcards - Cram.com | A-SHARE VARIABLE ANNUITY | http://www.cram.com/flashcards/iiis-glossary-457869 | 38/1438042981969.11_20150728002301-00177-ip-10-236-191-2_395541887_0.json |
6d5841ec_Glossary_Flashcards___Cram_com__A_SHARE_VARIABLE_ANNUITY | Security that is not listed or traded on an exchange such as the New York Stock Exchange. Business in over-the-counter securities is conducted through dealers using electronic networks. [A-SHARE VARIABLE ANNUITY] | OVER-THE-COUNTER (OTC) | [] | III's Glossary Flashcards - Cram.com | A-SHARE VARIABLE ANNUITY | http://www.cram.com/flashcards/iiis-glossary-457869 | 38/1438042981969.11_20150728002301-00177-ip-10-236-191-2_395541887_0.json |
6d5841ec_Glossary_Flashcards___Cram_com__A_SHARE_VARIABLE_ANNUITY | A single insurance policy that combines several coverages previously sold separately. Examples include homeowners insurance and commercial multiple peril insurance. [A-SHARE VARIABLE ANNUITY] | PACKAGE POLICY | [] | III's Glossary Flashcards - Cram.com | A-SHARE VARIABLE ANNUITY | http://www.cram.com/flashcards/iiis-glossary-457869 | 38/1438042981969.11_20150728002301-00177-ip-10-236-191-2_395541887_0.json |
6d5841ec_Glossary_Flashcards___Cram_com__A_SHARE_VARIABLE_ANNUITY | A system proposed in the 1990s in which auto insurance premiums would be paid to state governments through a per-gallon surcharge on gasoline. [A-SHARE VARIABLE ANNUITY] | PAY-AT-THE-PUMP | [] | III's Glossary Flashcards - Cram.com | A-SHARE VARIABLE ANNUITY | http://www.cram.com/flashcards/iiis-glossary-457869 | 38/1438042981969.11_20150728002301-00177-ip-10-236-191-2_395541887_0.json |
6d5841ec_Glossary_Flashcards___Cram_com__A_SHARE_VARIABLE_ANNUITY | An independent federal government agency that administers the Pension Plan Termination Insurance program to ensure that vested benefits of employees whose pension plans are being terminated are paid when they come due. Only defined benefit plans are covered. Benefits are paid up to certain limits. [A-SHARE VARIABLE ANN... | PENSION BENEFIT GUARANTY CORPORATION | [] | III's Glossary Flashcards - Cram.com | A-SHARE VARIABLE ANNUITY | http://www.cram.com/flashcards/iiis-glossary-457869 | 38/1438042981969.11_20150728002301-00177-ip-10-236-191-2_395541887_0.json |
6d5841ec_Glossary_Flashcards___Cram_com__A_SHARE_VARIABLE_ANNUITY | Programs to provide employees with retirement income after they meet minimum age and service requirements. Life insurers hold some of these funds. Since the 1970s responsibility for funding retirement has increasingly shifted from employers (defined benefit plans that promise workers a specific retirement income) to em... | PENSIONS | [] | III's Glossary Flashcards - Cram.com | A-SHARE VARIABLE ANNUITY | http://www.cram.com/flashcards/iiis-glossary-457869 | 38/1438042981969.11_20150728002301-00177-ip-10-236-191-2_395541887_0.json |
6d5841ec_Glossary_Flashcards___Cram_com__A_SHARE_VARIABLE_ANNUITY | A specific risk or cause of loss covered by an insurance policy, such as a fire, windstorm, flood, or theft. A named-peril policy covers the policyholder only for the risks named in the policy in contrast to an all-risk policy, which covers all causes of loss except those specifically excluded. [A-SHARE VARIABLE ANNUIT... | PERIL | [] | III's Glossary Flashcards - Cram.com | A-SHARE VARIABLE ANNUITY | http://www.cram.com/flashcards/iiis-glossary-457869 | 38/1438042981969.11_20150728002301-00177-ip-10-236-191-2_395541887_0.json |
6d5841ec_Glossary_Flashcards___Cram_com__A_SHARE_VARIABLE_ANNUITY | A policy or an addition to a policy used to cover personal valuables, like jewelry or furs. [A-SHARE VARIABLE ANNUITY] | PERSONAL ARTICLES FLOATER | [] | III's Glossary Flashcards - Cram.com | A-SHARE VARIABLE ANNUITY | http://www.cram.com/flashcards/iiis-glossary-457869 | 38/1438042981969.11_20150728002301-00177-ip-10-236-191-2_395541887_0.json |
6d5841ec_Glossary_Flashcards___Cram_com__A_SHARE_VARIABLE_ANNUITY | Portion of an auto insurance policy that covers the treatment of injuries to the driver and passengers of the policyholder’s car. [A-SHARE VARIABLE ANNUITY] | PERSONAL INJURY PROTECTION COVERAGE / PIP | [] | III's Glossary Flashcards - Cram.com | A-SHARE VARIABLE ANNUITY | http://www.cram.com/flashcards/iiis-glossary-457869 | 38/1438042981969.11_20150728002301-00177-ip-10-236-191-2_395541887_0.json |
6d5841ec_Glossary_Flashcards___Cram_com__A_SHARE_VARIABLE_ANNUITY | Property/casualty insurance products that are designed for and bought by individuals, including homeowners and automobile policies. (See Commercial lines ) [A-SHARE VARIABLE ANNUITY] | PERSONAL LINES | [] | III's Glossary Flashcards - Cram.com | A-SHARE VARIABLE ANNUITY | http://www.cram.com/flashcards/iiis-glossary-457869 | 38/1438042981969.11_20150728002301-00177-ip-10-236-191-2_395541887_0.json |
