Situation when a health plan has no money or other means to stay open, meet contract obligations, or give health care to patients.
***
Insurer’s inability to pay debts. Insurance insolvency standards and the regulatory actions taken vary from state to state, but the last resort in the case of insolvency is liquidation.

1. Unable to meet debts or discharge liabilities. 2. Bankrupt.
***
Where a person’s business’s liabilities exceed their assets.

Insolvent individual, partnership, corporation, or business association involved in a liquidation proceeding.

Professional independent agency that investigates individuals who apply for insurance.

Proof of payment slip that is given to an insurance applicant when he or she receives a policy for review. The receipt informs the applicant that the insurance is not effective until acceptance and legal delivery by the insurance company.

MEDICAL,USA 1. Investigative report by a consumer reporting agency about a proposed insured’s lifestyle, job, and financial background. 2. Document prepared by an inspection agency summarizing data about an applicant for a life or health insurance policy (i.e., financial, habits, morals, and physical condition).
***
US A report (usually written) of an investigation of an applicant, conducted by an independent agency that specializes in insurance investigations. The report covers such matters as occupation, financial status, health history, and
***
A report compiled by an inspection bureau or an insurer that summarizes the features of an insured or an applicant. This can include the financial or physical aspects.
***
A report prepared for an insurer by an outside organization. It provides information about an applicant’s or insured’s financial and moral attributes and condition of physical property to be insured.
***
A summary statement of the physical financial and moral attributes of an insured or an applicant for insurance on his property. Such reports are prepared by the Inspection Bureaus, specialized organizations and insurers.

1. Procedure of helping a group policyholder in setting up initial and continuing administrative practices of the group’s insurance plan. 2. Activities from the time an applicant decides to purchase a group insurance policy to the time the contract and its certificates are issued.

Official document issued to the beneficiary of a life insurance policy that states the amount of each benefit payment and/or the period during which benefit payments are to be made under a settlement option. It also states if a beneficiary is allowed to withdraw all or part of the funds during the payment period.

Provision in a group term life insurance policy that equal installments are paid by the insurer over a specified time period in the event of an insured’s total and permanent disability.

Life income option with a refund that specifies that proceeds remaining on the death of the beneficiary will be paid in installments to the contingent payee.