Preauthorized Check System (pac)
Definition of "Preauthorized check system (pac)"
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 policies paid this way is substantially higher than when insureds pay them directly to an insurance company.
Popular Insurance Terms
Insurance company representative who sells debit life insurance (industrial life insurance). This agent is usually more of a collector of small premium payments on a weekly, biweekly, or ...
Use of the threat of violence or actual violence in taking property from someone else's possession. This peril is covered on a personal basis through the purchase of a homeowners insurance ...
State-sponsored insurance fund that was intended to guarantee deposits at state-chartered savings institutions. A handful of these funds existed in the early 1980s, but after a string of ...
Right to insurable interest in property such as the right of a secured creditor in the property pledged as security. ...
Funds paid by an insurance company associated with the normal costs of doing business other than the costs of claims payments. ...
Common element in property insurance that excludes electrical damage or destruction of an appliance unless the damage is caused by a resultant fire. ...
Extremely aggressive behavior by an insurance agent to convince a prospect to purchase the insurance product without due regard for the prospect's ability to pay the premiums and/or needs ...
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Insurance coverages for businesses, commercial institutions, and professional organizations, as contrasted with personal insurance. ...
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