Definition and meaning of ANNUITY ISSUER :

ANNUITY ISSUER: The insurance company that issues the annuity.

(Source: Insurance Information Institute )

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Definition and meaning of ASSET-BACKED SECURITIES :

ASSET-BACKED SECURITIES: Bonds that represent pools of loans of similar types, duration and interest rates. Almost any loan with regular repayments of principal and interest can be securitized, from auto loans and equipment leases to credit card receivables and mortgages.

(Source: Insurance Information Institute )

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Definition and meaning of ARSON :

ARSON: The deliberate setting of a fire.

(Source: Insurance Information Institute )

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Definition and meaning of ASSETS :

ASSETS: Property owned, in this case by an insurance company, including stocks, bonds and real estate. Insurance accounting is concerned with solvency and the ability to pay claims. State insurance laws therefore require a conservative valuation of assets, prohibiting insurance companies from listing assets on their balance sheets whose values are uncertain, such as furniture, fixtures, debit balances and accounts receivable that are more than 90 days past due. (See Admitted assets)

(Source: Insurance Information Institute )

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Definition and meaning of ASSIGNED RISK PLANS :

ASSIGNED RISK PLANS: Facilities through which drivers can obtain auto insurance if they are unable to buy it in the regular or voluntary market. These are the most well-known type of residual auto insurance market, which exist in every state. In an assigned risk plan, all insurers selling auto insurance in the state are assigned these drivers to insure, based on the amount of insurance they sell in the regular market. (See Residual market)

(Source: Insurance Information Institute )

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Definition and meaning of ASSIGNMENT :

ASSIGNMENT*: An agreement under which one partyÑthe assignorÑtransfers some or all of his ownership rights in a particular property, such as a life insurance policy or an annuity contract, to another partyÑthe assignee. (See Absolute assignment; Collateral assignment)

(Source: Insurance Information Institute )

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Definition and meaning of ARBITRATION :

ARBITRATION: Procedure in which an insurance company and the insured or a vendor agree to settle a claim dispute by accepting a decision made by a third party.

(Source: Insurance Information Institute )

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Definition and meaning of APPRAISAL :

APPRAISAL: A survey to determine a propertyÕs insurable value, or the amount of a loss.

(Source: Insurance Information Institute )

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Definition and meaning of ANNUITY PURCHASE RATE :

ANNUITY PURCHASE RATE: The cost of an annuity based on such factors as the age and gender of the contract owner.

(Source: Insurance Information Institute )

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Definition and meaning of ANNUITY PROSPECTUS :

ANNUITY PROSPECTUS: Legal document providing detailed information about variable annuity contracts. Must be offered to each prospective buyer.

(Source: Insurance Information Institute )

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Definition and meaning of ANTISELECTION :

ANTISELECTION*: The tendency of individuals who suspect or know they are more likely than average to experience loss to apply for or renew insurance to a greater extent than people who lack such knowledge of probable loss. Also known as adverse selection and selection against the company.

(Source: Insurance Information Institute )

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Definition and meaning of ANTITRUST LAWS :

ANTITRUST LAWS: Laws that prohibit companies from working as a group to set prices, restrict supplies or stop competition in the marketplace. The insurance industry is subject to state antitrust laws but has a limited exemption from federal antitrust laws. This exemption, set out in the McCarran- Ferguson Act, permits insurers to jointly develop common insurance forms and share loss data to help them price policies.

(Source: Insurance Information Institute )

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Definition and meaning of APPORTIONMENT :

APPORTIONMENT: The dividing of a loss proportionately among two or more insurers that cover the same loss.

(Source: Insurance Information Institute )

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Definition and meaning of ANNUAL STATEMENT :

ANNUAL STATEMENT: Summary of an insurerÕs or reinsurerÕs financial operations for a particular year, including a balance sheet. It is filed with the state insurance department of each jurisdiction in which the company is licensed to conduct business.

(Source: Insurance Information Institute )

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Definition and meaning of ANNUAL ANNUITY CONTRACT FEE :

ANNUAL ANNUITY CONTRACT FEE: Covers the cost of administering an annuity contract.

(Source: Insurance Information Institute )

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Definition and meaning of ACTUAL CASH VALUE :

ACTUAL CASH VALUE: A form of insurance that pays damages equal to the replacement value of damaged property minus depreciation. (See Replacement cost)

(Source: Insurance Information Institute )

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Definition and meaning of ACCUMULATION AT INTEREST DIVIDEND OPTION :

ACCUMULATION AT INTEREST DIVIDEND OPTION*: An option, available to the owners of participating insurance policies, that allows a policy owner to leave policy dividends on deposit with the insurer and earn interest. (See Dividend)

(Source: Insurance Information Institute )

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Definition and meaning of ACTUARY :

ACTUARY: An insurance professional skilled in the analysis, evaluation and management of statistical information. Evaluates insurance firmsÕ reserves, determines rates and rating methods, and determines other business and financial risks.

(Source: Insurance Information Institute )

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Definition and meaning of ADDITIONAL LIVING EXPENSES :

ADDITIONAL LIVING EXPENSES: Extra charges covered by homeowners policies over and above the policyholderÕs customary living expenses. They kick in when the insured requires temporary shelter due to damage by a covered peril that makes the home temporarily uninhabitable.

(Source: Insurance Information Institute )

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Definition and meaning of ADDITIONAL TERM INSURANCE OPTION :

ADDITIONAL TERM INSURANCE OPTION*: An option available to owners of participating insurance policies under which the insurer uses a policy dividend as a net single premium to purchase one-year term insurance on the insuredÕs life. Also known as fifth dividend option. (See Dividend; Policy dividend options)

(Source: Insurance Information Institute )

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Definition and meaning of ACCOUNT RECEIVABLES :

ACCOUNT RECEIVABLES: See Receivables

(Source: Insurance Information Institute )

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Definition and meaning of ACCIDENTAL DEATH BENEFIT, ADB :

ACCIDENTAL DEATH BENEFIT (ADB)*: A supplementary life insurance policy benefit that provides a death benefit in addition to the policyÕs basic death benefit if the insuredÕs death occurs as the result of an accident. (See Double indemnity benefit)

(Source: Insurance Information Institute )

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