Uniform Reciprocal Licensing Act
Definition of "Uniform reciprocal licensing act"
Law by which many states attempt to regulate insurers who are unlicensed in those states. With a few notable exceptions, such as re insurers, insurance companies must be licensed in the states where they do business. If a U.S. insurer sells insurance in a state where it is unauthorized, the insurer's home state may revoke its license under the Uniform Reciprocal Licensing Act.
Popular Insurance Terms
Same as term Office Burglary and Robbery Insurance: coverage for the office of a business, or an individual in a general office building or other structure. Includes burglary of a safe; ...
Damage of property that is not total; average (in sense of partial) loss. ...
Method of using reinsurance to counteract the unexpected impact of business on the policyholder surplus. ...
Total estimated cost incurred by a person or persons, a family, or a business resulting from the death or disability of a wage earner (key employee), damage or destruction of property, ...
(stop loss) amount over which a health insurance plan pays 100% of the costs in a percentage participation plan. Here, an insured shares costs with the insurer according to some ...
Commission paid to an agent after the first year commission has been paid to that agent. Renewal commissions generally form a substantial portion of an agent's income after four years in ...
Coverage on an all risks basis through an endorsement to a business property insurance policy in which each sign is specifically scheduled, subject to the exclusions of wear and tear, and ...
Expense of defending a lawsuit. To mount a legal defense against civil or criminal liability, a defendant faces expenses for lawyers, investigation, fact gathering, bonds, and court costs. ...
Report showing sources of income and expenses of an individual. ...
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