Sherman Antitrust Act
1890 law prohibiting monopolies and restraint of trade in interstate commerce. The Sherman Act was strengthened in 1914 with amendments known as the Clayton Act that added further prohibitions against price-fixing conspiracies. These federal antitrust laws at first were not applied to the insurance industry because of the 1869 Supreme Court ruling in Paul V. Virginia that insurance was not commerce and thus not subject to federal regulation. After the south-eastern underwriters association (SEUA) case in 1944 and passage of the mccarran-ferguson act (public law 15) in 1945, Congress made it clear that states would retain the power to regulate insurance but price-fixing and restraint of trade not sanctioned by state laws and regulations would be subject to federal antitrust prosecution.
Popular Insurance Terms
Section of some inland marine insurance {transportation insurance) and many other property insurance policies excluding coverage for damage to shipped goods by vermin such as rats. ...
Condition for inland marine liability insurance coverage that states a loss or claim must occur in the policy territory. Policy territory for a liability policy includes the U.S., its ...
Primary responsibility for overseeing the insurance industry that has rested with individual states since 1945, after Congress passed the MCCARRAN-FERGUSON ACT (PUBLIC LAW 15). In addition ...
Property damage, accident, or injury resulting from vagaries of nature, including tornadoes, hurricanes, and floods. ...
Life insurance policy given by a donor to a charity; donor only relinquishes the cash value and the cost of the premiums previously paid. The receiving charity's future value of the life ...
Insurance coverage for the named insured and his or her eligible dependents. ...
Coverage for goods in transit and the vehicles of transportation on waterways, land, and air. ...
Type of mortality table that is based on combined statistics from both the ultimate mortality table and the aggregate mortality table. It shows total statistics for the probability of ...
Personal property insurance that provides all-risks coverage for wedding presents, wherever they may be in the world, until they are permanently located. Because the new owners of wedding ...
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