Alternative Risk Financing Facilities
Provide mainstream coverage to their members that include corporations, public entities, and professionals. These facilities were originally established and capitalized by organizations and individuals with common requirements for insurance who could not obtain coverage on the commercial markets; could not obtain coverage at an acceptable price; could not effectively act as a captive insurance company; or could not act as a self-insurer. Coverages written include property insurance, workers COMPENSATION INSURANCE, DIRECTORS AND OFFICERS LIABILITY INSURANCE, medical malpractice liability insurance, and primary and excess liability insurance. Insureds include a broad range of organizations and individuals: medical personnel, banks, manufacturers, public entities, nonprofit entities, contractors, and transportation companies and systems. The major portion of the facilities is domiciled in Bermuda.
Popular Insurance Terms
Policy that pays a dividend to its owner. ...
Date when an insurance company issues a policy. This date may be different from the date the insurance becomes effective. ...
Single life insurance policy combining term life insurance and ordinary life insurance. If the insured dies during the term period, a multiple of the face amount is paid to the beneficiary. ...
Specific time at which the insurance policy coverage begins and ends. ...
Total value of all goods and services produced by companies located in the United States as well as that produced by United States companies whose production facilities are outside the ...
Policy owner rights under a life insurance policy, including the right to name a new beneficiary at any time and to surrender the policy for its cash value. ...
Taking over of an insurance company's assets by the State Insurance Commissioner when examination of the annual report reveals that the company is in substantial financial difficulty. The ...
Consideration should be given to a company's capacity to underwrite a particular risk, as indicated by its financial standing, claims philosophy, price structure, agent representation, loss ...
Private, not-for-profit-group that develops and publishes safety codes and standards relating to protection of people and property against fire. The NFPA is financed by fees for technical ...
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