Dictionary of Insurance Terms (Barron's Business Guides) by Harvey W. Rubin

By Harvey W. Rubin

Books in Barron's pocket-sized enterprise Dictionaries sequence record millions of specialised phrases alphabetically and current concise definitions. The authors of all books during this sequence are well-known experts of their targeted fields. Newly up to date variations replicate new applied sciences and up to date company tendencies. This quantity defines greater than 4,200 coverage phrases that are supposed to be understood through brokers, agents, actuaries, underwriters, body of workers execs facing employee-benefit courses, and shoppers who have to comprehend the policies they plan to shop for. Terminology covers existence, wellbeing and fitness, estate, and casualty assurance, in addition to retirement plans. This new and seriously up-to-date Fourth version has been improved with nearly 2 hundred new phrases, and updatings of many different phrases to mirror the present country of the coverage undefined.

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APPROVAL CONDITIONAL PREMIUM RECEIPT insurance policy in force only after the insurance company approves the APPLICATION. Today, most companies use the INSURABILITY CONDITIONAL PREMIUM RECEIPT. APPROVED ROOF roof used in construction that is composed of fire resistive materials such as slate as approved by the UNDERWRITERS LABORATORIES INC. (UL). APPURTENANT STRUCTURES coverage for additional buildings on the same property as the principal insured building. Most property insurance contracts such as the HOMEOWNERS INSURANCE POLICY cover appurtenant structures.

Specific reserves are established for real estate and mortgages. In essence, the purpose of this reserve is to provide a back-up sum for potential equity and credit losses. To accomplish this objective, reserves are maintained for stocks, bonds, real estate, mortgages, and similar types of invested assets. Realized and unrealized equity and credit capital gains and losses are credited to or debited against this reserve. Amount of reserves required to be maintained for each invested asset is determined by ACTUARIAL formula.

AUDIT in WORKERS COMPENSATION INSURANCE policies and several business property and liability policies, review of the payroll of a business firm in order to determine the premium for coverage. Premiums in workers compensation are based on units of payroll. AUDITORS REPORT see STATEMENT OF OPINION (ACCOUNTANTS REPORT, AUDITORS REPORT). AUTHORITY TO TERMINATE PLAN means of ending a pension plan only for reasons of business necessity, following IRS regulations. If the IRS determines that the plan was terminated for other reasons, employee and employer contributions become taxable.

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