US: A guarantee to manufacturers, wholesalers, and service organizations that they will be paid for goods shipped or services rendered. Applies to that part of working capital which is represented by accounts receivable.
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Also known as “trade credit insurance” and “business credit insurance,” this coverage pays an agreed percentage of an invoice or receivable that is not paid because of protracted default, insolvency, or bankruptcy of the debtor. The coverage is written by only a few companies that specialize in credit insurance and is not available to individuals.
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US: Coverage against insolvency of a customer, which provides protection against payment default on loan, interest, or scheduled payments. Also known as “bad debts” insurance.
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Credit Insurance provides protection against loss resulting from default on the part of debtors. Insurance on a debtor in favour of a creditor to pay off the balance due on a loan in the event of death or disability of the debtor. Liability Insurance for abnormal loss from bad debts. With a view to standardizing the features of Credit Insurance products in India IRDA issued Guidelines on Trade Credit Insurance policies which are effective from 13th December, 2010. These guidelines specify that a policyholder should necessarily be a supplier of goods and services and his coverage under the policy should be towards loss incurred due to non-receipt of trade receivables. The credit cover can only be issued on whole turnover basis covering all buyers.
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MEDICAL,USA: Insurance coverage that will pay off an outstanding loan if the policyholder dies or makes loan payments if the policyholder becomes disabled.
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Optional coverage that pays off the balance of an outstanding loan in the event the insured becomes disabled, unemployed, or dies. Exact coverage depends on the particular policy. Variations include credit life (pays if the insured dies), credit health or disability (pays if the insured gets sick or becomes disabled) and credit unemployment insurance (pays if the insured involuntarily loses his job). Usually offered with credit cards, auto loans, and mortgages.
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UK: This covers businesses against losses due to ‘insolvency’ or ‘protracted default’ (failure to pay within 90 days of due date) of customers to whom credit has been granted. It is effectively bad debts insurance. Policies usually cover between 75 per cent and 90 per cent of the risk. The main policies: ‘whole turnover (UK)’, ‘whole turnover (export)’ ‘specific account(s)’, ‘catastrophe’, i.e. cover that is triggered once an aggregate bad debts figure has been exceeded. See EXPORT CREDIT INSURANCE; OVERSEAS INVESTMENT INSURANCE.

Customer service representatives support the work of insurance agents with a variety of tasks that must be done within a company or agency to deliver services to and handle requests from clients.

The front page (or pages) of a policy that specifies the named insured, address, policy period, location of premises, policy limits, and other key information that varies from insured to insured. The declarations page is also known as the information page. Often informally referred to as the “dec” or “dec page.”

A pension plan providing a specific benefit for each employee. The employer is required to make adequate contributions to the plan to fund the promised benefits. No individual accounts are maintained as is done in defined contribution plans.

Social Security benefits available to the spouse or children of a Social Security beneficiary.

US: (1) In property and casualty insurance, the premium deposit required by the insurer on forms of insurance subject to periodic premium adjustment. Also called “provisional premium.” (2) In reinsurance, the amount of premium (usually for an excess of loss reinsurance contract) that the ceding company pays to the reinsurer on a periodic basis during the term of the contract. This amount is generally determined as a percentage of the estimated amount of premium that the contract will produce based on the rate and estimated subject premium. It is often the same as the minimum premium but may be higher or lower. The deposit premium will be adjusted to the higher of the actual developed premium or the minimum premium after the actual subject premium has been determined by audit or reporting of the actual exposures insured during the coverage period.
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MEDICAL,USA: 1. Amount that is paid by a prospective insurance policyholder when an application is made for an insurance policy. It is usually the first month’s estimated premium and is applied toward the actual premium when a statement is sent to the insured. 2. Funds left on deposit with the insurance company for plans subject to premium adjustment. Also called premium deposits .
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UK: 1. Payment under an adjustable policy to an insurer at the inception based on an estimate of fluctuating values, activities or costs that may be adjusted up or down at the end of the term. 2. In non-proportional reinsurance it is the amount paid by a cedant to a reinsurer representing all or part of premiums expected to be earned under the contract. The premium is adjusted at the end of the contract term or periodically within a multi-year contract to reflect actual premiums earned. If the parties work on an adjustable rate basis the deposit premium may be tiated quarterly. nego
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A premium that is payable at the inception (start) of an insurance or reinsurance contract and in respect of which an adjustment premium (usually an additional premium) is due depending on the performance of the contract including, possibly, the amount of the business that is ceded thereunder. Compare minimum premium.
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REFERENCE: See: “Premium, Deposit premium.”
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REINSURANCE: The amount of premium (usually for an excess of loss reinsurance contract), that the ceding company pays to the reinsurer on a periodic basis (usually quarterly) during the term of the contract. This amount is generally determined as a percentage of the estimated amount of premium that the contract will produce based on the rate and estimated subject premium. It is often the same as the minimum premium but may be higher or lower. The deposit premium will be adjusted to the higher of the actual developed premium or the minimum premium after the actual subject premium has been determined.
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REINSURANCE: This arises when the actual premium awaits the outcome of the completion of the treaty or contract period. AT inception the reinsurer therefore receives premium as a deposit subject to its adjustment on completion of treaty or contract period.
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When the price of insurance is tied to fluctuating values or costs that cannot be known until the end of the policy period, inventory or payroll being two common examples, a deposit or provisional premium or estimated premium may be charged at the outset of a policy with final adjustment to come at the end of the term.

Periodic payments, usually monthly, payable to participants under some retirement plans, if such participants are eligible for the benefits and become totally and permanently disabled prior to the normal retirement date.

US: A form of health insurance that provides periodic payments to replace income when an insured person is unable to work as a result of illness, injury, or disease.
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Health and Personal Accident Insurance that provides periodic payments if the insured becomes disables as a result of illness or accident.
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MEDICAL,USA: Type of insurance that provides monthly payments to replace income when the insured is unable to work as a result of illness, injury, or disease—not as a result of a work-related accident or condition. Sometimes called loss of time insurance, nonoccupational insurance , or disability insurance .

An act known formally as the “Dodd-Frank Wall Street Reform and Protection Act” (Dodd-Frank). This 2010 law made dramatic, sweeping changes to the nation’s financial regulatory system. It was enacted to make the U.S. financial system more transparent and accountable and to prevent the type of financial crisis that occurred during 2008. Three specific provisions within Dodd-Frank are likely to increase the nature and scope of legal liability faced by corporate directors and officers. These include
(1) the &#8220clawback&#8221 provision, (2) the whistle-blower provision, and (3) the &#8220

In no-fault auto insurance states with the dollar threshold, it prevents individuals from suing in tort to recover for pain and suffering unless their medical expenses exceed a certain dollar amount.
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In no-fault auto insurance states with the dollar threshold, the threshold prevents individuals from suing in tort to recover for pain and suffering unless their medical expenses exceed a certain dollar amount.