|
Alleyton Texas Auto InsuranceHelpful links and resources for finding a auto insurance in Alleyton, Texas. Alleyton, Texas Legal Directory; We're here to help you find insurance in Alleyton, Texas. |
|
| Alleyton auto insurance |
United
States | Texas auto insurance | Alleyton
|
| |
|
| Topics: Find information on auto insurance, car insurance, vehicle insurance, automobile insurance, Motorcycle Insurance, online rate quote, online car insurance, discount car insurance, Free Insurance quotes. |
Insurance Information
Immediate Annuity
An annuity that commences benefit payments immediately after a specified interval (one month or one year). This type of annuity is nearly always purchased with a single premium.
Imputed Negligence
Case in which responsibility for damage can be transferred from the negligent party to another person, such as an employer.
Incurred Claims
Incurred claims equal the claims paid during the policy year plus the claim reserves as of the end of the policy year, minus the corresponding reserves as of the beginning of the policy year. The difference between the year end and beginning of the year claim reserves is called the increase in reserves and may be added directly to the paid claims to produce the incurred claims.
Indemnification
Compensation to the victim of a loss, in whole or in part, by payment, repair, or replacement.
Indemnity
Legal principle that specifies an insured should not collect more than the actual cash value of a loss but should be restored to approximately the same financial position as existed before the loss.
Independent Adjuster
Claims adjuster who offers his or her services to insurance companies and is compensated by a fee.
Independent Agent
An independent contractor who sells insurance usually on behalf of more than one insurance company under the independent agency system. Independent agents operate their own business, own the records of the policies sold through them, and are compensated by commissions or fee.
Indirect Loss
Property loss from a peril that is not the immediate cause of loss; an indirect loss (e.g. a business interruption loss, extra expense, lost rent, etc.) arising out of an insured's inability to use property damaged by another peril.
Inheritance tax
A tax based on an estate's value at the time of the owner's death. A federal unified tax is assessed on the combined value of the estate and qualifying gifts so that estate taxes cannot be avoided by gifts in anticipation of death.
Insolvent
Having insufficient financial resources (assets) to meet financial obligations (liabilities).
Inspection
In property and casualty insurance, the insurer retains the right to make inspections and surveys relating to the insurability of the risk and the premiums charged. The insurer also reserves the right for inspection of property for which a loss arises and claim presented.
Installments
When a policy is placed on a payment plan, multiple equal installments due in the future are created.
Insurability
The risk-associated qualities of a person or entity that meet an insurer's underwriting standards and therefore make the insurer willing to offer coverage at a standard premium.
Insurable Interest
The person who stands to lose financially in the event of a loss. For example, loss to an automobile, home, or contents.
Insurable Risk
A risk that meets the following criteria:
1. The insured loss must have a definite time and place;
2. The insured event must be accidental;
3. The insured must have an insurable interest in the subject of coverage;
4. The insured risks must belong to a sufficiently large group of homogeneous exposure units to make losses predictable;
5. The risk must not be subject to a catastrophic loss where a large number of exposure units can be damaged or destroyed in a single event;
6. The coverage must be provided at a reasonable cost;
7. The chance of loss must be calculable.
Insurance
A system under which individuals, businesses, and other organizations or entities, in exchange for payment of a sum of money (a premium), are guaranteed compensation for losses resulting from certain perils under specified conditions.
Insurance Adjuster
An insurance company employee who is responsible for settling or adjusting claims.
Insurance Commissioner
The senior official in a state's department of insurance or other insurance regulatory agency.
Insurance Company
An organization chartered to operate as an insurer.
Insurance Examiner
The insurance department representative assigned to audit the books or the market conduct of an insurance company.
Insurance Exchange
An insurance marketplace or organization patterned after Lloyd's of London, formed during the 1980s in New York City, Miami, Florida, and Chicago, Illinois. Exchanges were formed to write large or unique risks, generally on a surplus lines basis, and to write reinsurance business. Both the New York and Florida exchanges have suspended operations.