6d5841ec_Glossary_Flashcards___Cram_com__A_SHARE_VARIABLE_ANNUITY | Health insurance policy that allows the employee to choose between in-network and out-of-network care each time medical treatment is needed. [A-SHARE VARIABLE ANNUITY] | POINT-OF-SERVICE PLAN | [] | III's Glossary Flashcards - Cram.com | A-SHARE VARIABLE ANNUITY | http://www.cram.com/flashcards/iiis-glossary-457869 | 38/1438042981969.11_20150728002301-00177-ip-10-236-191-2_395541887_0.json |
6d5841ec_Glossary_Flashcards___Cram_com__A_SHARE_VARIABLE_ANNUITY | A written contract for insurance between an insurance company and policyholder stating details of coverage. [A-SHARE VARIABLE ANNUITY] | POLICY | [] | III's Glossary Flashcards - Cram.com | A-SHARE VARIABLE ANNUITY | http://www.cram.com/flashcards/iiis-glossary-457869 | 38/1438042981969.11_20150728002301-00177-ip-10-236-191-2_395541887_0.json |
6d5841ec_Glossary_Flashcards___Cram_com__A_SHARE_VARIABLE_ANNUITY | The amount of money remaining after an insurer’s liabilities are subtracted from its assets. It acts as a financial cushion above and beyond reserves, protecting policyholders against an unexpected or catastrophic situation. [A-SHARE VARIABLE ANNUITY] | POLICYHOLDERS' SURPLUS | [] | III's Glossary Flashcards - Cram.com | A-SHARE VARIABLE ANNUITY | http://www.cram.com/flashcards/iiis-glossary-457869 | 38/1438042981969.11_20150728002301-00177-ip-10-236-191-2_395541887_0.json |
6d5841ec_Glossary_Flashcards___Cram_com__A_SHARE_VARIABLE_ANNUITY | Coverage for businesses operating abroad against loss due to political upheaval such as war, revolution, or confiscation of property. [A-SHARE VARIABLE ANNUITY] | POLITICAL RISK INSURANCE | [] | III's Glossary Flashcards - Cram.com | A-SHARE VARIABLE ANNUITY | http://www.cram.com/flashcards/iiis-glossary-457869 | 38/1438042981969.11_20150728002301-00177-ip-10-236-191-2_395541887_0.json |
6d5841ec_Glossary_Flashcards___Cram_com__A_SHARE_VARIABLE_ANNUITY | Policies that cover property loss and liability arising from pollution-related damages, for sites that have been inspected and found uncontaminated. It is usually written on a claims-made basis so policies pay only claims presented during the term of the policy or within a specified time frame after the policy expires.... | POLLUTION INSURANCE | [] | III's Glossary Flashcards - Cram.com | A-SHARE VARIABLE ANNUITY | http://www.cram.com/flashcards/iiis-glossary-457869 | 38/1438042981969.11_20150728002301-00177-ip-10-236-191-2_395541887_0.json |
6d5841ec_Glossary_Flashcards___Cram_com__A_SHARE_VARIABLE_ANNUITY | Network of medical providers which charge on a fee-for-service basis, but are paid on a negotiated, discounted fee schedule. [A-SHARE VARIABLE ANNUITY] | PREFERRED PROVIDER ORGANIZATION | [] | III's Glossary Flashcards - Cram.com | A-SHARE VARIABLE ANNUITY | http://www.cram.com/flashcards/iiis-glossary-457869 | 38/1438042981969.11_20150728002301-00177-ip-10-236-191-2_395541887_0.json |
6d5841ec_Glossary_Flashcards___Cram_com__A_SHARE_VARIABLE_ANNUITY | The particular location of the property or a portion of it as designated in an insurance policy. [A-SHARE VARIABLE ANNUITY] | PREMISES | [] | III's Glossary Flashcards - Cram.com | A-SHARE VARIABLE ANNUITY | http://www.cram.com/flashcards/iiis-glossary-457869 | 38/1438042981969.11_20150728002301-00177-ip-10-236-191-2_395541887_0.json |
6d5841ec_Glossary_Flashcards___Cram_com__A_SHARE_VARIABLE_ANNUITY | The price of an insurance policy, typically charged annually or semiannually. (See Direct premiums, Earned premium, Unearned premium ) [A-SHARE VARIABLE ANNUITY] | PREMIUM | [] | III's Glossary Flashcards - Cram.com | A-SHARE VARIABLE ANNUITY | http://www.cram.com/flashcards/iiis-glossary-457869 | 38/1438042981969.11_20150728002301-00177-ip-10-236-191-2_395541887_0.json |
6d5841ec_Glossary_Flashcards___Cram_com__A_SHARE_VARIABLE_ANNUITY | A state tax on premiums paid by its residents and businesses and collected by insurers. [A-SHARE VARIABLE ANNUITY] | PREMIUM TAX | [] | III's Glossary Flashcards - Cram.com | A-SHARE VARIABLE ANNUITY | http://www.cram.com/flashcards/iiis-glossary-457869 | 38/1438042981969.11_20150728002301-00177-ip-10-236-191-2_395541887_0.json |
6d5841ec_Glossary_Flashcards___Cram_com__A_SHARE_VARIABLE_ANNUITY | The sum of the face amounts, plus dividend additions, of life insurance policies outstanding at a given time. [A-SHARE VARIABLE ANNUITY] | PREMIUMS IN FORCE | [] | III's Glossary Flashcards - Cram.com | A-SHARE VARIABLE ANNUITY | http://www.cram.com/flashcards/iiis-glossary-457869 | 38/1438042981969.11_20150728002301-00177-ip-10-236-191-2_395541887_0.json |
6d5841ec_Glossary_Flashcards___Cram_com__A_SHARE_VARIABLE_ANNUITY | The total premiums on all policies written by an insurer during a specified period of time, regardless of what portions have been earned. Net premiums written are premiums written after reinsurance transactions. [A-SHARE VARIABLE ANNUITY] | PREMIUMS WRITTEN | [] | III's Glossary Flashcards - Cram.com | A-SHARE VARIABLE ANNUITY | http://www.cram.com/flashcards/iiis-glossary-457869 | 38/1438042981969.11_20150728002301-00177-ip-10-236-191-2_395541887_0.json |
