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  • An optional provision in a life insurance policy that allows a specified percentage of the death benefit to be paid prior to the insured's death, if a doctor certifies that the insured's life expectancy is limited (usually 12 months or less).
  • an unexpected event or circumstance without deliberate intent.
  • insurance for unforeseen bodily injury.
  • an insurance contract that provides coverage, singly or in combination, for death, dismemberment, disability, or hospital and medical care caused by or necessitated as a result of accident or specified kinds of accident.
  • policies providing coverage, singly or in combination, for death, dismemberment, disability, or hospital and medical care caused by or necessitated as a result of accident or specified kinds of accidents. Types of coverage include student accident, sports accident, travel accident, blanket(...)
  • unexpected injury to a person.
  • an insurance contract that pays a stated benefit in the event of death and/or dismemberment caused by accident or specified kinds of accidents.
  • period of time insured must incur eligible medical expenses at least equal to the deductible amount in order to establish a benefit period under a major medical expense or comprehensive medical expense policy.
  • repayment value for indemnification due to loss or damage of property; in most cases it is replacement cost minus depreciation
  • (PC Insurance)a document or other presentation, prepared as a formal means of conveying to the state regulatory authority and the Board of Directors, or its equivalent, the actuary's professional conclusions and recommendations, of recording and communicating the methods and procedures, of(...)
  • accounting statement showing the financial condition of a company at a particular date.
  • Building Code Effectiveness Grading Schedule 
  • an individual who may become eligible to receive payment due to will, life insurance policy, retirement plan, annuity, trust, or other contract.
  • total expenditures for health care services paid to or on behalf of a member.
  • coverage for property and liability that extends to more than one location, class of property or employee.
  • covers damage to pleasure boats, motors, trailers, boating equipment and personal watercraft as well as bodily injury and property damage liability to others.
  • physical injury including sickness or disease to a person.
  • coverage for the failure of boilers, machinery and other electrical equipment. Benefits include (i) property of the insured, which has been directly damaged by the accident; (ii) costs of temporary repairs and expediting expenses; and (iii) liability for damage to the property of others.(...)
  • a form of debt security whereby the debt holder has a creditor stake in the company. Obligations issued by business units, governmental units and certain nonprofit units having a fixed schedule for one or more future payments of money; includes commercial paper, negotiable certificates of(...)
  • original cost, including capitalized acquisition costs and accumulated depreciation, unamortized premium and discount, deferred origination and commitment fees, direct write
  • in health insurance, the amount that must be paid by the insured during a calendar year before the insurer becomes responsible for further loss costs.
  • a company's assets minus its liabilities.
  • statutory requirement ordering companies to maintain their capital and surplus at an amount equal to or in excess of a specified amount to help assure the solvency of the company by providing a financial cushion against expected loss or misjudgments and generally measured as a company's(...)
  • excess (deficiency) of the sales price of an asset over its book value. Calculated on the basis of original cost adjusted, as appropriate, for accrual of discount or amortization of premium and for depreciation.
  • a compensation plan used in connection with some managed care contracts where a physician or other medical provider is paid a flat amount, usually on a monthly basis, for each subscriber who has elected to use that physician or medical provider. Capitated payments are sometimes expressed in(...)
  • an individual who sells or services insurance contracts for a specific insurer or fleet of insurers.
  • an insurance company established by a parent firm for the purpose of insuring the parent's exposures.
  • the SAP book value plus accrued interest and reduced by any valuation allowance and any nonadmitted adjustment applied to the individual investment.
  • a medium of exchange.
  • short-term, highly liquid investments that are both (a) readily convertible to known amounts of cash, and (b) so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Investments with original maturities of three months or less(...)
  • date when an insurance company issues a policy.
  • policy statements regarding the applicant and property covered such as demographic and occupational information, property specifications and expected mileage per year .
  • Portion of the insured loss (in dollars) paid by the policy holder
  • annuity payment to be made as a single payment or a series of installments to begin at some future date, such as in a specified number of years or at a specified age.