Insurance Guaranty Funds
Plans established and administered individually at the state level which assess solvent insurers in order to settle the unpaid claims of a insolvent company and to return unearned premiums to its policyholders. Insurers each pay a proportional share of the losses based on their premium volume in the state. Frequently funds are set up in such a way as to have immediate access to assets of the insolvent insurer (rather than waiting until liquidation proceedings are completed). In many states, funds are given priority before general creditors to obtain assets of insolvent insurers. In some states, solvent insurers are permitted tax offsets against money paid into guarantee funds.
Insurance Services Offices
Members: Rating bureaus, actuarial associations and other insurance research groups. Objectives: Provides statistical and actuarial information, policy forms and related services to insurers. Functions as an insurance advisory organization and statistical agent. Publishes rate manuals, plans, policy forms and endorsements and other materials.
Insured
The person whose insurable interest is protected under an insurance policy; the one to whom or at whose direction an insurer reimburses losses, pays benefits, or provides services. The term is generally preferred to policyholder.
Insured Loss Ratio
The ratio that a reinsurer's percentage of losses incurred bears to premiums earned.
Insured Vehicle
A vehicle which is covered by an insurance policy or any vehicle which meets the definition of a covered auto according to the language of the insurance policy.
Insurer
The party to the insurance contract who promises to pay losses or benefits. Also, any corporation engaged primarily in the business of furnishing insurance to the public.
Insuring Agreement
That part of an insurance contract that states the promises of the insurer.
Insuring Clause
The clause which sets forth the type of loss being covered by the policy and the parties to the insurance contract.
Interest
The price for the use of money, expressed as a percentage of the amount borrowed; the charge paid by a borrower to a lender
Inter vivos Trust
An ordinary trust established by a person while living to manage and distribute assets to other living persons. (Inter vivos is Latin for "between the living.")
Intestate
Dying without having made a legal will; a person who has died without leaving a will
Investment Income
An insurance company's earnings from its investment portfolio, including interest, dividends, capital gains, and rent.
Immediate Annuity
An annuity that commences benefit payments immediately after a specified interval (one month or one year). This type of annuity is nearly always purchased with a single premium.
Imputed Negligence
Case in which responsibility for damage can be transferred from the negligent party to another person, such as an employer.
Incurred Claims
Incurred claims equal the claims paid during the policy year plus the claim reserves as of the end of the policy year, minus the corresponding reserves as of the beginning of the policy year. The difference between the year end and beginning of the year claim reserves is called the increase in reserves and may be added directly to the paid claims to produce the incurred claims.
Indemnification
Compensation to the victim of a loss, in whole or in part, by payment, repair, or replacement.
Indemnity
Legal principle that specifies an insured should not collect more than the actual cash value of a loss but should be restored to approximately the same financial position as existed before the loss.
Independent Adjuster
Claims adjuster who offers his or her services to insurance companies and is compensated by a fee.
Independent Agent
An independent contractor who sells insurance usually on behalf of more than one insurance company under the independent agency system. Independent agents operate their own business, own the records of the policies sold through them, and are compensated by commissions or fee.
Indirect Loss
Property loss from a peril that is not the immediate cause of loss; an indirect loss (e.g. a business interruption loss, extra expense, lost rent, etc.) arising out of an insured's inability to use property damaged by another peril.
Inheritance tax
A tax based on an estate's value at the time of the owner's death. A federal unified tax is assessed on the combined value of the estate and qualifying gifts so that estate taxes cannot be avoided by gifts in anticipation of death.
Insolvent
Having insufficient financial resources (assets) to meet financial obligations (liabilities).
Inspection
In property and casualty insurance, the insurer retains the right to make inspections and surveys relating to the insurability of the risk and the premiums charged. The insurer also reserves the right for inspection of property for which a loss arises and claim presented.
Installments
When a policy is placed on a payment plan, multiple equal installments due in the future are created.
Insurability
The risk-associated qualities of a person or entity that meet an insurer's underwriting standards and therefore make the insurer willing to offer coverage at a standard premium.
Insurable Interest
The person who stands to lose financially in the event of a loss. For example, loss to an automobile, home, or contents.