6d5841ec_Glossary_Flashcards___Cram_com__A_SHARE_VARIABLE_ANNUITY | In a reinsurance transaction, the insurance company that is reinsured. [A-SHARE VARIABLE ANNUITY] | PRIMARY COMPANY | [] | III's Glossary Flashcards - Cram.com | A-SHARE VARIABLE ANNUITY | http://www.cram.com/flashcards/iiis-glossary-457869 | 38/1438042981969.11_20150728002301-00177-ip-10-236-191-2_395541887_0.json |
6d5841ec_Glossary_Flashcards___Cram_com__A_SHARE_VARIABLE_ANNUITY | Market for new issue securities where the proceeds go directly to the issuer. [A-SHARE VARIABLE ANNUITY] | PRIMARY MARKET | [] | III's Glossary Flashcards - Cram.com | A-SHARE VARIABLE ANNUITY | http://www.cram.com/flashcards/iiis-glossary-457869 | 38/1438042981969.11_20150728002301-00177-ip-10-236-191-2_395541887_0.json |
6d5841ec_Glossary_Flashcards___Cram_com__A_SHARE_VARIABLE_ANNUITY | Interest rate that banks charge to their most creditworthy customers. Banks set this rate according to their cost of funds and market forces. [A-SHARE VARIABLE ANNUITY] | PRIME RATE | [] | III's Glossary Flashcards - Cram.com | A-SHARE VARIABLE ANNUITY | http://www.cram.com/flashcards/iiis-glossary-457869 | 38/1438042981969.11_20150728002301-00177-ip-10-236-191-2_395541887_0.json |
6d5841ec_Glossary_Flashcards___Cram_com__A_SHARE_VARIABLE_ANNUITY | States where insurance companies must file proposed rate changes with state regulators, and gain approval before they can go into effect. [A-SHARE VARIABLE ANNUITY] | PRIOR APPROVAL STATES | [] | III's Glossary Flashcards - Cram.com | A-SHARE VARIABLE ANNUITY | http://www.cram.com/flashcards/iiis-glossary-457869 | 38/1438042981969.11_20150728002301-00177-ip-10-236-191-2_395541887_0.json |
6d5841ec_Glossary_Flashcards___Cram_com__A_SHARE_VARIABLE_ANNUITY | Securities that are not registered with the Securities and Exchange Commission and are sold directly to investors. [A-SHARE VARIABLE ANNUITY] | PRIVATE PLACEMENT | [] | III's Glossary Flashcards - Cram.com | A-SHARE VARIABLE ANNUITY | http://www.cram.com/flashcards/iiis-glossary-457869 | 38/1438042981969.11_20150728002301-00177-ip-10-236-191-2_395541887_0.json |
6d5841ec_Glossary_Flashcards___Cram_com__A_SHARE_VARIABLE_ANNUITY | A section of tort law that determines who may sue and who may be sued for damages when a defective product injures someone. No uniform federal laws guide manufacturer’s liability, but under strict liability, the injured party can hold the manufacturer responsible for damages without the need to prove negligence or faul... | PRODUCT LIABILITY | [] | III's Glossary Flashcards - Cram.com | A-SHARE VARIABLE ANNUITY | http://www.cram.com/flashcards/iiis-glossary-457869 | 38/1438042981969.11_20150728002301-00177-ip-10-236-191-2_395541887_0.json |
6d5841ec_Glossary_Flashcards___Cram_com__A_SHARE_VARIABLE_ANNUITY | Protects manufacturers’ and distributors’ exposure to lawsuits by people who have sustained bodily injury or property damage through the use of the product. [A-SHARE VARIABLE ANNUITY] | PRODUCT LIABILITY INSURANCE | [] | III's Glossary Flashcards - Cram.com | A-SHARE VARIABLE ANNUITY | http://www.cram.com/flashcards/iiis-glossary-457869 | 38/1438042981969.11_20150728002301-00177-ip-10-236-191-2_395541887_0.json |
6d5841ec_Glossary_Flashcards___Cram_com__A_SHARE_VARIABLE_ANNUITY | Covers professionals for negligence and errors or omissions that injure their clients. [A-SHARE VARIABLE ANNUITY] | PROFESSIONAL LIABILITY INSURANCE | [] | III's Glossary Flashcards - Cram.com | A-SHARE VARIABLE ANNUITY | http://www.cram.com/flashcards/iiis-glossary-457869 | 38/1438042981969.11_20150728002301-00177-ip-10-236-191-2_395541887_0.json |
6d5841ec_Glossary_Flashcards___Cram_com__A_SHARE_VARIABLE_ANNUITY | Documents showing the insurance company that a loss occurred. [A-SHARE VARIABLE ANNUITY] | PROOF OF LOSS | [] | III's Glossary Flashcards - Cram.com | A-SHARE VARIABLE ANNUITY | http://www.cram.com/flashcards/iiis-glossary-457869 | 38/1438042981969.11_20150728002301-00177-ip-10-236-191-2_395541887_0.json |
6d5841ec_Glossary_Flashcards___Cram_com__A_SHARE_VARIABLE_ANNUITY | Covers damage to or loss of policyholders’ property and legal liability for damages caused to other people or their property. Property/casualty insurance, which includes auto, homeowners and commercial insurance, is one segment of the insurance industry. The other sector is life/health. Outside the United States, prope... | PROPERTY/CASUALTY INSURANCE | [] | III's Glossary Flashcards - Cram.com | A-SHARE VARIABLE ANNUITY | http://www.cram.com/flashcards/iiis-glossary-457869 | 38/1438042981969.11_20150728002301-00177-ip-10-236-191-2_395541887_0.json |