  • conversion of a mutual insurance company to a capital stock company.
  • policies providing only dental treatment benefits such as routine dental examinations, preventive dental work, and dental procedures needed to treat tooth decay and diseases of the teeth and jaw.
  • line of business providing dental only coverage; coverage can be on a stand
  • securities priced according to the value of other financial instruments such as commodity prices, interest rates, stock market prices, foreign or exchange rates.
  • special form of open
  • loss whereby the proximate cause is equivalent to the insured peril.
  • a system designed by insurance industry regulators of identifying practices and risk-related trends that contribute to systemic risk by measuring insurer' financial stability.
  • portion of insured's prepaid premium allocated to the insurance company's loss experience, expenses, and profit year
  • property coverages for losses resulting from a sudden trembling or shaking of the earth, including that caused by volcanic eruption. Excluded are losses resulting from fire, explosion, flood or tidal wave following the covered event.
  • premium amount insurer reasonably expects to receive for which contracts are not yet final and exact amounts are not definite.
  • coverage to protect against losses arising out of damage to or destruction of electronic data processing equipment and its software.
  • date at which an insurance policy goes into force.
  • liability coverage for bodily injury or property damage arising from the use of elevators or escalators operated, maintained or controlled by the insured.
  • liability protection for an employer for claims arising from provisions in an employee benefit insurance plan provided for the economic and social welfare of employees. Examples of items covered are pension plans, group life insurance, group health insurance, group disability income(...)
  • a federal statute governing standards for private pension plans, including vesting requirements, funding mechanisms, and plan design.
  • employers' liability coverage for the legal liability of employers arising out of injuries to employees. This code should be used when coverage is issued as an endorsement, or as part of a statutory workers' compensation policy.
  • the value of a policy to be provided upon maturity date or death.
  • reinsurance for a specific policy for which terms can be negotiated by the original insurer and reinsurer.
  • state pools designed to provide insurance to property owners who are unable to obtain property insurance through conventional means.
  • the amount at which an asset (or liability) could be bought (or incurred) or sold (or settled) in a current transaction between willing parties, that is, other than in a forced or liquidation sale. Quoted market prices in active markets are the best evidence of fair value and shall be used as(...)
  • farmowners insurance sold for personal, family or household purposes. This package policy is similar to a homeowners policy, in that it has been developed for farms and ranches and includes both property and liability coverage for personal and business losses. Coverage includes farm dwellings(...)
  • coverage for qualifying residents and businesses in flood prone regions through the National Flood Insurance Act, a federally subsidized flood insurance program enacted in 1968.
  • crop insurance coverage that is either wholly or in part reinsured by the Federal Crop Insurance Corporation (FCIC) under the Standard Reinsurance Agreement (SRA). This includes the following products: Multiple Peril Crop Insurance (MPCI); Catastrophic Insurance, Crop Revenue Coverage (CRC);(...)
  • fees incurred but not yet paid.
  • Federal Emergency Management Agency 
  • a bond or policy covering an employer's loss resulting from an employee's dishonest act (e.g., loss of cash, securities, valuables, etc.).
  • an aggregate of the accounting standards, principles and best practices for the preparation of financial statements allowing for consistency in reporting.
  • the difference between the cost of acquiring the entity and the reporting entity's share of the book value of the acquired entity.
  • act, repealing Glass-Steagal Act of 1933, allows consolidation of commercial banks, investment institutions and insurance companies. Established a framework of responsibilities of federal and state regulators for these financial industries. It permits financial services companies to merge and(...)
  • amount of capital received in excess of the par value of the stock issued.
  • the net premium for insurance plus commissions, operating and miscellaneous commissions. For life insurance, this is the premium including dividends.
  • coverage written on a group basis (e.g., employees of a single employer and their dependents) that pays scheduled benefits or medical expenses caused by disease, accidental injury or accidental death. Excludes amounts attributable to uninsured accidents and health plans and the uninsured(...)
