Keynesian Economics
Definition of "Keynesian economics"
Theory, named after the British economist John Maynard Keynes, that deals with current consumption at the expense of saving. This theory has important implications for life insurance products and annuities since their purchase requires foregoing a portion of current consumption in favor of savings and future financial security.
Popular Insurance Terms
Undiscounted loss reserves that must be maintained by property and casualty insurance companies in an adequate amount to provide for the payment of the settlement value of the outstanding ...
U.S. Supreme Court case in 1868 in which the decision (since overruled) was that an insurance policy was not an instrument of commerce, and thus did not involve interstate commerce ...
Secondary (not primary) reason for forming a contract. In group insurance, the group must be formed and maintained for reasons other than obtaining insurance. If the group were formed ...
Rate charged by the Federal Reserve to commercial banks for overnight loans made by these banks. If the Federal Reserve decreases the discount rate, other rates will decline as well. ...
Transaction in which the property owner (for example, a pension fund) agrees to pay the insurance company a rate of return tied to the fluctuations in real estate prices. In return, the ...
Three basic plans are available to cover the costs of health care: commercial health insurance, private noncommercial (blue cross/blue shield), and social insurance (Social Security). ...
Same as term Commercial Package Policy (CPP): insurance policy that is commercial lines in orientation and is composed of two or more of the following coverages: commercial property, ...
Difference in the amount of losses between the beginning and end of a time period. ...
Damaged insured property in receipt by the insurance company resulting from abandonment and salvage, subrogation, and reinsurance. ...
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