6d5841ec_Glossary_Flashcards___Cram_com__A_SHARE_VARIABLE_ANNUITY | Industry business cycle with recurrent periods of hard and soft market conditions. In the 1950s and 1960s, cycles were regular with three year periods each of hard and soft market conditions in almost all lines of property/casualty insurance. Since then they have been less regular and less frequent. [A-SHARE VARIABLE A... | PROPERTY/CASUALTY INSURANCE CYCLE | [] | III's Glossary Flashcards - Cram.com | A-SHARE VARIABLE ANNUITY | http://www.cram.com/flashcards/iiis-glossary-457869 | 38/1438042981969.11_20150728002301-00177-ip-10-236-191-2_395541887_0.json |
6d5841ec_Glossary_Flashcards___Cram_com__A_SHARE_VARIABLE_ANNUITY | A November 1988 California ballot initiative that called for a statewide auto insurance rate rollback and for rates to be based more on driving records and less on geographical location. The initiative changed many aspects of the state’s insurance system and was the subject of lawsuits for more than a decade. [A-SHARE ... | PROPOSITION 103 | [] | III's Glossary Flashcards - Cram.com | A-SHARE VARIABLE ANNUITY | http://www.cram.com/flashcards/iiis-glossary-457869 | 38/1438042981969.11_20150728002301-00177-ip-10-236-191-2_395541887_0.json |
6d5841ec_Glossary_Flashcards___Cram_com__A_SHARE_VARIABLE_ANNUITY | An entity that offers insurance to groups of similar businesses with similar exposures to risk. [A-SHARE VARIABLE ANNUITY] | PURCHASING GROUP | [] | III's Glossary Flashcards - Cram.com | A-SHARE VARIABLE ANNUITY | http://www.cram.com/flashcards/iiis-glossary-457869 | 38/1438042981969.11_20150728002301-00177-ip-10-236-191-2_395541887_0.json |
6d5841ec_Glossary_Flashcards___Cram_com__A_SHARE_VARIABLE_ANNUITY | A form of annuity that ends payments when the annuitant dies. Payments may be fixed or variable. [A-SHARE VARIABLE ANNUITY] | PURE LIFE ANNUITY | [] | III's Glossary Flashcards - Cram.com | A-SHARE VARIABLE ANNUITY | http://www.cram.com/flashcards/iiis-glossary-457869 | 38/1438042981969.11_20150728002301-00177-ip-10-236-191-2_395541887_0.json |
6d5841ec_Glossary_Flashcards___Cram_com__A_SHARE_VARIABLE_ANNUITY | The cost of a unit of insurance, usually per $1,000. Rates are based on historical loss experience for similar risks and may be regulated by state insurance offices. [A-SHARE VARIABLE ANNUITY] | RATE | [] | III's Glossary Flashcards - Cram.com | A-SHARE VARIABLE ANNUITY | http://www.cram.com/flashcards/iiis-glossary-457869 | 38/1438042981969.11_20150728002301-00177-ip-10-236-191-2_395541887_0.json |
6d5841ec_Glossary_Flashcards___Cram_com__A_SHARE_VARIABLE_ANNUITY | The process by which states monitor insurance companies’ rate changes, done either through prior approval or open competition models. (See Open competition states, Prior approval states ) [A-SHARE VARIABLE ANNUITY] | RATE REGULATION | [] | III's Glossary Flashcards - Cram.com | A-SHARE VARIABLE ANNUITY | http://www.cram.com/flashcards/iiis-glossary-457869 | 38/1438042981969.11_20150728002301-00177-ip-10-236-191-2_395541887_0.json |
6d5841ec_Glossary_Flashcards___Cram_com__A_SHARE_VARIABLE_ANNUITY | Six major credit agencies determine insurers’ financial strength and viability to meet claims obligations. They are A.M. Best Co.; Duff & Phelps Inc.; Fitch, Inc.; Moody’s Investors Services; Standard & Poor’s Corp.; and Weiss Ratings, Inc. Factors considered include company earnings, capital adequacy, operating levera... | RATING AGENCIES | [] | III's Glossary Flashcards - Cram.com | A-SHARE VARIABLE ANNUITY | http://www.cram.com/flashcards/iiis-glossary-457869 | 38/1438042981969.11_20150728002301-00177-ip-10-236-191-2_395541887_0.json |
6d5841ec_Glossary_Flashcards___Cram_com__A_SHARE_VARIABLE_ANNUITY | The insurance business is based on the spread of risk. The more widely risk is spread, the more accurately loss can be estimated. An insurance company can more accurately estimate the probability of loss on 100,000 homes than on ten. Years ago, insurers were required to use standardized forms and rates developed by rat... | RATING BUREAU | [] | III's Glossary Flashcards - Cram.com | A-SHARE VARIABLE ANNUITY | http://www.cram.com/flashcards/iiis-glossary-457869 | 38/1438042981969.11_20150728002301-00177-ip-10-236-191-2_395541887_0.json |
6d5841ec_Glossary_Flashcards___Cram_com__A_SHARE_VARIABLE_ANNUITY | Investments generally owned by life insurers that include commercial mortgage loans and real property. [A-SHARE VARIABLE ANNUITY] | REAL ESTATE INVESTMENTS | [] | III's Glossary Flashcards - Cram.com | A-SHARE VARIABLE ANNUITY | http://www.cram.com/flashcards/iiis-glossary-457869 | 38/1438042981969.11_20150728002301-00177-ip-10-236-191-2_395541887_0.json |
6d5841ec_Glossary_Flashcards___Cram_com__A_SHARE_VARIABLE_ANNUITY | Amounts owed to a business for goods or services provided. [A-SHARE VARIABLE ANNUITY] | RECEIVABLES | [] | III's Glossary Flashcards - Cram.com | A-SHARE VARIABLE ANNUITY | http://www.cram.com/flashcards/iiis-glossary-457869 | 38/1438042981969.11_20150728002301-00177-ip-10-236-191-2_395541887_0.json |
