Wholesale Life Insurance
Variation of group life insurance that covers a small group of persons who work for the same employer. With group life insurance, the employer owns the policy; with wholesale insurance, each employee applies for and owns his or her own policy. However, the employer must agree to pay at least part of wholesale life insurance premiums for the group to qualify for wholesale insurance. Wholesale insurance was devised for groups as small as 10 persons when group insurance was limited by law to a minimum of 50 members. Today, group insurance is sold to smaller groups and wholesale insurance is written for groups as small as five persons.
Popular Insurance Terms
System of classifying face amount of policies according to size within a given range. The premium rate per $1,000 of face amount varies on a declining basis. As the face amount increases, ...
Standard State Valuation and Non forfeiture Law approved by the national association of insurance commissioners (naic) in 1942. This law is named for Alfred N. Guertin, the actuary who ...
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Increases (decreases) in capital assets (such as stocks and bonds) between the date of purchase and the date of sale. ...
Reinsurance ceded to an insurance company that is a non admitted insurer. ...
Coverage on an all risks basis for glass breakage, subject to exclusions of war and fire. Thus, if a vandal throws a brick through a window of an insured's establishment, the coverage would ...
Amount, not in excess of $10,000 per year, given to each of an unlimited number of donees free of federal estate tax and gift tax. Each individual can give up to $10,000 to any one donee, ...
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