Authority given to an agent or broker by a policy owner to place the insurance where the agent or broker sees it.
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The power to position insurance where an agent or broker sees fit. This power is granted by the policy owner.
Insurance Encyclopedia
Control Law
The law of a State/Country that regulate the operations of insurers.
Control number
Unique multidigit number assigned to a submitted insurance claim by the insurance company and used to track claims in a carrier’s computer system.
Control of Asbestos at Work Regulations 2002
Aim at reducing asbestos exposure by obliging duty holders (employers and others) to carry out a risk assessment and declaring the amount, type and safety of asbestos in non-domestic premises they own or occupy. Employers must prepare and implement a management plan to control asbestos risks. The new regulations consolidate earlier legislation and introduce new controls on the way asbestos is handled in the workplace. The duty is owed to anyone affected by work activity. Non-domestic buildings owners contemplating refurbishment or demolition must conduct an asbestos survey.
Control of Well Insurance
(See Operators Extra Expense Coverage).
Control period
The period over which the standard contribution rate has been calculated to remain constant, assuming that the funding ratio at the beginning and end of the period is 100 per cent. The control period, which is normally for one year or more but which could be less, should be specified. (Source GN26.)
Control plan
Blue Cross and Blue Shield phrase that refers to a Blue plan that has sold a health insurance plan to a company with employees in other states and arranged for other Blue plans in the other locations to provide the same benefits. The control plan has the primary responsibility in administering the groups served by more than one Blue plan.
Control provision (Life Insurance)
A condition that states that control is to be given to someone other than the insured. Usually found in contracts for underage people.
Control test
The main test of an employer/employee relationship is the right to control how, when, where and by whom the work should be done. The ’employee’ is substantially controlled and directed by the other person in the manner of doing the work. An independent contractor agrees to perform the work but not under the control of the other party. In 1952 (Stevenson, Jordan and Harrison Ltd v. McDonald and Evans) Denning L. J. illustrated the difference by distinguishing a taxi driver from a chauffeur. The other ‘irreducible minimum’ is the test of mutuality of obligation.
Controlled business
The amount of insurance sold by an insurance provider to family and friends. In some states, a limit is placed on this type of business.
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The amount of insurance countersigned, issued, or sold by a producer covering that producer’s interests, immediate family, or employees. Many states limit the amount of controlled business that may be written by placing a maximum percentage of all business that may be controlled.