6d5841ec_Glossary_Flashcards___Cram_com__A_SHARE_VARIABLE_ANNUITY | Literally means to draw a red line on a map around areas to receive special treatment. Refusal to issue insurance based solely on where applicants live is illegal in all states. Denial of insurance must be risk-based. [A-SHARE VARIABLE ANNUITY] | REDLINING | [] | III's Glossary Flashcards - Cram.com | A-SHARE VARIABLE ANNUITY | http://www.cram.com/flashcards/iiis-glossary-457869 | 38/1438042981969.11_20150728002301-00177-ip-10-236-191-2_395541887_0.json |
6d5841ec_Glossary_Flashcards___Cram_com__A_SHARE_VARIABLE_ANNUITY | Insurance bought by insurers. A reinsurer assumes part of the risk and part of the premium originally taken by the insurer, known as the primary company. Reinsurance effectively increases an insurer's capital and therefore its capacity to sell more coverage. The business is global and some of the largest reinsurers are... | REINSURANCE | [] | III's Glossary Flashcards - Cram.com | A-SHARE VARIABLE ANNUITY | http://www.cram.com/flashcards/iiis-glossary-457869 | 38/1438042981969.11_20150728002301-00177-ip-10-236-191-2_395541887_0.json |
6d5841ec_Glossary_Flashcards___Cram_com__A_SHARE_VARIABLE_ANNUITY | A form of insurance that covers a policyholder’s belongings against perils such as fire, theft, windstorm, hail, explosion, vandalism, riots, and others. It also provides personal liability coverage for damage the policyholder or dependents cause to third parties. It also provides additional living expenses, known as l... | RENTERS INSURANCE | [] | III's Glossary Flashcards - Cram.com | A-SHARE VARIABLE ANNUITY | http://www.cram.com/flashcards/iiis-glossary-457869 | 38/1438042981969.11_20150728002301-00177-ip-10-236-191-2_395541887_0.json |
6d5841ec_Glossary_Flashcards___Cram_com__A_SHARE_VARIABLE_ANNUITY | Insurance that pays the dollar amount needed to replace damaged personal property or dwelling property without deducting for depreciation but limited by the maximum dollar amount shown on the declarations page of the policy. [A-SHARE VARIABLE ANNUITY] | REPLACEMENT COST | [] | III's Glossary Flashcards - Cram.com | A-SHARE VARIABLE ANNUITY | http://www.cram.com/flashcards/iiis-glossary-457869 | 38/1438042981969.11_20150728002301-00177-ip-10-236-191-2_395541887_0.json |
6d5841ec_Glossary_Flashcards___Cram_com__A_SHARE_VARIABLE_ANNUITY | Agreement between a buyer and seller where the seller agrees to repurchase the securities at an agreed upon time and price. Repurchase agreements involving U.S. government securities are utilized by the Federal Reserve to control the money supply. [A-SHARE VARIABLE ANNUITY] | REPURCHASE AGREEMENT /'REPO' | [] | III's Glossary Flashcards - Cram.com | A-SHARE VARIABLE ANNUITY | http://www.cram.com/flashcards/iiis-glossary-457869 | 38/1438042981969.11_20150728002301-00177-ip-10-236-191-2_395541887_0.json |
6d5841ec_Glossary_Flashcards___Cram_com__A_SHARE_VARIABLE_ANNUITY | A company’s best estimate of what it will pay for claims. [A-SHARE VARIABLE ANNUITY] | RESERVES | [] | III's Glossary Flashcards - Cram.com | A-SHARE VARIABLE ANNUITY | http://www.cram.com/flashcards/iiis-glossary-457869 | 38/1438042981969.11_20150728002301-00177-ip-10-236-191-2_395541887_0.json |
6d5841ec_Glossary_Flashcards___Cram_com__A_SHARE_VARIABLE_ANNUITY | Facilities, such as assigned risk plans and FAIR Plans, that exist to provide coverage for those who cannot get it in the regular market. Insurers doing business in a given state generally must participate in these pools. For this reason the residual market is also known as the shared market. [A-SHARE VARIABLE ANNUITY]... | RESIDUAL MARKET | [] | III's Glossary Flashcards - Cram.com | A-SHARE VARIABLE ANNUITY | http://www.cram.com/flashcards/iiis-glossary-457869 | 38/1438042981969.11_20150728002301-00177-ip-10-236-191-2_395541887_0.json |
6d5841ec_Glossary_Flashcards___Cram_com__A_SHARE_VARIABLE_ANNUITY | The amount of risk retained by an insurance company that is not reinsured. [A-SHARE VARIABLE ANNUITY] | RETENTION | [] | III's Glossary Flashcards - Cram.com | A-SHARE VARIABLE ANNUITY | http://www.cram.com/flashcards/iiis-glossary-457869 | 38/1438042981969.11_20150728002301-00177-ip-10-236-191-2_395541887_0.json |
6d5841ec_Glossary_Flashcards___Cram_com__A_SHARE_VARIABLE_ANNUITY | The reinsurance bought by reinsurers to protect their financial stability. [A-SHARE VARIABLE ANNUITY] | RETROCESSION | [] | III's Glossary Flashcards - Cram.com | A-SHARE VARIABLE ANNUITY | http://www.cram.com/flashcards/iiis-glossary-457869 | 38/1438042981969.11_20150728002301-00177-ip-10-236-191-2_395541887_0.json |
6d5841ec_Glossary_Flashcards___Cram_com__A_SHARE_VARIABLE_ANNUITY | A method of permitting the final premium for a risk to be adjusted, subject to an agreed-upon maximum and minimum limit based on actual loss experience. It is available to large commercial insurance buyers. [A-SHARE VARIABLE ANNUITY] | RETROSPECTIVE RATING | [] | III's Glossary Flashcards - Cram.com | A-SHARE VARIABLE ANNUITY | http://www.cram.com/flashcards/iiis-glossary-457869 | 38/1438042981969.11_20150728002301-00177-ip-10-236-191-2_395541887_0.json |
