Definition and meaning of amendment :

amendment: Document changing the provisions of an insurance contract signed jointly by the insurer and the policyholder.

(Source: Bank of America )

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Definition and meaning of annuitant :

annuitant: The person entitled to receive annuity payments or who now receives them.

(Source: Bank of America )

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Definition and meaning of alternate delivery system :

alternate delivery system: Health services that are more cost-effective than inpatient, acute-care hospitals, such as skilled and intermediary nursing facilities, hospice programs, and in-home services.

(Source: Bank of America )

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Definition and meaning of all-risks :

all-risks: "All Risks" property policies, often called "special" policies, cover any loss unless it is caused by an excluded peril listed in the policy.

(Source: Bank of America )

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Definition and meaning of aggregate exposure, net :

aggregate exposure, net: Gross aggregate exposure less exposure ceded to reinsures.

(Source: Bank of America )

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Definition and meaning of aggregate indemnity :

aggregate indemnity: The maximum amount that may be collected for any disability, or period of disability, under an insurance policy.

(Source: Bank of America )

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Definition and meaning of allocated benefits :

allocated benefits: Maximum amount for specific services as itemized in an insurance contract.

(Source: Bank of America )

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Definition and meaning of annuities :

annuities: Annuities are contracts sold by life insurance companies (the seller must be a licensed insurance entity in your state). In their simplest form, you pay a sum of money (either a lump sum or a series of payments) and the insurance company makes periodic payments to you, beginning on the date in your contract and continuing for the rest of your life. The earnings on your annuity payments are not taxable during the accumulation phase of your agreement; the annuity payments are taxable as income when you receive them permit you to place your payments in professionally managed funds, similar to mutual funds, and to control how these payments are invested during the life of your contract. Unlike mutual funds, variable annuities have insurance provisions and guarantees to preserve the value of the principal you pay into the annuity. They also generally carry higher fees than mutual funds. Annuities may entail extensive taxation and estate issues, and annuity buyers should make sure theyÕre aware of such issues

(Source: Bank of America )

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Definition and meaning of annuity certain :

annuity certain: A contract that provides an income for a specified number of years, regardless of life or death.

(Source: Bank of America )

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Definition and meaning of association group :

association group: A group formed from members of a trade or professional association for insurance under one master health insurance contract.

(Source: Bank of America )

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Definition and meaning of audit :

audit: During an audit, members of the home office staff underwriting department examine files to see whether the underwriting guidelines are being followed. Also see premium auditor.

(Source: Bank of America )

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Definition and meaning of audited premium :

audited premium: See premium auditor.

(Source: Bank of America )

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Definition and meaning of auto liability :

auto liability: Pays for damages that you cause to other people and their property. If you cause an accident and you bang up your car or yourself, your auto liability insurance will not pay for your medical bills or the repairs to your car. Auto medical payments coverage would.) But it will pay for the other guyÕs, up to the limits of your policy. Without the coverage, your assets would be subject to seizure to pay the medical bills, car repairs and other damages that you caused in an accident. Once the insurance company pays out the limits of your policy, youÕre liable for the rest, which is why itÕs advisable to purchase higher limits than what your state requires. Auto liability coverage has three parts: bodily injury per person, bodily injury per accident, and property damage. Limits for liability are usually written like "20/40/10." That means a policy will pay bodily injury losses up to $20,000 per person, and up to $40,000 per accident (if more than one person was hurt). It will also pay property damage losses up to $10,000 per accident.

(Source: Bank of America )

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Definition and meaning of assignment :

assignment: The legal transfer of one person's interest in an insurance policy to another person.

(Source: Bank of America )

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Definition and meaning of assigned risk plans :

assigned risk plans: See automobile insurance plans.

(Source: Bank of America )

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Definition and meaning of annuity consideration :

annuity consideration: The payment, or one of the regular periodic payments, an annuitant makes for an annuity.

(Source: Bank of America )

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Definition and meaning of application :

application: A statement of information made by someone applying for life insurance. The information gathered helps the life insurance company assess whether the risk presented by the applicant is acceptable to underwriters.

(Source: Bank of America )

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Definition and meaning of DSR :

DSR: Debt service reserve

(Source: Bank of America )

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Definition and meaning of aggregate exposure, gross :

aggregate exposure, gross: Total outstanding insured principal and interest.

(Source: Bank of America )

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Definition and meaning of agent :

agent: An authorized representative of an insurance company who sells and services insurance contracts. See producer, exclusive agent, independent agent.

(Source: Bank of America )

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Definition and meaning of account selling :

account selling: Account selling is trying to handle all of a client's insurance needs, rather than providing for only a portion of those needs.

(Source: Bank of America )

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Definition and meaning of accounts receivable insurance :

accounts receivable insurance: Pays for the cost of reconstructing accounts receivable records that have been damaged or destroyed by a covered peril. Even more important, it covers any payments that cannot be collected because records cannot be reconstructed.

(Source: Bank of America )

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