Definition and meaning of accredited adviser in insurance :

accredited adviser in insurance: See AAI.

(Source: Bank of America )

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Definition and meaning of accumulation period :

accumulation period: The time during which a person pays money into an annuity contract and builds up a fund to provide a deferred annuity.

(Source: Bank of America )

Also see these pages: accumulation period , Insurance, Insurance Sitemap, Insurance Dictionary - A

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Definition and meaning of account current :

account current: An account current is the billing statement an insurance company sends to its producer.

(Source: Bank of America )

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Definition and meaning of accidental death benefits :

accidental death benefits: A provision added to a life insurance policy for payment of an additional benefit in case of death that results from an accident. This provision is often called "double indemnity."

(Source: Bank of America )

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Definition and meaning of accident and health loss ratio :

accident and health loss ratio: The ratio of accident and health incurred claims plus increase in policy reserves to premiums earned.

(Source: Bank of America )

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Definition and meaning of accident report form :

accident report form: An accident report form is used to record key information about the accident.

(Source: Bank of America )

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Definition and meaning of accidental bodily injury :

accidental bodily injury: Physical injury sustained as the result of an accident.

(Source: Bank of America )

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Definition and meaning of actual cash value :

actual cash value (ACV): The value of property as figured by determining what it would cost to replace the property (see replacement cost) and then adjusting this replacement cost by subtracting an amount that reflects depreciation.

(Source: Bank of America )

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Definition and meaning of actuary :

actuary: Someone professionally trained in the technical aspects of insurance and related fields, particularly in the mathematics of insurance (the calculation of premiums, reserves and other values). An actuary uses complex mathematical methods, often with the aid of computers, to analyze past loss data and other statistics and develop systems for determining future premiums.

(Source: Bank of America )

Also see these pages: actuary , Insurance, Insurance Sitemap, Insurance Dictionary - A

For more dictionary entries, see » Insurance Dictionary

Definition and meaning of adverse selection :

adverse selection: When people with a very high probability of loss purchase insurance to a greater extent that people with average or below average probabilities of loss. Insurance companies try to avoid adverse selection, because it means they'll pay out more in claims than they anticipated.

(Source: Bank of America )

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Definition and meaning of age limits :

age limits: Ages below and above which an insurance company will not accept applications or renew policies.

(Source: Bank of America )

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Definition and meaning of agency underwriter :

agency underwriter: See administrative assistant.

(Source: Bank of America )

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Definition and meaning of adjuster :

adjuster: See claims adjuster.

(Source: Bank of America )

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Definition and meaning of adjusted cash flow, benefits paid :

adjusted cash flow/benefits paid: The ratio of adjusted cash flow to total cash benefits paid to policyholders

(Source: Bank of America )

Also see these pages: adjusted cash flow, benefits paid , Insurance, Insurance Sitemap, Insurance Dictionary - A

For more dictionary entries, see » Insurance Dictionary

Definition and meaning of ACV :

ACV: See actual cash value

(Source: Bank of America )

Also see these pages: ACV , Insurance, Insurance Sitemap, Insurance Dictionary - A

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Definition and meaning of adjustable life insurance :

adjustable life insurance: A type of insurance that allows the policyholder to change the plan of insurance, raise or lower the face amount of the policy, increase or decrease the premium and lengthen or shorten the protection period.

(Source: Bank of America )

Also see these pages: adjustable life insurance , Insurance, Insurance Sitemap, Insurance Dictionary - A

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Definition and meaning of adjusted cash flow :

adjusted cash flow: Operating cash flow plus cash and short-term investments.

(Source: Bank of America )

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Definition and meaning of auto medical payments :

auto medical payments: If you cause an accident, the coverage works like this: Auto liability coverage pays the bodily injury and property damage losses of the other person. Collision coverage pays for repairs to your own vehicle. Auto medical payments coverage pays medical and funeral expenses for you and your passengers. If you already have health and disability insurance, the coverage may be redundant.

(Source: Bank of America )

Also see these pages: auto medical payments , Insurance, Insurance Sitemap, Insurance Dictionary - A

For more dictionary entries, see » Insurance Dictionary

Definition and meaning of eligibility period :

eligibility period: Time following the eligibility date (usually 31 days) during which a member of a group may apply for insurance without evidence of insurability.

(Source: Bank of America )

Also see these pages: eligibility period , Insurance, Insurance Sitemap, Insurance Dictionary - E

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Definition and meaning of manual premium rate :

manual premium rate: Premium for a group developed from the insurer's standard rate tables; it is the cost usually quoted in an insurer's underwriting manual.

(Source: Bank of America )

Also see these pages: manual premium rate , Insurance, Insurance Sitemap, Insurance Dictionary - M

For more dictionary entries, see » Insurance Dictionary

Definition and meaning of margin of safety :

margin of safety: The ratio of depression losses incurred plus statutory capital at the end of a "four year" depression divided by depression losses incurred.

(Source: Bank of America )

Also see these pages: margin of safety , Insurance, Insurance Sitemap, Insurance Dictionary - M

For more dictionary entries, see » Insurance Dictionary

Definition and meaning of master policy :

master policy: A policy that is issued to an employer or trustee, establishing a group insurance plan for designated members of an eligible group.

(Source: Bank of America )

Also see these pages: master policy , Insurance, Insurance Sitemap, Insurance Dictionary - M

For more dictionary entries, see » Insurance Dictionary