Convention Examination
Definition of "Convention examination"
Audit of the convention blank (NAIC Statement Blank) every third year as to all of the financial activities of a company; company claim practices; and general policy owner relations.
Popular Insurance Terms
Investments made in a variety of securities issued by government agencies. ...
Amount that the owner of a life insurance policy can borrow at interest from the insurer, up to the cash surrender value. If interest is not paid when due, it is deducted from any remaining ...
Coverage for goods in transit and the vehicles of transportation on waterways, land, and air. ...
Portion of reinsurance premium received by the reinsurer that relates to the unexpired part of the reinsured policy. ...
Policyholder's equity share of the life insurance company's assets. The share is based on the policyholder's contribution to assets (the company's gross premiums minus cost of insurance, ...
Point in time when a term life insurance policy terminates its coverage. ...
Provision under the Internal Revenue Code, Chapter 13, that specifies a transfer tax of 55% of the gift to a person at least two generations younger than the transferor (person who gives ...
Statistical procedure used to calculate a premium rate based on the loss experience of an insured group. Applied in group insurance, it is the opposite of manual rates. Here the premiums ...
Specialized property or liability coverage provided by a non admitted insurer in instances where it is unavailable from insurers licensed by the state. Examples of surplus lines are ...
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