Racketeer Influenced And Corrupt Organizations Act Of 1970 (RICO)
Definition of "Racketeer influenced and corrupt organizations act of 1970 (RICO)"
Legislation that provides support for legal actions against individuals or organizations involved in systematic illegal activities. This act has been applied against insurance organizations when they were accused of bad-faith failure to pay claims or when there was a question of insolvency.
Popular Insurance Terms
Form provided for an inspection report. ...
Policy owner rights under a life insurance policy, including the right to name a new beneficiary at any time and to surrender the policy for its cash value. ...
Plan that provides protection in the event of legal actions resulting from charges of harassment, discrimination, wrongful termination of employment, defamation, and invasion of privacy. ...
Pure cost of protection, or the premium covering the present value of future claims (not including loadings for the various expenses). ...
Capacity of parties to an insurance contract to understand the meanings of their action in order for the contract to be valid. ...
Ratio of authorized control level risk-based capital of an insurance company to its total adjusted capital. This statistic determines regulatory action taken by the state's insurance ...
Study of an organization's operations, and real and personal property to discover existing and potential hazard and the actions needed to render these hazards harmless. ...
Amendment to the law that requires companies that manage retirement plans to permit terminating participants to directly transfer any plan distribution to the individual retirement account ...
Documentation of loss required of a policyowner by an insurance company. For example, in the event of an insured's death, a death certificate (or copy) must be submitted to the company for ...
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