Any corporate body or individual which is operating as an insurer, reinsurer or insurance intermediary and which is subject to Insurance/IRDA regulations.
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Insurance Essential
Insurance that is either compulsory or covers potential losses that would threaten the continued survival of the firm.
Insurance examiner
The representative of a state insurance department assigned to participate in the official audit and examination of the affairs of an insurance company.
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The individual who administers the examining and auditing of insurers. This person is considered a representative of the state’s insurance department.
Insurance exchange
See: Reciprocal exchange.
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(i) Operating through an attorney- in- fact, the members of an Insurance exchange share in the exchange’s profits and losses in proportion to the amount of Insurance each member purchases from the exchange (Also known as a reciprocal exchange),(ii) Market place, such as Lloyd’s of London or insurance exchanges operating in several states of USA where underwriters, Agents and brokers gather to negotiate Insurance and Reinsurance.
Insurance fraud
When someone deceives an insurance company in order to collect money to which they are not entitled. Insurance fraud is an enormous problem for the industry as a whole.
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The presentation of a false claim to an insurer with the intent to defraud the insurer.
Insurance guaranty act
An act that provides funds that are used as a guaranty for policyholders in the event his or her insurer becomes insolvent.
Insurance Guaranty Funds
State Funds that provide for the payment of unpaid claims of insolvent insurers.
Insurance hall of fame
An organization that selects people to honor based on the contributions they have made to insurance.
Insurance history
Previous insurance record of the insured or proposer. Unsatisfactory insurance history is material (utmost good faith) and must be disclosed to the insurer. Where proposal forms are used, it is customary for the insurer to include questions about present insurances; previous declinatures; imposition of special terms or increased premiums by previous insurers; refusals to renew; cancellations.
Insurance in Force
The annual premium payable on current contracts of insurance under health insurance policies.