Definition and meaning of IPG Plan :

IPG Plan: See Immediate Participation Guarantee Plan.

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

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

Definition and meaning of Irrevocable Beneficiary :

Irrevocable Beneficiary: Beneficiary designation allowing no change to be made in the beneficiary of an insurance policy without the beneficiary's consent.

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

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

Definition and meaning of IRA :

IRA: See Individual Retirement Account.

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

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

Definition and meaning of Jumbo Risk :

Jumbo Risk: A risk involving exceptionally high benefits.

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

Also see these pages: Jumbo Risk , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - J

Definition and meaning of Jumping Juvenile Insurance Policy :

Jumping Juvenile Insurance Policy: Life insurance purchased by parents for children under a specified age. Provides permanent life insurance that increases in face value five times at age twenty-one with no increase in premium.

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

Also see these pages: Jumping Juvenile Insurance Policy , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - J

Definition and meaning of Legal Reserve :

Legal Reserve: The minimum reserve which a company must keep to meet future claims and obligations as they are calculated under the state insurance code.

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

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

Definition and meaning of Law of Large Numbers :

Law of Large Numbers: Concept that the greater the number of exposures, the more closely will actual results approach the probable results expected from an infinite number of exposures.

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

Also see these pages: Law of Large Numbers , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - L

Definition and meaning of Legal Reserve Life Insurance Company :

Legal Reserve Life Insurance Company: A life insurance company operating under state insurance laws specifying the minimum basis for the reserves the company must maintain on its policies.

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

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

Definition and meaning of Level Commission Scale :

Level Commission Scale: A commission scale providing for payment of commissions at the same rate every year the policy is in force.

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

Also see these pages: Level Commission Scale , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - L

Definition and meaning of Level Premium Life Insurance :

Level Premium Life Insurance: Life insurance for which the premium remains the same from year to year. The premium is more than the actual cost of protection during the earlier years of the policy and less than the actual cost in the later years. The building of a reserve is a natural result of level premiums. The overpayments in the early years, together with the interest that is to a earned, serve to balance out the underpayments of the later years.

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

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

Definition and meaning of Level Premium :

Level Premium: A premium which remains unchanged throughout the life of a policy.

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

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

Definition and meaning of Last Clear Chance Rule :

Last Clear Chance Rule: Statutory modification of the contributory negligence law allowing the claimant endangered by his or her own negligence to recover damages from a defendant if the defendant has a last clear chance to avoid the accident but fails to do so.

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

Also see these pages: Last Clear Chance Rule , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - L

Definition and meaning of Larceny-theft :

Larceny-theft: The unlawful taking, carrying, leading or riding away of another person's property.

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

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

Definition and meaning of Keogh, HR 10 Account :

Keogh (HR 10) Account: An account to which a self-employed person can make annual tax deductible contribution of the lesser of 25% of income or $30,000.

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

Also see these pages: Keogh, HR 10 Account , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - K

Definition and meaning of Kenney Rule :

Kenney Rule: Concept permitting a property liability insurer to write $2 of new net premiums for each $1 of policyowners' surplus.

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

Also see these pages: Kenney Rule , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - K

Definition and meaning of Key-Person Insurance :

Key-Person Insurance: Insurance designed to protect a business firm against the loss of income resulting from the death or disability of a key employee.

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

Also see these pages: Key-Person Insurance , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - K

Definition and meaning of Labor-Management Relations Act of 1947, Taft-Hartley Act :

Labor-Management Relations Act of 1947 (Taft-Hartley Act): This law controls conditions under which an employer may pay any money to a representative of employees.

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

Also see these pages: Labor-Management Relations Act of 1947, Taft-Hartley Act , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - L

Definition and meaning of Loss control :

Loss control: any conscious action (or decision not to act) intended to reduce the frequency, severity, or unpredictability of accidental losses.

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

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

Definition and meaning of Lapse :

Lapse: The termination or discontinuance of an insurance policy due to non-payment of a premium.

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

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

Definition and meaning of Liability :

Liability: Any legally enforceable obligation.

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

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

Definition and meaning of National Association of Insurance Commissioners, NAIC :

National Association of Insurance Commissioners (NAIC): The association of insurance commissioners of various states formed to promote national uniformity in the regulation of insurance.

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

Also see these pages: National Association of Insurance Commissioners, NAIC , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - N

Definition and meaning of Overriding Commission, Overwrite :

Overriding Commission (Overwrite): A commission paid to general agents or agency managers in addition to the commission paid the soliciting agent or broker.

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

Also see these pages: Overriding Commission, Overwrite , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - O