A state-issued permit under whose provisions the agent conducts business.

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A certificate of authority from the state that permits the agent to conduct business.

A formal document changing the provisions of an insurance policy signed jointly by the insurance company officer and the policy holder or his authorized representative.

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A formal document changing the provisions of an insurance policy signed jointly by the Authorized Signatory of the Insurance Company and Policyholder or his authorized representative.

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US, MEDICAL: 1. Additional entry inserted into a patient’s existing chart or progress note to correct data or to add more information. 2. Legal document or a clause added to a contract in which the terms of the contract are increased, limited, or decreased. Also called endorsement or rider.

(1) To reinsure all or part of another insurer’s risk. (2) A risk management technique involving the retention of risk (e.g., self-insurance).
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To take over a risk the converse of cede.
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To accept from another insurer all or part of the risk of an insured loss.
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REINSURANCE: To accept an obligation to indemnify all or part of a ceding company’s insurance or reinsurance on a risk or exposure subject to the contract terms and conditions.

One of several types of “shared market” mechanisms where persons who are unable to obtain such insurance in the voluntary market are assigned to a particular company, usually at a higher rate than the voluntary market. Formerly called “Assigned Risk.”

Provides excess limits for bodily injury (BI) and property damage (PD) liability for persons unable to secure more than minimum limits under their basic liability policy. This type of coverage stipulates that the primary policy must always be kept in force and is typically purchased by assigned risk plan policyholders.

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Provides excess limits for bodily injury (BI) and property damage (PD) liability for persons unable to secure more than minimum limits under their basic liability policy. This type of coverage stipulates that the primary policy must always be kept in force and is typically purchased by assigned risk plan policyholders.

Protection for the insured against financial loss because of legal liability for car-related injuries to others or damage to their property.

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A form of liability insurance that is specifically designed meet requirements of Motor Vehicles Act in India to indemnify for loss incurred through legal liability for death and/or bodily injury and damage to property of others caused by accident arising out of ownership or operation of an automobile.

Coverage to pay for damage to or loss of an insured automobile resulting from collision, fire, theft, or other perils.

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Automobile insurance coverage that insures against damage to the insured&#8217s own vehicle. Coverage is provided for perils such as collision, vandalism, fire, and theft.

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US: Automobile insurance coverage that insures against damage to the insured’s own vehicle. Coverage is provided for perils such as collision, vandalism, fire, and theft.

An important financial benchmark from A.M. Best that is intended to provide an indication as to whether a company has adequate capital to address its insurance and other risk exposures.

The rating system developed and published annually by A.M. Best Company that indicates the financial condition of insurers. The ratings resemble grades on a report card and range from A++ (Superior) through C+ (Marginal) and all the way down to D (Poor), E (Under Regulatory Supervision), F (In Liquidation), and S (Rating Suspended).
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A rating given to insurance companies by the A.M. Best Company, independent analysts of the insurance industry. The ratings range from A++ (Superior) down to D (below minimum standards). Also, ratings of E and F are given to companies under state supervision or in liquidation. The ratings reflect A.M. Best’s evaluation of an insurance company’s financial strength and operating performance relative to the norms of the property/casualty insurance industry.

Committees formed by members of a corporate board of directors that are created to address a particular aspect or feature of the corporation. Three of the most common board committees and their responsibilities include
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Committees formed by members of a corporate board of directors that are created to address a particular aspect or feature of the corporation. Three of the most common board committees and their responsibilities include (1) audit (overseeing the company&#8217s financial, accounting, and internal and external audit functions), (2) nominating (identifying and recruiting new/additional board members and officers), and (3) compensation (recommending appropriate compensation levels for the company&#8217s management, as well as compensation for members of the board). Board committees normally consist of two to four members of a corporate board of directors.