Common Stock
Share or shares of ownership in a corporation with rights to vote on management and corporate policy but not preferred over other classes of stock
© 2024 Risk & Insurance Education Alliance All Rights Reserved
Share or shares of ownership in a corporation with rights to vote on management and corporate policy but not preferred over other classes of stock
Process of exchanging information using a shared set of symbols and a means of transmission; can range from very informal to very formal and from
A provision that disburses the experience account back to the insured according to the original account.
The right of a beneficiary to receive in a single lump-sum the remaining payments under an installment option selected for the settlement of the proceeds
A defense based on a statutory modification of contributory negligence in which both parties are negligent and damages are apportioned between them according to their
Money awarded in a civil lawsuit to make an injured person whole, including recompense for damaged property, lost wages or profits, pain, bereavement, medical expenses,
Under contract law, a party having legal capacity to enter into a contract, e.g., of legal age, mental capacity to understand the contract, and absent
When an investor’s asset generates earnings and those earnings are reinvested back in the asset.
Combines basic coverage and major medical coverage into one comprehensive policy that provides benefits for most medical expenses. Comprehensive Major Medical policies represent the majority
The intentional deceit of a person or organization by failing to disclose complete and correct information.
Providers are invited to present general proposals, ideas, or concepts for handling the insurance coverage and services without specific pricing of any coverage or service;
An insurance contract in which the insurer’s promise is conditioned upon (dependent upon) certain things occurring or being done.
A form normally required to be signed by an agent and given to a prospective life insurance policy insured/owner at the time a new application
In statistics, set of numbers believed to include an unknown population parameter.
Situation that places one between the duty to the employer and the employee’s own self-interest; including a situation that has the appearance of a conflict
A loss or damage that results from an insured’s inability to use his/her property because of direct loss to the property of others.
A federal regulation that requires employers with 20 or more employees in a prior year to allow employees and their covered dependents who lose employer-sponsored
Also known as COPE – A term referring to a building structure’s construction, occupancy, protection and exposure; used by underwriting to determine the risk of
CDHC or Consumer-Driven Healthcare – Originated in the late 1990’s with the intention of increasing healthcare consumer awareness of the rising cost of healthcare by
The time period during which the insurer is not obligated to pay a claim (usually two years, but depending on state law) because of material
A provision in an insurance policy setting forth the conditions and the period of time during which an insurer may contest or void a policy.
The person who receives death benefits when a primary beneficiary does not survive the insured.
Body of law that governs the performance of a promise. An enforceable contract must have the following four characteristics: competent parties, agreement or assent, legal
Liability of another party assumed under a contract or agreement, either expressed or implied, as opposed to liability incurred directly, as in tort.
Assumption or limiting exposures of certain liabilities relating to another party. See non-insurance risk transfer.
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