Definition and meaning of business life insurance :

business life insurance: Life insurance purchased by a business enterprise on the life of a member of the firm. It is often bought by partnerships to protect the surviving partners against loss caused by the death of a partner, or by a corporation to reimburse it for loss caused by the death of a key employee. (Also known as key person insurance.)

(Source: Bank of America )

Also see these pages: business life insurance , Insurance, Insurance Sitemap, Insurance Dictionary - B

Definition and meaning of Controlled Business :

Controlled Business: This term refers to the amount of insurance countersigned, issued or sold by a producer covering the life, property or interests of that producer, members of the producer's immediate family, or the producer's employer or employees. Many states limit the amount of controlled business that may be written, and if the premium or commissions on controlled business exceed a given percentage (usually 50%) of all business, the producer's license may be suspended, revoked, or not renewed.

(Source: InsWeb)

Also see these pages: Controlled Business , Insurance, Insurance Sitemap, Insurance Dictionary - C

Definition and meaning of Controlled Business :

Controlled Business: This term refers to the amount of insurance countersigned, issued or sold by a producer covering the life, property or interests of that producer, members of the producer's immediate family, or the producer's employer or employees. Many states limit the amount of controlled business that may be written, and if the premium or commissions on controlled business exceed a given percentage (usually 50%) of all business, the producer's license may be suspended, revoked, or not renewed.

(Source: InsWeb)

Also see these pages: Controlled Business , Insurance, Insurance Sitemap, Insurance Dictionary - C

Definition and meaning of Insurance Examiner :

Insurance Examiner: The representative of a state insurance department assigned to participate in the official audit and examination of the affairs of an insurance company.

(Source: The Haskayne School of Business at the University of Calgary )

Also see these pages: Insurance Examiner , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - I

Definition and meaning of Individual Insurance :

Individual Insurance: Policies which provide protection to the policyholder and/or his/her family. Sometimes called Personal Insurance as distinct from group and blanket insurance.

(Source: The Haskayne School of Business at the University of Calgary )

Also see these pages: Individual Insurance , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - I

Definition and meaning of Life Insurance :

Life Insurance: Insurance providing for payment of a specified amount on the insured's death, either to his or her estate or to a designated beneficiary; or in the case of an endowment policy, to the policy holder at a specified date.

(Source: The Haskayne School of Business at the University of Calgary )

Also see these pages: Life Insurance , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - L

Definition and meaning of Participating Insurance :

Participating Insurance: Insurance issued by an insurance company providing participation in dividend distribution.

(Source: The Haskayne School of Business at the University of Calgary )

Also see these pages: Participating Insurance , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - P

Definition and meaning of Primary Insurance :

Primary Insurance: Insurance that pays compensation for a loss ahead of any other insurance coverages the policyholder may have.

(Source: The Haskayne School of Business at the University of Calgary )

Also see these pages: Primary Insurance , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - P

Definition and meaning of Standard Insurance :

Standard Insurance: Insurance written on the basis of regular morbidity underwriting assumption used by an insurance company and issued at normal rates.

(Source: The Haskayne School of Business at the University of Calgary )

Also see these pages: Standard Insurance , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - S

Definition and meaning of Substandard Insurance :

Substandard Insurance: Insurance issued with an extra premium or special restriction to those persons who do not qualify for insurance at standard rates.

(Source: The Haskayne School of Business at the University of Calgary )

Also see these pages: Substandard Insurance , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - S

Definition and meaning of Term Insurance :

Term Insurance: Life insurance payable to a beneficiary only when an insured dies within a specified period.

(Source: The Haskayne School of Business at the University of Calgary )

Also see these pages: Term Insurance , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - T

Definition and meaning of Term Insurance :

Term Insurance: Life or health insurance protection during a limited number of years but expiring without value if the insured survives the stated period.

(Source: The Haskayne School of Business at the University of Calgary )

Also see these pages: Term Insurance , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - T

Definition and meaning of Captive Insurer :

Captive Insurer: Insurance company established and owned by a parent firm in order to insure its loss exposures while reducing premium costs, providing easier access to a reinsurer, and perhaps easing tax burdens. See also Association captive; Pure captive.

(Source: The Haskayne School of Business at the University of Calgary )

Also see these pages: Captive Insurer , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - C

Definition and meaning of Collision Insurance :

Collision Insurance: Protection against loss resulting from any damage to the policyholder's car caused by collision with another vehicle or object, or by upset of the insured car, whether it was the insured's fault or not.

(Source: The Haskayne School of Business at the University of Calgary )

Also see these pages: Collision Insurance , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - C

Definition and meaning of Insuring Clause :

Insuring Clause: The clause which sets forth the type of loss being covered by the policy and the parties to the insurance contract.

(Source: The Haskayne School of Business at the University of Calgary )

Also see these pages: Insuring Clause , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - I

Definition and meaning of Liability Insurance :

Liability Insurance: Insurance covering the policyholder's legal liability resulting from injuries to other persons or damage to their property.

(Source: The Haskayne School of Business at the University of Calgary )

Also see these pages: Liability Insurance , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - L

Definition and meaning of Liability Insurance :

Liability Insurance: Provides protection for the insured against loss arising out of legal liability to third parties.

(Source: The Haskayne School of Business at the University of Calgary )

Also see these pages: Liability Insurance , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - L

Definition and meaning of Evidence of Insurability :

Evidence of Insurability: Any statement of proof of a person's physical condition and/or other factual information affecting his/her acceptance for insurance.

(Source: The Haskayne School of Business at the University of Calgary )

Also see these pages: Evidence of Insurability , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - E

Definition and meaning of Health Insurance :

Health Insurance: Insurance against financial losses resulting from sickness or accidental bodily injury.

(Source: The Haskayne School of Business at the University of Calgary )

Also see these pages: Health Insurance , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - H

Definition and meaning of Group Insurance :

Group Insurance: Insurance written on a number of people under a single master policy, issued to their employer or to an association with which they are affiliated.

(Source: The Haskayne School of Business at the University of Calgary )

Also see these pages: Group Insurance , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - G

Definition and meaning of Nonparticipating Insurance :

Nonparticipating Insurance: Plan of insurance under which the policy-holder is not entitled to share in the dividend distribution of the company.

(Source: The Haskayne School of Business at the University of Calgary )

Also see these pages: Nonparticipating Insurance , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - N

Definition and meaning of Nonprofit Insurers :

Nonprofit Insurers: Persons organized under special state laws to provide hospital, medical, or dental insurance on a nonprofit basis. The laws exempt them from certain types of taxes.

(Source: The Haskayne School of Business at the University of Calgary )

Also see these pages: Nonprofit Insurers , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - N