a company authorised to carry on both long term and general insurance business.
Tag: RAW
Composite Agent
“Insurance Agent” means an individual appointed by an insurer for the purpose of soliciting or procuring insurance business including business relating to the continuance, renewal or revival of policies of insurance for both one life insurer and a general insurer.
Composite company
An insurance company that transacts all or several of the major classes of insurance.
Composite Insurance Company
An Insurer undertaking both life and non-life business.
Composite panels (sandwich panels)
Building products used for cladding and insulation but creating a significant fire hazard. Materials such as expanded polystyrene, extruded polystyrene and polyurethane are more combustible than safer but more expensive alternatives. The risk is exacerbated when ‘warehouse damage’ lowers the fire resistance of panels. The higher the level of combustibility the harder it is to obtain insurance. Expert advice is available from the Building Research Establishment Ltd.
Composite rate
1. Flat or standard rate charged to all enrollees of a managed care plan in a particular group regardless of whether they are enrolled for single or family coverage. 2. Phrase that describes the average unit cost per employee covered. 3. In the Medicare program, this system is one of two methods of payment for dialysis services rendered in the patient’s home. Payment does not include the physician’s professional services, separately billable laboratory services, and separately billable drugs.
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A special single rate based upon a measure of exposure which reasonably reflects the variations in the insurable hazards covered for a particular insured. Bases of exposure to which the composite rate is applied include but are not limited to pay roll, sales, receipts and contract cost.
Composite rate (Vehicle Insurance/Liability Insurance)
A single rate for which the insured is covered against a variety of perils. This is done to make it easier to calculate the premiums.
Composite Rating
To rate large complex risks and where detailed inspect ion and audit is carried out. Instead of rating different coverage using different exposure basis, all applicable coverage are rated using one, composite exposure base. The composite rate is used to determine the deposit premium based on the estimated composite exposure base and the final premium is based on the inspected/audited composite exposure base.
Composition Roof
A roof of either asbestos or asphalt shingles. The term is most frequently used in connection with construction factors used in determining the rate for Property insurance.
Compound reversionary bonus
A life insurance bonus payable at the same time and in the same circumstances as the sum insured which is declared periodically as an addition to the sum insured and accrued bonuses.