  • an annuity contract that provides an accumulation based on both (1) funds that accumulate based on a guaranteed crediting interest rates or additional interest rate applied to designated considerations, and (2) funds where the accumulation vary in accordance with the rate of return of the(...)
  • an annuity contract that provides an accumulation based fund where the accumulation varies in accordance with the rate of return of the underlying investment portfolio selected by the policyholder. Must include at least one option to have the accumulation vary in accordance with the rate of(...)
  • an annuity contract that provides an accumulation based on both (1) funds that accumulate based on a guaranteed crediting interest rates or additional interest rate applied to designated considerations, and (2) funds where the accumulation vary in accordance with the rate of return of the(...)
  • an annuity contract that provides for the first payment of the annuity at the end of the fixed interval of payment after purchase. The interval may vary, however the annuity payouts must begin within 13 months. The amount varies with the value of equities (separate account) purchased as(...)
  • a market characterized by high demand and low supply.
  • circumstance which tends to increase the probability or severity of a loss.
  • this type of insurance may be extended to either a health plan or a self-insured employer plan. Its purpose is to insure against the risk that any one claim will exceed a specific dollar amount or that an entire plan's losses will exceed a specific amount.
  • a generic term applying to all types of insurance indemnifying or reimbursing for losses caused by bodily injury or illness including related medical expenses.
  • a medical group plan that provides physician, hospital, and clinical services to participating members in exchange for a periodic flat fee.
  • written promise of coverage given to an individual, family, or group of covered individuals, where a beneficiary is entitled to receive a defined set of health care benefits in exchange for a defined consideration, such as a premium.
  • A risk transfer mechanism whereby one party assumes the liability of another party by contract.
  • a package policy combining real and personal property coverage with personal liability coverage. Coverage applicable to the dwelling, appurtenant structures, unscheduled personal property and additional living expense are typical. Includes mobile homes at a fixed location.
  • coverage that provides a pre-determined, fixed benefit or daily indemnity for contingencies based on a stay at a hospital or intensive care facility.
  • coverage for damage to a vessel or aircraft and affixed items.
  • a life insurance and annuity provision limiting the time within which the insurer has the legal right to void the contract on grounds of material misrepresentation in the policy application.
  • (Pure IBNR) claims that have occurred but the insurer has not been notified of them at the reporting date. Estimates are established to book these claims. May include losses that have been reported to the reporting entity but have not yet been entered into the claims system or bulk(...)
  • paid claims plus amounts held in reserve for those that have been incurred but not yet paid.
  • sustained losses, paid or not, during a specified time period. Incurred losses are typically found by combining losses paid during the period plus unpaid losses sustained during the time period minus outstanding losses at the beginning of the period incurred in the previous period.
  • a general legal principle related to insurance that holds that the individual recovering under an insurance policy should be restored to the approximate financial position he or she was in prior to the loss. Legal principle limiting compensation for damages be equivalent to the losses incurred.
  • freelance contractor paid a fee for adjusting losses on behalf of companies.
  • a representative of multiple insurance companies who sells and services policies for records which they own and operate under the American Agency System.
  • an individual who is not employed for a company but instead works for themselves providing goods or services to clients for a fee.
  • an interest bearing fixed annuity tied to an equity index, such as the Dow Jones Industrial Average or S & P 500.
  • an annuity contract that provides for the fixed payment of the annuity at the end of the first interval of payment after purchase. The interval may vary, however the annuity payouts must begin within 13 months.
  • an annuity contract that ceases upon the death of the first of two or more annuitants.
  • retirement plan that continues to payout so long as at least one, of two or more, annuitants is alive.
  • a loss-sharing mechanism combining several insurance companies to provide extra capacity due to type or size of exposure.
  • a policy purchased by, for the benefit of, a business insuring the life or lives of personnel integral to the business operations.
  • coverage for ransom or extortion costs and related expenses.
