Interinsurance Claim Service Organization
Definition of "Interinsurance claim service organization"
Type of organization of property and casualty insurance companies whose objective is to share information on fraudulent claims, handle claims in an expeditious manner, and disseminate public information concerning safeguarding of property. Some interinsurer organizations are the American insurance association (AIA) Index Bureau, insurance crime prevention institute, national association of independent insurance adjusters (NAII), and national automobile theft bureau.
Popular Insurance Terms
Law, in several states, establishing a fund to guarantee benefits under policies issued by insurance companies that become insolvent. ...
High severity loss that does not lend itself to accurate prediction and thus should be transferred by the individual or business to an insurance company. ...
List and description of valuables, to be utilized in the event an insurance claim must be filed. Included should be: a detailed explanation of possessions that are of special value, such as ...
Cost of the assets listed on the accounting records of the company. These assets include the following: real estate (to include any adjustments for depreciation), transportation equipment ...
Oral or written statement that results in injuring the good name or reputation of another, causing that individual to be held in disrepute. ...
Former method of funding a pension plan. When employees retire, the employer sets aside a lump sum that will pay them lifetime monthly benefits. When determining the amount, these factors ...
Relationship of the frequency of deaths of individual members of a group to the entire group membership over a particular time period. ...
Bona fide organization that purchases insurance on a group basis on behalf of members. However, a group cannot be formed for the purpose of purchasing insurance since adverse selection ...
Holding company formed by at least one stock insurance company. This holding company is owned by its stockholders and is usually listed on the New York Stock Exchange or the NASDAQ. In ...
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