6d5841ec_Glossary_Flashcards___Cram_com__A_SHARE_VARIABLE_ANNUITY | Net income divided by total equity. Measures profitability by showing how efficiently invested capital is being used. [A-SHARE VARIABLE ANNUITY] | RETURN ON EQUITY | [] | III's Glossary Flashcards - Cram.com | A-SHARE VARIABLE ANNUITY | http://www.cram.com/flashcards/iiis-glossary-457869 | 38/1438042981969.11_20150728002301-00177-ip-10-236-191-2_395541887_0.json |
6d5841ec_Glossary_Flashcards___Cram_com__A_SHARE_VARIABLE_ANNUITY | An attachment to an insurance policy that alters the policy’s coverage or terms. [A-SHARE VARIABLE ANNUITY] | RIDER | [] | III's Glossary Flashcards - Cram.com | A-SHARE VARIABLE ANNUITY | http://www.cram.com/flashcards/iiis-glossary-457869 | 38/1438042981969.11_20150728002301-00177-ip-10-236-191-2_395541887_0.json |
6d5841ec_Glossary_Flashcards___Cram_com__A_SHARE_VARIABLE_ANNUITY | The chance of loss or the person or entity that is insured. [A-SHARE VARIABLE ANNUITY] | RISK | [] | III's Glossary Flashcards - Cram.com | A-SHARE VARIABLE ANNUITY | http://www.cram.com/flashcards/iiis-glossary-457869 | 38/1438042981969.11_20150728002301-00177-ip-10-236-191-2_395541887_0.json |
6d5841ec_Glossary_Flashcards___Cram_com__A_SHARE_VARIABLE_ANNUITY | Management of the varied risks to which a business firm or association might be subject. It includes analyzing all exposures to gauge the likelihood of loss and choosing options to better manage or minimize loss. These options typically include reducing and eliminating the risk with safety measures, buying insurance, a... | RISK MANAGEMENT | [] | III's Glossary Flashcards - Cram.com | A-SHARE VARIABLE ANNUITY | http://www.cram.com/flashcards/iiis-glossary-457869 | 38/1438042981969.11_20150728002301-00177-ip-10-236-191-2_395541887_0.json |
6d5841ec_Glossary_Flashcards___Cram_com__A_SHARE_VARIABLE_ANNUITY | Insurance companies that band together as self-insurers and form an organization that is chartered and licensed as an insurer in at least one state to handle liability insurance. [A-SHARE VARIABLE ANNUITY] | RISK RETENTION GROUPS | [] | III's Glossary Flashcards - Cram.com | A-SHARE VARIABLE ANNUITY | http://www.cram.com/flashcards/iiis-glossary-457869 | 38/1438042981969.11_20150728002301-00177-ip-10-236-191-2_395541887_0.json |
6d5841ec_Glossary_Flashcards___Cram_com__A_SHARE_VARIABLE_ANNUITY | The need for insurance companies to be capitalized according to the inherent riskiness of the type of insurance they sell. Higher-risk types of insurance, liability as opposed to property business, generally necessitate higher levels of capital. [A-SHARE VARIABLE ANNUITY] | RISK-BASED CAPITAL | [] | III's Glossary Flashcards - Cram.com | A-SHARE VARIABLE ANNUITY | http://www.cram.com/flashcards/iiis-glossary-457869 | 38/1438042981969.11_20150728002301-00177-ip-10-236-191-2_395541887_0.json |
6d5841ec_Glossary_Flashcards___Cram_com__A_SHARE_VARIABLE_ANNUITY | Damaged property an insurer takes over to reduce its loss after paying a claim. Insurers receive salvage rights over property on which they have paid claims, such as badly-damaged cars. Insurers that paid claims on cargoes lost at sea now have the right to recover sunken treasures. Salvage charges are the costs associa... | SALVAGE | [] | III's Glossary Flashcards - Cram.com | A-SHARE VARIABLE ANNUITY | http://www.cram.com/flashcards/iiis-glossary-457869 | 38/1438042981969.11_20150728002301-00177-ip-10-236-191-2_395541887_0.json |
6d5841ec_Glossary_Flashcards___Cram_com__A_SHARE_VARIABLE_ANNUITY | A list of individual items or groups of items that are covered under one policy or a listing of specific benefits, charges, credits, assets or other defined items. [A-SHARE VARIABLE ANNUITY] | SCHEDULE | [] | III's Glossary Flashcards - Cram.com | A-SHARE VARIABLE ANNUITY | http://www.cram.com/flashcards/iiis-glossary-457869 | 38/1438042981969.11_20150728002301-00177-ip-10-236-191-2_395541887_0.json |
6d5841ec_Glossary_Flashcards___Cram_com__A_SHARE_VARIABLE_ANNUITY | Market for previously issued and outstanding securities. [A-SHARE VARIABLE ANNUITY] | SECONDARY MARKET | [] | III's Glossary Flashcards - Cram.com | A-SHARE VARIABLE ANNUITY | http://www.cram.com/flashcards/iiis-glossary-457869 | 38/1438042981969.11_20150728002301-00177-ip-10-236-191-2_395541887_0.json |
6d5841ec_Glossary_Flashcards___Cram_com__A_SHARE_VARIABLE_ANNUITY | The organization that oversees publicly-held insurance companies. Those companies make periodic financial disclosures to the SEC, including an annual financial statement (or 10K), and a quarterly financial statement (or 10-Q). Companies must also disclose any material events and other information about their stock. [A-... | SECURITIES AND EXCHANGE COMMISSION / SEC | [] | III's Glossary Flashcards - Cram.com | A-SHARE VARIABLE ANNUITY | http://www.cram.com/flashcards/iiis-glossary-457869 | 38/1438042981969.11_20150728002301-00177-ip-10-236-191-2_395541887_0.json |