  • termination of a policy due to failure to pay the required renewal premium.
  • life insurance policy for which the cost is equally distributed over the term of the premium period, remaining constant throughout.
  • a certain or probable future sacrifice of economic benefits arising from present obligations of a particular entity to transfer assets or to provide services to other entities in the future as a result of a past transactions(s) or event(s). three essential characteristics: a)    It embodies a(...)
  • insurance that pays the same benefit amount should the insured die during the term of the contract, or if the insured survives to the end of the specified coverage term or age.
  • a group life insurance that provides a face amount that is adjustable to the certificate holder and allows the certificate holder to vary the modal premium that is paid or to skip a payment so long as the certificate value is sufficient to keep the certificate in force, and under which(...)
  • a contract or agreement in which a policyholder agrees to sell or transfer ownership in all or part of a life insurance policy to a third party for compensation that is less than the expected death benefit of a policy.
  • a provision in some disability income policies to recoup lost wages for the term of disability or remainder of insured's life in case of permanent disability.
  • policies that provide coverage for vision, prescription drug, and/or any other single service plan or program. Also include short-term care policies that provide coverage for less than one year for medical and other services provided in a setting other than an acute care unit of the hospital.
  • a form of whole-life insurance with a pre-defined number of premiums to be paid.
  • health insurance coverage for a certain ailment, such as cancer.
  • a hospital/surgical/medical expense contract that provides comprehensive benefits as defined in the state in which the contract will be delivered.
  • alleged misconduct or negligence in a professional act resulting in loss or injury.
  • system of health care delivery that attempts to influence the utilization, quality, and cost of services provided.
  • insurance required by state or federal law.
  • provides broad form coverage of personal property of an insured manufacturer including raw material, goods in process, finished goods and goods shipped to customers.
  • a deposit that an organization is required to maintain with a broker with respect to the Futures Contracts purchased or sold.
  • fair value or the price that could be derived from current sale of an asset.
  • premiums attributable to policies covering repair or replacement service, or indemnification for that service, for the operational or structural failure of property due to defects in materials or workmanship, or normal wear and tear. (May cover motor vehicles, mobile equipment, boats,(...)
  • policies issued in association with the Federal/State entitlement program created by Title XIX of the Social Security Act of 1965 that pays for medical assistance for certain individuals and families with low incomes and resources.
  • Medicare prescription drug coverage. Can be purchased as a stand alone plan or as part of a Medicare Advantage Plan with Part D coverage.
  • the individual defined as the insured in the policy contract. .
  • insurance for losses explicitly defined in the policy contract.
  • the U.S. standard
  • refers to rating organizations so designated by the SEC whose status has been confirmed by the Securities Valuation Office. Examples are: Moody's Investors Service, Inc., Standard & Poor's (S&P), A.M. Best Company (A.M. Best) and Fitch Ratings and Dominion Bond Rating Service (DBRS).
  • failure to exercise reasonable consideration resulting in loss or damage to oneself or others.
  • total of assets whose values are permitted by state law to be included in the annual statement of the insurer.
  • total revenues from an insurer's operations less total expenses and income taxes
  • premiums on property/casualty or health policies that will not have to be returned to the policyholder if the policy is cancelled.
  • National Flood Insurance Program 
  • reinsurance that is not secured on individual lives for specific individual amount of reinsurance, but rather reinsurance that protects the ceding company's overall experience on its entire portfolio of business, or at least a broad segment of it. The most common forms of non-proportional(...)
  • an accident , including injurious exposure to conditions, which results, during the policy period in bodily injury or property damage neither expected or intended from the standpoint of the insured. (Bickelhaupt and Magee)
  • coverage for ocean and inland water transportation exposures; goods or cargoes; ships or hulls; earnings; and liability.
  • a president, vice-president, treasurer, actuary, secretary, controller and any other person who performs for the company functions corresponding to those performed by the foregoing officers.
