Federal Deposit Insurance Corporation (fdic)
Agency formed as the result of bank failures in the 1930s to insure the deposits of customers of member banks. The FDIC, an agency of the federal government, is self-supporting in that it receives fees from the member banks at the rate of .5% of the bank's deposits and the income from reserves that have been invested. Each account is insured up to $100,000.
Popular Insurance Terms
Form whose purpose it is to help the agent and the prospective policyowner judge the validity of the insurance company's policy illustrations. This questionnaire's focus is on the ...
Same as term Cancel: termination of a policy. Contract may be terminated by an insured or insurer as stated in the policy. If the insurance company cancels a policy, any unearned premiums ...
Entitlement of a participant in an employee benefit insurance plan to receive benefits regardless of his or her employment status. ...
Stipulations of the rights and obligations of an insured and an insurer under a policy. ...
Coverage for property loss liability as the result of negligent acts and/or omissions of the insured that allows a spreading fire to damage others' property. Negligent acts and omissions ...
Arrangement by which a policy owner authorizes an insurance company to draft his checking account for premiums due on an insurance policy. The drafting is usually monthly, persistency of ...
Certain fixed payment made in addition to the regularly scheduled premium. ...
Expense of soliciting and placing new insurance business on a company's books. It includes agent's commissions, underwriting expenses, medical and credit report fees, and marketing support ...
In automobile insurance, coverage providing protection in the event of physical damage to the insured's own automobile (other than that covered under comprehensive insurance) resulting from ...
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