An insurance policy that the insured has the right to keep in force by paying the premium for a period (stated in the contract). The

A term used to describe a situation where there are two or more insurance policies not written with the same coverage, or effective dates.

A group health plan that has no cost sharing – the employer pays the full cost of an eligible employee’s coverage under the plan.

Pain, suffering, and other non-monetary losses.

Provision that ensures the insured cannot lose the equity of a whole life insurance policy. A policy owner can select from three options under the

The transfer of risk through a contract other than an insurance contract.

Transfer of risk from one party to another party other than an insurance company. This risk management technique usually involves risk transfers by way of

Assets that are not entered onto the balance sheet.

Often combine general liability, automobile liability, workers compensation (with fronting carriers) and other miscellaneous lines with no per occurrence stop loss or loss limitation; works

The action by the insurance company to terminate insurance coverage at the expiration date or anniversary date of the policy.

A premium that is not a part of a loss sensitive rating formula. For example, in a retro plan, the non-subject premium usually purchases the

In claims management, a bilateral agreement between an insurer and a claimant that permits the continued processing of the claim while preserving the insurer’s rights

Exterior walls, floor, and supports made of metal, asbestos, gypsum, or other noncombustible materials.

In statistics, a distribution in which the mean, median, and mode are the same; it has the same value at the high point of the

An accounting concept, the explanation of how specific transactions have been treated; the rules by which the financial statements are drawn.

Amount that an insurer will pay to settle a claim that may not be valid or may be of lesser value so as to avoid

A licensed facility that provides 24-hour-a-day nursing care to assist individuals who need long-term care.

Person, firm, or corporation protected by a surety bond; the party to whom the principal under the bond is obligated.

Under a surety bond, the party who owes the obligation to the obligee.

The occupants or operations in the building.

In, upon, getting in, on, out, or off.

An accident with the limitation of time removed; an “accident” that is extended over a period of time rather than a single observable happening.

An accident with the limitation of time removed; an “accident” that is extended over a period of time rather than a single observable happening.

An insurer domiciled outside the US. By definition, all off-shore insurance companies are alien, in spite of ultimate ownership by a US corporation.

Acronym for Operating Committee