  • an agreement giving the buyer the right to buy or receive, sell or deliver, enter into, extend or terminate, or effect a cash settlement based on the actual or expected price, level, performance or value of one or more Underlying Interests.
  • accident and health coverages not otherwise properly classified as Group Accident and Health or Credit Accident and Health (e.g., collectively renewable and individual non
  • Unallocated annuity considerations and other unallocated deposits that incorporate any mortality or morbidity risk and are not reported as direct premiums, direct annuity considerations or deposit
  • coverage protecting the insured against legal liability resulting from negligence, carelessness, or a failure to act resulting in property damage or personal injury to others.
  • allocable expenses other than loss adjustment expenses and investment expenses.
  • homeowners insurance sold to owners occupying the described property.
  • two or more distinct policies combined into a single contract.
  • the nominal or face value of a stock or bond.
  • the cause of property damage or personal injury, origin of desire for insurance. "Cause of Loss"
  • policy that remains active for the life of the insured.
  • coverage designed to insure private passenger automobiles and certain types of trucks owned by an individual or husband and wife.
  • earthquake property coverage for personal, family or household purposes.
  • separate flood insurance policy sold for personal, family or household purposes.
  • credit insurance that insures the excess of the outstanding indebtedness over the primary property insurance benefits in the event of a total loss to a collateral asset.
  • liability coverage for those who have been discriminated against, falsely arrested, illegally detained, libeled, maliciously prosecuted, slandered, suffered from identity theft, mental anguish or alienation of affections, or have had their right of privacy violated.
  • automobile coverage available in states that have enacted no-fault laws or other auto reparation reform laws for treatment of injuries to the insured and passengers of the insured.
  • a person who meets the basic education, experience and continuing education requirements (these differ by line of business) of the Specific Qualification Standard for Statements of Actuarial Opinion, NAIC Property and Casualty Annual Statement, as set forth in the Qualification Standards for(...)
  • value of insured losses expressed as a cost per unit of insurance.
  • a refund of part or all of a premium payment.
  • a transaction between a primary insurer and another licensed (re) insurer where the reinsurer agrees to cover all or part of the losses and/or loss adjustment expenses of the primary insurer. The assumption is in exchange for a premium. Indemnification is on a proportional or non
  • company assuming reinsurance risk.
  • insurance that is renewable for a limited number of successive terms by the policyholder and is not contingent upon medical examination.
  • liability coverage for contents within a renter's residence. Coverage does not include the structure but does include any affixed items provided or changed by the renter.
  • the cost of replacing property without a reduction for depreciation due to normal wear and tear.
  • Includes both expected payments for losses relating to insured events that have occurred and have been reported to the insurance company, but not yet paid.
  • A portion of the premium retained to pay future claims
  • reduction of reserve amounts for reinsurance ceded. Reductions may include the claim reserve and/or the unearned premium reserve.
  • value recoverable after a loss.
  • a method for insurance companies to access capital and hedge risks by converting policies into securities that can be sold in financial markets.
  • a share, participation, or other interest in property or in an enterprise of the issuer or an obligation of the issuer.
  • type of insurance often used for high frequency low severity risks where risk is not transferred to an insurance company but retained and accounted for internally.
  • segregated funds held and invested independently of other assets by an insurer for the purpose of a group retirement fund.
  • Term Medical 
  • the jurisdiction in which the contract is issued or delivered as stated in the contract.
  • compulsory insurance plan administered by a federal or state government agency with the primary emphasis on social adequacy.
  • a buyer's market characterized by abundant supply of insurance driving premiums down.
  • any security, or other instrument under which a payment obligation is created, issued by or on behalf of a governmental unit to finance a project serving a substantial public purpose and not payable from the sources in connection with the payment of municipal obligation bonds.
  • homeowners insurance sold to tenants occupying the described property.
  • period of time for which policy is in effect.
  • life insurance payable only if death of insured occurs within a specified time, such as 5 or 10 years, or before a specified age.
  • person other than the insured or insurer who has incurred losses or is entitled to receive payment due to acts or omissions of the insured.
