Information method developed by the National Association of Insurance Commissioners (NAIC) to help state regulatory agencies evaluate the financial stability of insurance companies by using a series of ratios from the companies’ statutory annual statements.
Tag: RAW
Insurance Repository
An Insurance Repository is a facility to help policy holders buy and keep insurance policies in electronic form, rather than as a paper document. Insurance Repositories, like Share Depositories or mutual fund Transfer Agencies, will hold electronic records of insurance policies issued to individuals and such policies are called “electronic policies” or “e Policies.” The Insurance Regulatory and Development Authority had issued licenses to five entities to act as Insurance Repositories: However, SHCIL Projects Limited surrendered its Insurance Repository license in September 2015 and the remaining four who are working are (i) CDSL Insurance Repository Limited (CDSL IR) (ii) Karvy Insurance repository Limited (iii) National Insurance-policy Repository by NSDL Database Management Limited and (iv) CAMS Repository Services Limited.
Insurance Risk
A general or relative term denoting the hazard involved in the insuring of property. The premium or cost of Insurance is Insurance is predicated upon the relative risk or hazard considered to be involved.
Insurance Salesman
An employee of an Insurance Company who sells Insurance.
Insurance selling
An FSA regulated activity covering arranging the purchase of insurance policies; advising on insurance policies; dealing as an agent. Assisting in the administration and performance of policies is also regulated.
Insurance Services Office (ISO)
An organization providing statistical information, actuarial analyses, policy language, and related services for the insurance industry.
Insurance Services Offices (ISO)
Major rating organization in property and liability insurance that drafts policy forms for personal and commercial lines of insurance and provides rate data on loss costs for property and liability insurance lines.
Insurance to Value
(i) Property Insurance equal, or almost equal, to the full insurable value of the property. (ii) Amount of property Insurance needed to comply with a Coinsurance requirement. See Also: “Coinsurance.”
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An insurance contract that estimates the worth of the items insured therein.
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The concept of purchasing sufficient insurance coverage so as to closely approximate the value of the property being insured.
Insurance Training Centre, Calcutta
A leading training center on various faculties of Insurance. The center organizes various training programs for the Insureds, their employees, Agents, surveyors and other professionals to learn all aspects of Insurance, risk management, safety, loss prevention/minimization and claims procedure.
Insurance trust
Written agreement created during the lifetime of the individual who creates the trust. It is funded by insurance policies on the life of the trust’s creator or by the proceeds from the policies.