Insurable Risk
A risk that meets the following criteria:
1. The insured loss must have a definite time and place;
2. The insured event must be accidental;
3. The insured must have an insurable interest in the subject of coverage;
4. The insured risks must belong to a sufficiently large group of homogeneous exposure units to make losses predictable;
5. The risk must not be subject to a catastrophic loss where a large number of exposure units can be damaged or destroyed in a single event;
6. The coverage must be provided at a reasonable cost;
7. The chance of loss must be calculable.
Insurance
A system under which individuals, businesses, and other organizations or entities, in exchange for payment of a sum of money (a premium), are guaranteed compensation for losses resulting from certain perils under specified conditions.
Insurance Adjuster
An insurance company employee who is responsible for settling or adjusting claims.
Insurance Commissioner
The senior official in a state's department of insurance or other insurance regulatory agency.
Insurance Company
An organization chartered to operate as an insurer.
Insurance Examiner
The insurance department representative assigned to audit the books or the market conduct of an insurance company.
Insurance Exchange
An insurance marketplace or organization patterned after Lloyd's of London, formed during the 1980s in New York City, Miami, Florida, and Chicago, Illinois. Exchanges were formed to write large or unique risks, generally on a surplus lines basis, and to write reinsurance business. Both the New York and Florida exchanges have suspended operations.
Insurance Guaranty Funds
Plans established and administered individually at the state level which assess solvent insurers in order to settle the unpaid claims of a insolvent company and to return unearned premiums to its policyholders. Insurers each pay a proportional share of the losses based on their premium volume in the state. Frequently funds are set up in such a way as to have immediate access to assets of the insolvent insurer (rather than waiting until liquidation proceedings are completed). In many states, funds are given priority before general creditors to obtain assets of insolvent insurers. In some states, solvent insurers are permitted tax offsets against money paid into guarantee funds.
Insurance Services Offices
Members: Rating bureaus, actuarial associations and other insurance research groups. Objectives: Provides statistical and actuarial information, policy forms and related services to insurers. Functions as an insurance advisory organization and statistical agent. Publishes rate manuals, plans, policy forms and endorsements and other materials.
Insured
The person whose insurable interest is protected under an insurance policy; the one to whom or at whose direction an insurer reimburses losses, pays benefits, or provides services. The term is generally preferred to policyholder.
Insured Loss Ratio
The ratio that a reinsurer's percentage of losses incurred bears to premiums earned.
Insured Vehicle
A vehicle which is covered by an insurance policy or any vehicle which meets the definition of a covered auto according to the language of the insurance policy.
Insurer
The party to the insurance contract who promises to pay losses or benefits. Also, any corporation engaged primarily in the business of furnishing insurance to the public.
Insuring Agreement
That part of an insurance contract that states the promises of the insurer.
Insuring Clause
The clause which sets forth the type of loss being covered by the policy and the parties to the insurance contract.
Interest
The price for the use of money, expressed as a percentage of the amount borrowed; the charge paid by a borrower to a lender
Inter vivos Trust
An ordinary trust established by a person while living to manage and distribute assets to other living persons. (Inter vivos is Latin for "between the living.")
Intestate
Dying without having made a legal will; a person who has died without leaving a will
Investment Income
An insurance company's earnings from its investment portfolio, including interest, dividends, capital gains, and rent.
Insurance Information
Absolute Liability
Liability for damages even though fault or negligence cannot be proven. (Liability without fault.)
Accident
An event or occurrence which is unforeseen and unintended. A sudden unexpected event, identifiable in time and place.
Accidental Bodily Injury
Injury to the body as the result of an accident.
Accidental Death and Dismemberment
A benefit purchased through an endorsement which covers loss due to bodily injury caused solely through accidental means.
Accidental Death Benefit
A benefit paid in addition to the face amount of a life insurance policy, if the insured dies as the result of an accident. Sometimes referred to as "double indemnity."
Accident Insurance
A contract purchased to guarantee compensation for a specific loss due to an accident.
Actual Cash Value
1) The cost of replacing or restoring property at prices prevailing at the time and place of the loss, less depreciation, however caused;
2) replacement cost minus depreciation.
Additional Parties/Insured
A person other than the named insured has a financial interest in the vehicle.
Adjuster
A person who investigates and settles claims for an insurance carrier.
Adjusting
The process of investigating and settling claims with or by an insurance carrier.
Adverse Carrier
Another insurance company that may be a party in any given claim or loss related to an accident.