  • coverage that guarantees the validity of a title to real and personal property. Buyers of real and personal property and mortgage lenders rely upon the coverage to protect them against losses from undiscovered defects in existence when the policy is issued.
  • total money owed or expected to be owed by the insurance company.
  • premiums, revenue, investment income, and income from other sources.
  • covers financial loss due to trip cancellation/interruption; lost or damaged baggage; trip or baggage delays; missed connections and/or changes in itinerary; and casualty losses due to rental vehicle damage.
  • a reinsurance agreement between the ceding company and reinsurer.
  • coverage for the liability of a commercial venture above a specific amount set forth in a basic policy issued by the primary insurer; or a self
  • non
  • loss adjustment expenses that cannot be specifically tied to a claim.
  • reinsurance placed with a company not authorized in the reporting company's state of domicile.
  • policy option for bodily injury or property losses caused by a motorist with coverage insufficient to cover total dollar amount of losses. Compensation for the injured party is equal to the difference between the losses incurred and the liability covered by the motorist at fault.
  • the asset(s), liability(ies) or other interest(s) underlying a derivative instrument, including, but not limited to, any one or more securities, currencies, rates indices, commodities, derivative instruments, or other financial market instruments.
  • person who identifies, examines and classifies the degree of risk represented by a proposed insured in order to determine whether or not coverage should be provided and, if so, at what rate.
  • the process by which an insurance company examines risk and determines whether the insurer will accept the risk or not, classifies those accepted and determines the appropriate rate for coverage provided.
  • section of the risk-based capital formula calculating requirements for reserves and premiums.
  • all premiums (fees) received for coverage extending beyond the statement date; appears as a liability on the balance sheet.
  • an insurance contract for which the value is agreed upon in advance and is not related to the amount of the insured loss.
  • state legislation which specifies that the insured shall receive the face amount of the policy in the event of a total loss to a dwelling rather than the actual cash value regardless of the principle of indemnity.
  • an annuity contract under which the premium payments are used to purchase stock and the value of each unit is relative to the value of the investment portfolio.
  • life insurance whose face value and/or duration varies depending upon the value of underlying securities.
  • combines the flexible premium features of universal life with the component of variable life in which excess credited to the cash value of the account depends on investment results of separate accounts. The policyholder selects the accounts into which the premium payments are to be made.
  • contracts or agreements in which a buyer agrees to purchase all or a part of a life insurance policy.
  • limited benefit expense policies. Provides benefits for eye care and eye care accessories. Generally provides a stated dollar amount per annual eye examination. Benefits often include a stated dollar amount for glasses and contacts. May include surgical benefits for injury or sickness(...)
  • an agreement that gives the holder the right to purchase an underlying financial instrument at a given price and time or at a series of prices and times according to a schedule or warrant agreement.
  • coverage that protects against manufacturer's defects past the normal warranty period and for repair after breakdown to return a product to its originally intended use. Warranty insurance generally protects consumers from financial loss caused by the seller's failure to rectify or compensate(...)
  • life insurance that may be kept in force for a person's entire life and that pays a benefit upon the person's death, whenever that may be.
  • life insurance that may be kept in force for the duration of a person's life and pays a benefit upon the person's death. Premiums are made for same time period.
  • insurance that covers an employer's liability for injuries, disability or death to persons in their employment, without regard to fault, as prescribed by state or federal workers' compensation laws and other statutes.
  • the contractually determined amount charged by the reporting entity to the policyholder for the effective period of the contract based on the expectation of risk, policy benefits, and expenses associated with the coverage provided by the terms of the insurance contract.

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The information provided on this site is for informational purposes only. 360 Partners LLC dba Harris Advisors, its affiliates, subsidiaries, employees, agents and/or representatives do not provide tax, investment, or legal advice. Please consult with your own tax, investment, or legal advisor with any questions. Licensed in DE, GA, MD, NC, NJ, PA, and VA.

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