Medical malpractice – Insurance coverage that protects a licensed health care provider or health care facility from legal liability arising from the death or injury of a person due to the insured`s misconduct, negligence or incompetence in providing or failing to provide professional services. When you`re logged into your account, this site remembers which cards you know and which ones you don`t, so they`ll be in the same box the next time you log in. Duration – the period during which the Directive is in force. The reinstatement provision allows a policy that has expired due to late premium payments to restore its original active status instead of being considered cancelled and reissued. After the grace period has expired, the insurer may request an updated application to reissue the policy. The insurer has the discretion to approve the application and issue or reject a policy. However, if the insurer does not intervene within 45 days, the policy is automatically considered reinstated. If late premium payment is accepted by the insurer and no new reinstatement is made, benefits take effect immediately. Other liability – coverage that protects the insured against legal liability arising from negligence, negligence or omission resulting in property damage or bodily injury to others. Variable annuity – an annuity contract in which premium payments are used to purchase shares and the value of each unit is relative to the value of the investment portfolio. National insurer – an insurance company that resides and is licensed in the state where it sells insurance. The claims provision prohibits insurers from suing the insurer for a claim for 60 days from the date of proof of damage if the claim is disputed.
A lawsuit in Florida cannot be filed for 60 days (from the date of proof of loss) or after five years. Use these memory cards to store information. Look at the big map and try to remember what`s on the other side. Then click on the card to return it. If you know the answer, click the Knowledge green box. Otherwise, click the red Don`t know box. Product liability – insurance coverage that protects the manufacturer, distributor, seller or lessor of a product from legal liability arising from a defective condition that causes bodily injury or damage to a natural or legal person associated with the use of the product. Financial reporting – Insurance companies are required to maintain records and file annual and quarterly financial statements with regulators in accordance with statutory accounting standards (AMP). The legal provisions also govern how insurers make provisions for invested assets and losses and under what conditions they may use loans for affected reinsurance.
Unauthorised assets – assets with a different economic value than those which can be used to meet the policyholder`s obligations, or assets which are not available due to charges or other interests of third parties and which do not have to be recognised in the balance sheet. Minimum Premium Plan – an arrangement whereby an insurance company takes over claims administration for a fee and insures against large claims for a self-insured group. The employer finances a fixed percentage (e.g. 90%) of the estimated monthly claims itself and the insurer covers the rest. Risk – uncertainty as to the possibility of loss due to a risk for which insurance is purchased. Special revenue obligation – any guarantee or other instrument under which a payment obligation is created, issued by or on behalf of a government entity to finance a project that serves a significant public purpose and is not payable from sources related to the payment of municipal bonds. Indemnification, principle of – a general legal principle relating to insurance, which stipulates that the person recovered under an insurance policy must be restored to the approximate financial situation in which he or she was before the loss. The legal principle limiting damages corresponds to the harm suffered. Policy statements relating to the applicant and the property covered, such as demographic and business information, property specifications, and expected mileage per year. Contingent liability – the liability of an insured person to persons who have suffered bodily injury or property damage as a result of work performed by an independent contractor contracted by the insured to perform work that is illegal, inherently dangerous or directly supervised by the insured insurance holding system – includes two or more related persons, one or more of whom are an insurer. Life – Variable Premium Variable Life Insurance – a group life insurance policy that provides a customizable nominal amount for the certificate holder and allows the certificate holder to change the modal premium paid or skip a payment as long as the value of the certificate is sufficient to maintain the certificate in effect, and where interest credits are reported separately (except for the accumulation of dividends, B. Premium deposits or other additional accounts) as well as death and expense expenses are levied on individual certificates with guaranteed minimum values.
Proof of loss prevention means that the insured must provide the insurer with proof that the damage actually occurred and to what extent. The applicant has 90 days to provide evidence if reasonably possible. Insurance period – the period during which insurance coverage exists. Viaticum settlements – contracts or agreements in which a buyer agrees to purchase a life insurance policy in whole or in part. Contract situs – the jurisdiction in which the contract is issued or delivered, as specified in the contract. Protection and Indemnity Insurance (P&I) – a broad form of statutory liability insurance for maritime transport. Event – an accident, including harmful exposure to conditions, that, during the insurance period, results in bodily injury or property damage that is neither foreseen nor foreseen from the insured`s point of view. (Bickelhaupt and Magee) Claims incurred but not reported (IBNR) – (pure IBNR) claims that have occurred but have not been notified to the insurer on the balance sheet date. Estimates are made for the registration of these rights. May include losses reported to the reporting entity but not yet recognized in the claims system or collective provisions.
Bulk reserves are reserves included in other IBNR reserves to reflect gaps in known case reserves. IBNR may sometimes include estimates of personal injury liability that has occurred but has not been sufficiently reported – liability coverage for those who have discriminated, been wrongfully arrested, unlawfully detained, defamed, maliciously persecuted, defamed, suffered identity theft, mental agony or alienation of affection, or whose right to privacy has been violated.