Fair Access To Insurance Requirements (fair) Plan
Insurance that grew out of the urban demonstrations and riots of the 1960s. Because of the deteriorated social and economic circumstances in these areas, it became impossible for many business owners and homeowners to purchase property insurance. As a result, the federal government established the fair plans based on the stop loss reinsurance method. If a business owner or homeowner cannot purchase property insurance through conventional means, application can be made through an agent who represents an insurance company participating in the FAIR plan. If the property is acceptable to the company, insurance will be provided. If the property is deficient, improvements are suggested, and upon compliance the policy is issued.
Popular Insurance Terms
Annual meetings of insurance practitioners and academicians from throughout the world interested in exchanging ideas concerning the theory and applications of insurance. The meeting is held ...
Sum the insurance company is legally obligated to pay an insured for losses incurred. ...
Coverage that protects a business, up to the policy limits, if actions or non-actions of the insured result in a legally enforceable claim for bodily injury, property damage, or personal ...
Present value of a series of payments such that the first payment is due one period hence, the second payment two periods hence, and so forth. The continued payment is contingent upon the ...
Account in which a predetermined interest rate is paid for a predetermined period of time. For each contribution that is paid into the fixed account, a new guarantee period begins for that ...
Utilization of life insurance to make annual gifts into a trust in order to produce the largest tax-free death benefit possible to the trust beneficiaries. ...
The open perils policy is the counterpart to the named perils policy. In it, any peril NOT mentioned is covered by the policy. Here's an example: let's say you got an open perils policy ...
Physical, moral, or financial circumstance of a life insurance applicant that sets him or her apart from a physically, morally, and financially sound standard applicant. The underwriting ...
Coverage that exceeds the normal insurance capacity of an insurer or reinsurer. ...
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