Definition of "License"
In insurance, legal authority obtained by an insurance company, agent, broker, or consultant that permits them to do business in a particular state. The document issued by the state shows that the company or person is in compliance with the various governing laws and thus is authorized to conduct insurance business in that jurisdiction. A license, in and of itself, is not a guarantee that a consumer will be sold the best product to fit his or her needs or that an agent will have the proper technical expertise to evaluate the products on a consumer's behalf.
Popular Insurance Terms
Organization having as its objective the education of the general public concerning items of national concern of member property and casualty insurance companies. ...
Re-registration of existing shares when there is any change in the name of the owner (s). Such a circumstance may occur when the owner (s) of the shares gives these shares to another ...
Under Section 1035 of the Internal Revenue Code, stipulation that the exchange of one life insurance policy for another life insurance policy will generally not result in a recognized gain ...
Part of the Balanced Budget Act of 1997 that permits medicare recipients to select coverage among various private health care plans to include HMOS, PPOS, POINT-of-SERVICE (POS), MEDICAL ...
Mortality table, morbidity table that does not include current statistical experience. ...
Termination of premium payments by an employer on behalf of an employee to an employee benefit plan. ...
Act that regulates the variable dollar insurance products (equity related) sold by insurance companies. The act includes regulations that stipulate: the variable dollar insurance products ...
Means of paying the cost of benefits of pension plan participants including retirement, death, and disability. ...
Cost of an annuity. Annuities are often paid for in a lump sum rather than annual or other periodic payments. This sum, which guarantees an income, usually for life, is called the purchase ...
Have a question or comment?
We're here to help.