Term
|
Definition
| Legislation such as the Sherman Act that opposes monopolies, or unfair business practices |
|
|
Term
|
Definition
| Provided the states with the Authority to regualate the "business of insurance" |
|
|
Term
|
Definition
| System through which claims of insolvent property and liability insurers are paid. Generally charges are assessed against all insurers in the state |
|
|
Term
|
Definition
| Provides limited insurance to business organizations the would otherwise have difficulty obtaining such insurance |
|
|
Term
|
Definition
| A group of insurance buyers who purchase liability insurance together. |
|
|
Term
|
Definition
| A promise between the insurer and the insured |
|
|
Term
|
Definition
| The process of submitting information to a state insurance dept. for approval |
|
|
Term
| A Market Conduct Examination |
|
Definition
| A review of an insurer's underwriting and ratemaking practices conducted by the state insurance market conduct examiners |
|
|
Term
|
Definition
| Occurs when an insurer rejects an application |
|
|
Term
|
Definition
| Policy cancellation during its term or a policy nonrenewal at the end of the term |
|
|
Term
|
Definition
| A set of rules and procedures for insurance financial reporting |
|
|
Term
| Insurance Regulatory Information System (IRIS) |
|
Definition
| An early warning system for the potential financial failure of an insurance company |
|
|
Term
|
Definition
| A model for developing the amount of capital an insurer must have available |
|
|
Term
|
Definition
| A certification program for state insurance department |
|
|
Term
|
Definition
| Any insurance for which there is no licensed insurer within the state. Coverage is written by an unlicensed insurer |
|
|
