A contract is considered to be a contract of “utmost good faith” when the parties to the contract rely heavily on the honesty and integrity

Not enough business personal property to conduct normal operations. In a rather broad sense, it means no contents.

Cut-off date for adjustments made to paid claims and reserve estimates in a loss report.

Declares the amount that will be paid in the case of a total loss of the property

An annuity with investments in separate accounts directed by the owner, such as growth, high-yield, or small cap mutual funds, etc.

A life insurance policy where the assets are invested in mutual funds or similar equity securities. Cash value accumulation over time will depend solely on

In statistics, the modified average of the squares of the deviation of each value from the arithmetic mean of those values. The “modified average” refers

A term that describes the process by which a participant earns ownership rights of a benefit funded by an employer. When fully vested, a participant

A general term referring to transactions in the viatical settlement marketplace. A viatical settlement is the proceeds from the sale of a life insurance policy

Rules created by professional, trade, and other organizations to internally govern their members.

1) Legal concept that holds a party who intentionally or voluntarily relinquishes a known right, claim, privilege, or the opportunity from taking advantage of that

The voluntary giving up of a known right.

Waiver- 1) Legal concept that holds a party who intentionally or voluntarily relinquishes a known right, claim, privilege, or the opportunity from taking advantage of

An insurance policy rider that allows a policy owner to stop making premium payments if the insured suffers a disability. Premium payments will be waived

A statement that promises or guarantees that something is absolutely true or will be true in the future.

Acronym for Workers Compensation

An accounting method used to value inventory and the cost of goods sold. This method applies the costs of individual items as items are sold

A computation of the cost of capital from the organization’s current mix of capital sources. Capital consists of long-term debt, preferred stock, common stock, and

In workers compensation experience modifications, a percentage value taken from the same actuarial tables used above to determine the percentage of excess losses to be

In workers compensation experience modifications, a percentage value taken from the same actuarial tables used above to determine the percentage of excess losses to be

Whole Life Insurance – A type of permanent life insurance that is characterized by guarantees such as fixed death benefit, guaranteed cash value, and fixed

A type of permanent life insurance that is characterized by guarantees such as fixed death benefit, guaranteed cash value, and fixed premiums.

A telecommunication network that covers a broad area.

A federal regulation that includes protections for individuals who elect breast reconstruction in connection with a mastectomy. Group and individual health plans that cover medical

A federal regulation that includes protections for individuals who elect breast reconstruction in connection with a mastectomy. Group and individual health plans that cover medical