Agent
An insurance company representative licensed by the state who solicits, negotiates or effects contracts of insurance, and provides service to the policyholder for the insurer.
Ambulatory Care
Medical services that are provided on an outpatient (nonhospitalized) basis. Services may include diagnosis, treatment, and rehabilitation.
Application
A signed statement of facts made by a person applying for insurance and then used by the insurance company to decide whether or not to issue a policy. The application becomes part of the insurance contract when the policy is issued.
Arbitration
A form of alternative dispute resolution where an unbiased person or panel renders an opinion as to responsibility for or extent of a loss
Association Group
A group formed from members of a trade or a professional association for group insurance under one master insurance contract.
Automobile Liability Insurance
Protection for the insured against financial loss because of legal liability for car-related injuries to others or damage to their property. Insurance which agrees to pay on behalf of the policy holder sums he/she may be legally required to pay to others as the result of negligence.
Automobile Physical Damage Insurance
Coverage to pay for damage to or loss of an insured automobile resulting from collision, or other than collision(comprehensive) fire, theft, or other perils.
Absolute Liability
Liability for damages even though fault or negligence cannot be proven. (Liability without fault.)
Accident
An event or occurrence which is unforeseen and unintended. A sudden unexpected event, identifiable in time and place.
Accidental Bodily Injury
Injury to the body as the result of an accident.
Accidental Death and Dismemberment
A benefit purchased through an endorsement which covers loss due to bodily injury caused solely through accidental means.
Accidental Death Benefit
A benefit paid in addition to the face amount of a life insurance policy, if the insured dies as the result of an accident. Sometimes referred to as "double indemnity."
Accident Insurance
A contract purchased to guarantee compensation for a specific loss due to an accident.
Actual Cash Value
1) The cost of replacing or restoring property at prices prevailing at the time and place of the loss, less depreciation, however caused;
2) replacement cost minus depreciation.
Additional Parties/Insured
A person other than the named insured has a financial interest in the vehicle.
Adjuster
A person who investigates and settles claims for an insurance carrier.
Adjusting
The process of investigating and settling claims with or by an insurance carrier.
Adverse Carrier
Another insurance company that may be a party in any given claim or loss related to an accident.
Agent
An insurance company representative licensed by the state who solicits, negotiates or effects contracts of insurance, and provides service to the policyholder for the insurer.
Ambulatory Care
Medical services that are provided on an outpatient (nonhospitalized) basis. Services may include diagnosis, treatment, and rehabilitation.
Application
A signed statement of facts made by a person applying for insurance and then used by the insurance company to decide whether or not to issue a policy. The application becomes part of the insurance contract when the policy is issued.
Arbitration
A form of alternative dispute resolution where an unbiased person or panel renders an opinion as to responsibility for or extent of a loss
Association Group
A group formed from members of a trade or a professional association for group insurance under one master insurance contract.
Automobile Liability Insurance
Protection for the insured against financial loss because of legal liability for car-related injuries to others or damage to their property. Insurance which agrees to pay on behalf of the policy holder sums he/she may be legally required to pay to others as the result of negligence.
Automobile Physical Damage Insurance
Coverage to pay for damage to or loss of an insured automobile resulting from collision, or other than collision(comprehensive) fire, theft, or other perils.
Insurance Information (cont'd)
Salvage
Recovery made by an insurance company by the sale of property which has been taken over from the insured as a part of loss settlement.
Self- Administered (Trusteed or Directly Invested) Plan
A plan funded through a fiduciary, generally a bank, but sometimes a group of individuals, which directly invests the accumulated funds. Retirement payments are made from the fund as they fall due.
Self-Administration
The procedure where an employer maintains all records regarding the employees covered under a group insurance plan.
Self-Insurance
A program for providing group insurance with benefits financed entirely through the internal means of the policyholder, in place of purchasing coverage from commercial carriers.
Senior Citizen Policies
Contracts insuring persons 65 years of age or more. In most cases, these policies supplement the coverage afforded by the government under the Medicare program.
Separate Account
An asset account established by a life insurance company separate from other funds, used primarily for pension plans and variable life products. This arrangement permits wider latitude in the choice of investments, particularly in equities.
Service-Type Plans
Plans that provide their benefits in the form of services rendered rather than cash (for example, Blue Cross and Blue Shield).
