By Harvey W. Rubin Ph.D.
A beneficial quick-reference fact-finder for brokers, agents, actuaries, underwriters, and traditional shoppers, this instruction manual defines nearly 4,500 keyword phrases utilized in the coverage undefined. Definitions practice to lifestyles, wellbeing and fitness, estate, and casualty assurance, in addition to to homeowners' and tenants' coverage, specialist legal responsibility assurance, pension plans, and person retirement bills. buy of policies constitutes an incredible lifetime expenditure for the common customer, and a big functionality of this booklet is to assist non-experts comprehend what they wish and precisely what they're deciding to buy after they buy coverage. writer Harvey Rubin, a Chartered lifestyles Underwriter and Chartered estate and Casualty Underwriter, opens with an summary of the assurance that issues out the various monetary tools to be had from insurance firms to companies, execs and regular shoppers. He devotes the rest of this booklet to definitions, descriptions, and examples that translate technical assurance terminology into transparent, understandable English. here's an enlightening and available enterprise consultant that merits a spot on each domestic bookshelf. the recent York instances calls this publication ". . . valuable, rather for worker gain and retirement issues."
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Extra resources for Dictionary of Insurance Terms
Once again, the insurer has no control over these events or distributions. For life insurance policies already in existence, AIDS-related questions were not asked on the APPLICATION. Thus, many companies have huge blocks of business that may be susceptible to the effects of the AIDS epidemic. ACQUISITION COST expense of soliciting and placing new insurance business on a company's books. It includes agent's commissions, underwriting expenses, medical and credit report fees, and marketing support services.
Employee benefit plan contributions alone have been estimated to range between 30-45 cents for each dollar of salary paid to an employee. When added to the cost of other business related insurance expenditures such as workers compensation, buy-sell insurance funded agreements, key person insurance, business property coverage, business liability insurance, and other business specialty insurances coverages, the total cost can be overwhelming. And, astonishingly, the business insurance purchase decision is also frequently made without sufficient basic knowledge of the various insurance products available.
The agent of record has a legal right to commissions from the insurance policy. AGENT, POLICYWRITING agent with the authority from an insurance company to prepare and to place into business an insurance policy. AGENT, RECORDING see AGENT OF RECORD. AGENT, RESIDENT see RESIDENT AGENT. AGENT'S AUTHORITY authority derived from an agent's contract with an insurance company. See also APPARENT AGENCY (AUTHORITY). AGENT'S BALANCE statement showing the amount of money owed the agent by the insurance company, according to the contract he or she has with the insurance company.