6d5841ec_Glossary_Flashcards___Cram_com__A_SHARE_VARIABLE_ANNUITY | Stock held by shareholders. [A-SHARE VARIABLE ANNUITY] | SECURITIES OUTSTANDING | [] | III's Glossary Flashcards - Cram.com | A-SHARE VARIABLE ANNUITY | http://www.cram.com/flashcards/iiis-glossary-457869 | 38/1438042981969.11_20150728002301-00177-ip-10-236-191-2_395541887_0.json |
6d5841ec_Glossary_Flashcards___Cram_com__A_SHARE_VARIABLE_ANNUITY | Using the capital markets to expand and diversify the assumption of insurance risk. The issuance of bonds or notes to third-party investors directly or indirectly by an insurance or reinsurance company or a pooling entity as a means of raising money to cover risks. (See Catastrophe bonds) ) [A-SHARE VARIABLE ANNUITY] | SECURITIZATION OF INSURANCE RISK | [] | III's Glossary Flashcards - Cram.com | A-SHARE VARIABLE ANNUITY | http://www.cram.com/flashcards/iiis-glossary-457869 | 38/1438042981969.11_20150728002301-00177-ip-10-236-191-2_395541887_0.json |
6d5841ec_Glossary_Flashcards___Cram_com__A_SHARE_VARIABLE_ANNUITY | The concept of assuming a financial risk oneself, instead of paying an insurance company to take it on. Every policyholder is a self-insurer in terms of paying a deductible and co-payments. Large firms often self-insure frequent, small losses such as damage to their fleet of vehicles or minor workplace injuries. Howeve... | SELF-INSURANCE | [] | III's Glossary Flashcards - Cram.com | A-SHARE VARIABLE ANNUITY | http://www.cram.com/flashcards/iiis-glossary-457869 | 38/1438042981969.11_20150728002301-00177-ip-10-236-191-2_395541887_0.json |
6d5841ec_Glossary_Flashcards___Cram_com__A_SHARE_VARIABLE_ANNUITY | Size of a loss. One of the criteria used in calculating premiums rates. [A-SHARE VARIABLE ANNUITY] | SEVERITY | [] | III's Glossary Flashcards - Cram.com | A-SHARE VARIABLE ANNUITY | http://www.cram.com/flashcards/iiis-glossary-457869 | 38/1438042981969.11_20150728002301-00177-ip-10-236-191-2_395541887_0.json |
6d5841ec_Glossary_Flashcards___Cram_com__A_SHARE_VARIABLE_ANNUITY | An optional part of homeowners insurance that covers sewers. [A-SHARE VARIABLE ANNUITY] | SEWER BACK-UP COVERAGE | [] | III's Glossary Flashcards - Cram.com | A-SHARE VARIABLE ANNUITY | http://www.cram.com/flashcards/iiis-glossary-457869 | 38/1438042981969.11_20150728002301-00177-ip-10-236-191-2_395541887_0.json |
6d5841ec_Glossary_Flashcards___Cram_com__A_SHARE_VARIABLE_ANNUITY | An annuity that is paid in full upon purchase. [A-SHARE VARIABLE ANNUITY] | SINGLE PREMIUM ANNUITY | [] | III's Glossary Flashcards - Cram.com | A-SHARE VARIABLE ANNUITY | http://www.cram.com/flashcards/iiis-glossary-457869 | 38/1438042981969.11_20150728002301-00177-ip-10-236-191-2_395541887_0.json |
6d5841ec_Glossary_Flashcards___Cram_com__A_SHARE_VARIABLE_ANNUITY | An environment where insurance is plentiful and sold at a lower cost, also known as a buyers’ market. (See Property/casualty insurance cycle ) [A-SHARE VARIABLE ANNUITY] | SOFT MARKET | [] | III's Glossary Flashcards - Cram.com | A-SHARE VARIABLE ANNUITY | http://www.cram.com/flashcards/iiis-glossary-457869 | 38/1438042981969.11_20150728002301-00177-ip-10-236-191-2_395541887_0.json |
6d5841ec_Glossary_Flashcards___Cram_com__A_SHARE_VARIABLE_ANNUITY | Insurance companies’ ability to pay the claims of policyholders. Regulations to promote solvency include minimum capital and surplus requirements, statutory accounting conventions, limits to insurance company investment and corporate activities, financial ratio tests, and financial data disclosure. [A-SHARE VARIABLE AN... | SOLVENCY | [] | III's Glossary Flashcards - Cram.com | A-SHARE VARIABLE ANNUITY | http://www.cram.com/flashcards/iiis-glossary-457869 | 38/1438042981969.11_20150728002301-00177-ip-10-236-191-2_395541887_0.json |
6d5841ec_Glossary_Flashcards___Cram_com__A_SHARE_VARIABLE_ANNUITY | The selling of insurance in multiple areas to multiple policyholders to minimize the danger that all policyholders will have losses at the same time. Companies are more likely to insure perils that offer a good spread of risk. Flood insurance is an example of a poor spread of risk because the people most likely to buy ... | SPREAD OF RISK | [] | III's Glossary Flashcards - Cram.com | A-SHARE VARIABLE ANNUITY | http://www.cram.com/flashcards/iiis-glossary-457869 | 38/1438042981969.11_20150728002301-00177-ip-10-236-191-2_395541887_0.json |
6d5841ec_Glossary_Flashcards___Cram_com__A_SHARE_VARIABLE_ANNUITY | Practice that increases the money available to pay auto liability claims. In states where this practice is permitted by law, courts may allow policyholders who have several cars insured under a single policy, or multiple vehicles insured under different policies, to add up the limit of liability available for each vehi... | STACKING | [] | III's Glossary Flashcards - Cram.com | A-SHARE VARIABLE ANNUITY | http://www.cram.com/flashcards/iiis-glossary-457869 | 38/1438042981969.11_20150728002301-00177-ip-10-236-191-2_395541887_0.json |