Settlement Options
The several ways, other than immediate payment in cash, which a policyholder or beneficiary may choose to have policy benefits paid.
Short-Term Disability Income Insurance
The provision to pay benefits to a covered disabled person as long as he/she remains disabled up to a specified period not exceeding two years.
Sickness Insurance
A form of health insurance providing benefits for loss resulting from illness or disease.
Skip person
a beneficiary who is at least two generations younger than the person making the transfer.
Social Security Freeze
A long- term disability policy provision which establishes that the offset from benefits paid by Social Security will not be changed regardless of subsequent changes in the Social Security law.
Social Security Option
An option under which the employee may elect that monthly payments of an annuity before a specified age (62 or 65) be increased, and that payments thereafter be decreased to produce, as nearly as practical, a level total annual annuity to the employee, including Social Security benefits when they become due.
Soft Market
That part of the insurance sales cycle in which competition is at a maximum as insurance companies use their excess capacity to sell more policies at lower prices (see "Hard market").
Special Damages
Compensation awarded for actual economic losses, such as medical expenses and lost wages. (See general damages)
Special Risk Insurance
Coverage for risks or hazards of a special or unusual nature.
Split Funding
The use of two or more funding agencies for the same pension plan. An arrangement whereby a portion of the contributions to the pension plan are paid to a life insurance company and the remainder of the contributions invested through a corporate trustee, primarily in equities.
Spouse's Benefit
Payments to the surviving spouse of a deceased employee, usually in the form of a series of payments upon meeting certain requirements and usually terminating with the survivor's remarriage or death.
Standard Insurance
Insurance written on the basis of regular morbidity underwriting assumption used by an insurance company and issued at normal rates.
Standard Markets
insurance companies for which the vast majority of people qualify
Standard Provisions
A set of policy provisions prescribed by former laws setting forth certain rights and obligations of both the insured and the company under an individual policy of health insurance. These were originally introduced in 1912 and have now been replaced by the Uniform Provisions.
Standard Risk
A person who, according to a company's underwriting standards, is entitled to purchase insurance protection without extra rating or special restrictions.
State-of-the-Art Defense
An argument used in product liability cases that the technology needed to avoid the loss in a particular case did not exist at the time of the product's manufacture
State Disability Plan
A plan for accident and sickness, or disability insurance required by state legislation of those employers doing business in that particular state.
State Fund
A fund set up by a state government to provide a specific line or lines of insurance. Some state permit private insurers to compete with the state fund.
State Insurance Department
A department of a state government whose duty is to regulate the business of insurance and give the public information on insurance.
Statutory Accounting
Special accounting practices for insurance companies required by state law and designed to provide greater protection for the public against potential insolvency of these essential institutions.
Statutory Accounting Principles (SAP)
Principles required by statute which must be followed by an insurance company when submitting its financial statements to the various state insurance departments. Such principles differ from the Generally Accepted Accounting Principles (GAAP).
Statutory Underwriting Profit or Loss
Premiums earned less losses and expenses.
Step-Rate Premium
A rating structure in which the premiums increase periodically at pre-determined times such as policy years or attained ages.
Step-up in basis
An increase in the tax basis of property to the value claimed in the taxable estate of a decedent.
Stock Company
A company organized and owned by stockholders, as distinguished from the mutual form of company which is owned by its policyholders.
Stock Exchange
An organization that provides a facility for buyers and sellers of listed securities to come together to make grades in those securities.
Stockholder (or shareholder)
A person who owns shares of stock in a corporation.
Stock Insurance Company
A company in which the legal ownership and control is vested in the stockholders.
Stock Life Insurance Company
A life insurance company owned by stockholders who elect a board to direct the company's management. Stock companies, in general, issue nonparticipating insurance, but may also issue participating insurance.
Stock Redemption Plan
An entity purchase form of buy-sell agreement within a corporation that involves the corporation buying back shares from a departing owner.
Straight Life Insurance
Whole life insurance on which premiums are payable for life.
Strict Liability
Liability for damages even though fault or negligence cannot be proven.
Subrogation
Process by which one insurance company seeks reimbursement from another company or person for a claim it has already paid.
