Inspection Report
Statement prepared by an inspection bureau for a life or health insurance company that summarizes information about an applicant for a policy, including financial standing, morals, physical condition, habits, and other information. This report is used by a company underwriter in evaluating an application for insurance; that is, whether the company should classify an individual as a standard risk at standard insurance rates, as a substandard risk (charged an extra rate), or as uninsurable.
Popular Insurance Terms
Method whereby an insurer pays the amount of each claim for each risk up to a limit determined in advance and the reinsurer pays the amount of the claim above that limit up to a specific ...
Form showing notification that an insurance policy has been renewed with the same provisions, clauses, and benefits of the previous policy. ...
Return of a pro rata portion of an agent's commission for a policy that is canceled prior to its expiration date. A commission is paid to an agent in the expectation that the premium will ...
Combination life insurance policy composed Of TERM LIFE INSURANCE and an INSTALLMENT REFUND ANNUITY. ...
Provision in a property or liability policy stating that after a loss has been paid, the total original limits of the policy are once again in effect. For example, assume a loss of $40,000 ...
Same as term Captive Agent: representative of a single insurer or fleet of insurers who is obliged to submit business only to that company, or at the very minimum, give that company first ...
Automatic reinsurance that requires the insurer to transfer, and the re insurer to accept, a given percentage of every risk within a defined category of business written by the insurer. For ...
Measure showing how much life insurance an agent has lost through replacement. It is expressed as a percentage of number of policies, face amount, or premium volume. ...
Prospective insurance applicant who has questionable underwriting characteristics. ...
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