6d5841ec_Glossary_Flashcards___Cram_com__A_SHARE_VARIABLE_ANNUITY | More conservative standards than under GAAP accounting rules, they are imposed by state laws that emphasize the present solvency of insurance companies. SAP helps ensure that the company will have sufficient funds readily available to meet all anticipated insurance obligations by recognizing liabilities earlier or at a... | STATUTORY ACCOUNTING PRINCIPLES / SAP | [] | III's Glossary Flashcards - Cram.com | A-SHARE VARIABLE ANNUITY | http://www.cram.com/flashcards/iiis-glossary-457869 | 38/1438042981969.11_20150728002301-00177-ip-10-236-191-2_395541887_0.json |
6d5841ec_Glossary_Flashcards___Cram_com__A_SHARE_VARIABLE_ANNUITY | An insurance company owned by its stockholders who share in profits through earnings distributions and increases in stock value. [A-SHARE VARIABLE ANNUITY] | STOCK INSURANCE COMPANY | [] | III's Glossary Flashcards - Cram.com | A-SHARE VARIABLE ANNUITY | http://www.cram.com/flashcards/iiis-glossary-457869 | 38/1438042981969.11_20150728002301-00177-ip-10-236-191-2_395541887_0.json |
6d5841ec_Glossary_Flashcards___Cram_com__A_SHARE_VARIABLE_ANNUITY | Legal agreement to pay a designated person, usually someone who has been injured, a specified sum of money in periodic payments, usually for his or her lifetime, instead of in a single lump sum payment. (See Annuity ) [A-SHARE VARIABLE ANNUITY] | STRUCTURED SETTLEMENT | [] | III's Glossary Flashcards - Cram.com | A-SHARE VARIABLE ANNUITY | http://www.cram.com/flashcards/iiis-glossary-457869 | 38/1438042981969.11_20150728002301-00177-ip-10-236-191-2_395541887_0.json |
6d5841ec_Glossary_Flashcards___Cram_com__A_SHARE_VARIABLE_ANNUITY | The legal process by which an insurance company, after paying a loss, seeks to recover the amount of the loss from another party who is legally liable for it. [A-SHARE VARIABLE ANNUITY] | SUBROGATION | [] | III's Glossary Flashcards - Cram.com | A-SHARE VARIABLE ANNUITY | http://www.cram.com/flashcards/iiis-glossary-457869 | 38/1438042981969.11_20150728002301-00177-ip-10-236-191-2_395541887_0.json |
6d5841ec_Glossary_Flashcards___Cram_com__A_SHARE_VARIABLE_ANNUITY | A federal law enacted in 1980 to initiate cleanup of the nation’s abandoned hazardous waste dump sites and to respond to accidents that release hazardous substances into the environment. The law is officially called the Comprehensive Environmental Response, Compensation, and Liability Act. [A-SHARE VARIABLE ANNUITY] | SUPERFUND | [] | III's Glossary Flashcards - Cram.com | A-SHARE VARIABLE ANNUITY | http://www.cram.com/flashcards/iiis-glossary-457869 | 38/1438042981969.11_20150728002301-00177-ip-10-236-191-2_395541887_0.json |
6d5841ec_Glossary_Flashcards___Cram_com__A_SHARE_VARIABLE_ANNUITY | A contract guaranteeing the performance of a specific obligation. Simply put, it is a three-party agreement under which one party, the surety company, answers to a second party, the owner, creditor or “obligee,” for a third party’s debts, default or nonperformance. Contractors are often required to purchase surety bond... | SURETY BOND | [] | III's Glossary Flashcards - Cram.com | A-SHARE VARIABLE ANNUITY | http://www.cram.com/flashcards/iiis-glossary-457869 | 38/1438042981969.11_20150728002301-00177-ip-10-236-191-2_395541887_0.json |
6d5841ec_Glossary_Flashcards___Cram_com__A_SHARE_VARIABLE_ANNUITY | The remainder after an insurer’s liabilities are subtracted from its assets. The financial cushion that protects policyholders in case of unexpectedly high claims. (See Capital, Risk-based capital ) [A-SHARE VARIABLE ANNUITY] | SURPLUS | [] | III's Glossary Flashcards - Cram.com | A-SHARE VARIABLE ANNUITY | http://www.cram.com/flashcards/iiis-glossary-457869 | 38/1438042981969.11_20150728002301-00177-ip-10-236-191-2_395541887_0.json |
6d5841ec_Glossary_Flashcards___Cram_com__A_SHARE_VARIABLE_ANNUITY | Property/casualty insurance coverage that isn’t available from insurers licensed in the state, called admitted companies, and must be purchased from a non-admitted carrier. Examples include risks of an unusual nature that require greater flexibility in policy terms and conditions than exist in standard forms or where t... | SURPLUS LINES | [] | III's Glossary Flashcards - Cram.com | A-SHARE VARIABLE ANNUITY | http://www.cram.com/flashcards/iiis-glossary-457869 | 38/1438042981969.11_20150728002301-00177-ip-10-236-191-2_395541887_0.json |
6d5841ec_Glossary_Flashcards___Cram_com__A_SHARE_VARIABLE_ANNUITY | A charge for withdrawals from an annuity contract before a designated surrender charge period, usually from five to seven years. [A-SHARE VARIABLE ANNUITY] | SURRENDER CHARGE | [] | III's Glossary Flashcards - Cram.com | A-SHARE VARIABLE ANNUITY | http://www.cram.com/flashcards/iiis-glossary-457869 | 38/1438042981969.11_20150728002301-00177-ip-10-236-191-2_395541887_0.json |
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