Financial Agreement Between An Insurance Company
Subsequent event – events or transactions that are available after the balance sheet date, but before the statutory balance sheet date and before the date of issuance of the audited financial statements or for the institution. Credit health insurance – A policy that gives the creditor as the beneficiary for a debtor`s insurance, and thus transfers compensation to the creditor in the event of the debtor`s default. Condominiums – Owner insurance company sold for condominium owners to occupy the property described. Pre-sale premiums – occur when a policy has been processed and the premium has been paid before the effective date. These have a responsibility to the company and are not included in the issued premium or the unenserved bonus reserve. Health plan – a written commitment of coverage for an individual, family or group of insured persons, for example where a beneficiary is entitled to a defined rate of health care for a defined consideration. B a bonus. For example, in the case of automobile insurance, the probability of a right against a young driver living in an urban area may be higher than that of a young driver in the suburbs. Generally speaking, the higher the risk, the more expensive the insurance policy (and therefore the insurance premiums). Most consumers prefer to shop in the area to find the cheapest insurance premiums.
You can choose to buy independently from certain insurance companies. Fair value, the amount at which an asset (or liability) could be bought (or married) or sold (or liquidated) in the event of an ongoing transaction between the parties, i.e. other than in the event of a forced sale or liquidation. Market prices quoted on active markets are the best evidence of fair value and serve as a basis for valuation, where appropriate. When a quoted market price is available, fair value is the product of the number of units that measure the market price. Work allowance – insurance covering an employer`s liability for injury, disability or death for people in their employment, regardless of their fault, as required by national or federal workers` compensation law and other laws. Adjuster — a person who verifies claims and recommends billing options based on claims estimates and insurance policies. Gross premium – Net premium for insurance, plus commissions, operating commissions and other commissions. For life insurance, it is the premium, including dividends.
Dual Interest – insurance that protects the creditor`s and debtor`s shares in the assets that provide credit to the debtor. The “dual interest” covers insurance that is generally referred to as “limited double rates”. Credit risk – part of the risk-based capital formula, which deals with the ability to recover a company`s debt and the risk of loss from a supplier or intermediary who has received advances. . . .