Substandard (Impaired Risk)
A risk that cannot meet the normal health requirements of a standard health insurance policy. Protection is provided in consideration of a waiver, a special policy form, or a higher premium charge. Substandard risks may include those persons who engage in certain sports and persons who are rated because of poor habits or morals.
Substandard Insurance
Insurance issued with an extra premium or special restriction to those persons who do not qualify for insurance at standard rates.
Substandard Risk
An individual, who, because of health history or physical limitations, does not measure up to the qualification of a standard risk.
Supplementary Contract
An agreement between a life insurance company and a policyholder or beneficiary by which the company retains the cash sum payable under an insurance policy and makes payments in accordance with the settlement option chosen.
Surety Bond
An agreement providing for monetary compensation in the event of a failure to perform specified acts within a stated period. The surety company, for example, becomes responsible for fulfillment of a contract if the contractor defaults.
Surgical Expense Insurance
Health insurance policies, which provide benefits toward the physician's or surgeon's operating fees. Benefits may consist of scheduled amounts for each surgical procedure.
Surgical Schedule
A list of cash allowances attached to the policy, which are payable for various types of surgery, with a maximum amount based upon the severity of the operation.
Surplus
The net worth of a company, i.e. the amount by which assets exceed liabilities. Adequate net worth is necessary for the protection of policyholders against unforeseen losses.
Surplus Lines
(1) A risk or a part of a risk for which there is no normal insurance market available. (2) Insurance written by non-admitted insurance companies.
Salvage
Recovery made by an insurance company by the sale of property which has been taken over from the insured as a part of loss settlement.
Self- Administered (Trusteed or Directly Invested) Plan
A plan funded through a fiduciary, generally a bank, but sometimes a group of individuals, which directly invests the accumulated funds. Retirement payments are made from the fund as they fall due.
Self-Administration
The procedure where an employer maintains all records regarding the employees covered under a group insurance plan.
Self-Insurance
A program for providing group insurance with benefits financed entirely through the internal means of the policyholder, in place of purchasing coverage from commercial carriers.
Senior Citizen Policies
Contracts insuring persons 65 years of age or more. In most cases, these policies supplement the coverage afforded by the government under the Medicare program.
Separate Account
An asset account established by a life insurance company separate from other funds, used primarily for pension plans and variable life products. This arrangement permits wider latitude in the choice of investments, particularly in equities.
Service-Type Plans
Plans that provide their benefits in the form of services rendered rather than cash (for example, Blue Cross and Blue Shield).
Settlement Options
The several ways, other than immediate payment in cash, which a policyholder or beneficiary may choose to have policy benefits paid.
Short-Term Disability Income Insurance
The provision to pay benefits to a covered disabled person as long as he/she remains disabled up to a specified period not exceeding two years.
Sickness Insurance
A form of health insurance providing benefits for loss resulting from illness or disease.
Skip person
a beneficiary who is at least two generations younger than the person making the transfer.
Social Security Freeze
A long- term disability policy provision which establishes that the offset from benefits paid by Social Security will not be changed regardless of subsequent changes in the Social Security law.
Social Security Option
An option under which the employee may elect that monthly payments of an annuity before a specified age (62 or 65) be increased, and that payments thereafter be decreased to produce, as nearly as practical, a level total annual annuity to the employee, including Social Security benefits when they become due.
Soft Market
That part of the insurance sales cycle in which competition is at a maximum as insurance companies use their excess capacity to sell more policies at lower prices (see "Hard market").
Special Damages
Compensation awarded for actual economic losses, such as medical expenses and lost wages. (See general damages)
Special Risk Insurance
Coverage for risks or hazards of a special or unusual nature.
Split Funding
The use of two or more funding agencies for the same pension plan. An arrangement whereby a portion of the contributions to the pension plan are paid to a life insurance company and the remainder of the contributions invested through a corporate trustee, primarily in equities.
Spouse's Benefit
Payments to the surviving spouse of a deceased employee, usually in the form of a series of payments upon meeting certain requirements and usually terminating with the survivor's remarriage or death.
Standard Insurance
Insurance written on the basis of regular morbidity underwriting assumption used by an insurance company and issued at normal rates.
Standard Markets
insurance companies for which the vast majority of people qualify
Standard Provisions
A set of policy provisions prescribed by former laws setting forth certain rights and obligations of both the insured and the company under an individual policy of health insurance. These were originally introduced in 1912 and have now been replaced by the Uniform Provisions.
Standard Risk
A person who, according to a company's underwriting standards, is entitled to purchase insurance protection without extra rating or special restrictions.
State-of-the-Art Defense
An argument used in product liability cases that the technology needed to avoid the loss in a particular case did not exist at the time of the product's manufacture
State Disability Plan
A plan for accident and sickness, or disability insurance required by state legislation of those employers doing business in that particular state.
State Fund
A fund set up by a state government to provide a specific line or lines of insurance. Some state permit private insurers to compete with the state fund.
State Insurance Department
A department of a state government whose duty is to regulate the business of insurance and give the public information on insurance.
Statutory Accounting
Special accounting practices for insurance companies required by state law and designed to provide greater protection for the public against potential insolvency of these essential institutions.
Statutory Accounting Principles (SAP)
Principles required by statute which must be followed by an insurance company when submitting its financial statements to the various state insurance departments. Such principles differ from the Generally Accepted Accounting Principles (GAAP).
Statutory Underwriting Profit or Loss
Premiums earned less losses and expenses.
Step-Rate Premium
A rating structure in which the premiums increase periodically at pre-determined times such as policy years or attained ages.
Step-up in basis
An increase in the tax basis of property to the value claimed in the taxable estate of a decedent.
Stock Company
A company organized and owned by stockholders, as distinguished from the mutual form of company which is owned by its policyholders.
Stock Exchange
An organization that provides a facility for buyers and sellers of listed securities to come together to make grades in those securities.
Stockholder (or shareholder)
A person who owns shares of stock in a corporation.
Stock Insurance Company
A company in which the legal ownership and control is vested in the stockholders.
Stock Life Insurance Company
A life insurance company owned by stockholders who elect a board to direct the company's management. Stock companies, in general, issue nonparticipating insurance, but may also issue participating insurance.
Stock Redemption Plan
An entity purchase form of buy-sell agreement within a corporation that involves the corporation buying back shares from a departing owner.
Straight Life Insurance
Whole life insurance on which premiums are payable for life.
Strict Liability
Liability for damages even though fault or negligence cannot be proven.
Subrogation
Process by which one insurance company seeks reimbursement from another company or person for a claim it has already paid.
Substandard (Impaired Risk)
A risk that cannot meet the normal health requirements of a standard health insurance policy. Protection is provided in consideration of a waiver, a special policy form, or a higher premium charge. Substandard risks may include those persons who engage in certain sports and persons who are rated because of poor habits or morals.
Substandard Insurance
Insurance issued with an extra premium or special restriction to those persons who do not qualify for insurance at standard rates.
Substandard Risk
An individual, who, because of health history or physical limitations, does not measure up to the qualification of a standard risk.
Supplementary Contract
An agreement between a life insurance company and a policyholder or beneficiary by which the company retains the cash sum payable under an insurance policy and makes payments in accordance with the settlement option chosen.
Surety Bond
An agreement providing for monetary compensation in the event of a failure to perform specified acts within a stated period. The surety company, for example, becomes responsible for fulfillment of a contract if the contractor defaults.
Surgical Expense Insurance
Health insurance policies, which provide benefits toward the physician's or surgeon's operating fees. Benefits may consist of scheduled amounts for each surgical procedure.
Surgical Schedule
A list of cash allowances attached to the policy, which are payable for various types of surgery, with a maximum amount based upon the severity of the operation.
Surplus
The net worth of a company, i.e. the amount by which assets exceed liabilities. Adequate net worth is necessary for the protection of policyholders against unforeseen losses.
Surplus Lines
(1) A risk or a part of a risk for which there is no normal insurance market available. (2) Insurance written by non-admitted insurance companies.
ViewLocal.com will help you find answers to questions on a broad range of topics,
thanks for stopping by and best of luck on your quest for information.
auto-insurance.viewlocal.com Home
Copyright 2009 - ViewLocal.com
thanks for stopping by and best of luck on your quest for information.
auto-insurance.viewlocal.com Home
Copyright 2009 - ViewLocal.com
