Insurance Handbook - Alaska Department of Community and ...

More documents

Recommendations

Info

WARRANTY INSURANCE Coverage that compensates consumers for the cost of repairing or replacing defective products past the normal warranty period provided by manufacturers. WAR RISK Special coverage on cargo in overseas ships against the risk of being confiscated by a government in wartime. It is excluded from standard ocean marine insurance and can be purchased separately. It often excludes cargo awaiting shipment on a wharf or on ships after 15 days of arrival in port. WATER-DAMAGE INSURANCE COVERAGE Protection provided in most homeowners insurance policies against sudden and accidental water damage, from burst pipes for example. Does not cover damage from problems resulting from a lack of proper maintenance such as dripping air conditioners. Water damage from floods is covered under separate flood insurance policies issued by the federal government. WEATHER DERIVATIVE An insurance or securities product used as a hedge by energy-related businesses and others whose sales tend to fluctuate depending on the weather. WEATHER INSURANCE A type of business income insurance that compensates for financial losses caused by adverse weather conditions, such as constant rain on the day scheduled for a major outdoor concert. WHOLE LIFE INSURANCE The oldest kind of cash value life insurance that combines protection against premature death with a savings account. Premiums are fixed and guaranteed and remain level throughout the policy’s lifetime. Glossary WORKERS COMPENSATION Insurance that pays for medical care and physical rehabilitation of injured workers and helps to replace lost wages while they are unable to work. State laws, which vary significantly, govern the amount of benefits paid and other compensation provisions. WRAP-UP INSURANCE Broad policy coordinated to cover liability exposures for a large group of businesses that have something in common. Might be used to insure all businesses working on a large construction project, such as an apartment complex. WRITE To insure, underwrite, or accept an application for insurance. WRITTEN PREMIUMS See Premiums written. X XXX Regulation The National Association of Insurance Commissioner’s current model valuation law for life insurance policies, adopted in March 1999. The law tells insurance companies how much they should hold as a reserve for each term life insurance policy. The model has been adopted by most of the states. Y *YEARLY RENEWABLE TERM (YRT) INSURANCE One-year term life insurance that is renewable at the end of the policy term. Also known as annually renewable term (ART) insurance. (See Term life insurance) I.I.I. Insurance Handbook www.iii.org/insurancehandbook 127
Glossary Property/Casualty Insurance Industry Organizations AMERICAN INSURANCE ASSOCIATION (AIA) – NATIONAL OFFICE 2101 L Street, NW, Suite 400 Washington, DC 20037 Tel: 202-828-7100 Fax: 202-293-1219 Web: www.aiadc.org Trade and service organization for property/ casualty insurance companies. Provides a forum for the discussion of problems as well as safety, promotional and legislative services. AMERICAN INSURANCE ASSOCIATION (AIA) – MID-ATLANTIC REGION 2101 L Street, NW, Suite 400 Washington, DC 20037 Tel: 202-828-7139 Fax: 202-293-1219 Web: www.aiadc.org Directories Directories 128 I.I.I. Insurance Handbook www.iii.org/insurancehandbook AMERICAN INSURANCE ASSOCIATION (AIA) – MIDWEST REGION 150 North Wacker Drive, Suite 2525 Chicago, IL 60606 Tel: 312-782-7720 Fax: 312-782-7718 Web: www.aiadc.org AMERICAN INSURANCE ASSOCIATION (AIA) – NORTHEAST REGION (ALBANY) 95 Columbia Street Albany, NY 12210 Tel: 518-462-1695 Fax: 518-465-6023 Web: www.aiadc.org AMERICAN INSURANCE ASSOCIATION (AIA) – NORTHEAST REGION (BOSTON) 1 Walnut Street Boston, MA 02108 Tel: 617-305-4155 Fax: 617-305-4154 Web: www.aiadc.org
Page 1 and 2:
Insurance Handbook A guide to insur
Page 3 and 4:
Insurance Information Institute 110
Page 5 and 6:
To The Reader For over 50 years, th
Page 7 and 8:
Regulatory/Legislative Organization
Page 9 and 10:
Insurance Basics Overview Accountin
Page 11 and 12:
Insurance Basics Auto Insurance 4.
Page 13 and 14:
Insurance Basics Homeowners Insuran
Page 15 and 16:
Insurance Basics Homeowners Insuran
Page 17 and 18:
Insurance Basics Business Insurance
Page 19 and 20:
Page 21 and 22:
Page 23 and 24:
Insurance Basics Life Insurance Lif
Page 25 and 26:
Insurance Basics Life Insurance •
Page 27 and 28:
Insurance Basics Annuities 4. Taxfr
Page 29 and 30:
Insurance Basics Long-Term Care Ins
Page 31 and 32:
Insurance Basics Disability Insuran
Page 33 and 34:
Insurance Basics Disablity Insuranc
Page 35 and 36:
28 I.I.I. Insurance Handbook www.ii
Page 37 and 38:
Insurance Topics Updates at www.iii
Page 39 and 40:
Page 41 and 42:
Page 43 and 44:
Page 45 and 46:
Page 47 and 48:
Page 49 and 50:
Page 51 and 52:
Page 53 and 54:
Page 55 and 56:
Page 57 and 58:
Page 59 and 60:
Page 61 and 62:
Page 63 and 64:
Page 65 and 66:
Page 67 and 68:
Page 69 and 70:
Page 71 and 72:
Page 73 and 74:
Page 75 and 76:
Page 77 and 78:
Page 79 and 80:
Page 81 and 82:
Page 83 and 84: Insurance Topics Updates at www.iii
Page 85 and 86: Glossary 401(K) PLAN An employer-sp
Page 87 and 88: Glossary ADJUSTER An individual emp
Page 89 and 90: Glossary ANNUITY DEATH BENEFITS The
Page 91 and 92: Glossary BALANCE SHEET Provides a s
Page 93 and 94: Glossary larger cushion of capital
Page 95 and 96: Glossary receive full payment on a
Page 97 and 98: Glossary *CONVERTIBLE TERM INSURANC
Page 99 and 100: Glossary savings and loan associati
Page 101 and 102: Glossary EMPLOYMENT PRACTICES LIABI
Page 103 and 104: Glossary insured’s spouse and chi
Page 105 and 106: Glossary contract with no penalty.
Page 107 and 108: Glossary GUARANTY FUND The mechanis
Page 109 and 110: Glossary premium life insurance pol
Page 111 and 112: Glossary INTERNET INSURER An insure
Page 113 and 114: Glossary LIMITS Maximum amount of i
Page 115 and 116: Glossary the states for people whos
Page 117 and 118: N Glossary NAMED PERIL Peril specif
Page 119 and 120: Glossary ORIGINAL EQUIPMENT MANUFAC
Page 121 and 122: Glossary and beyond reserves, prote
Page 123 and 124: Glossary be monthly, quarterly, sem
Page 125 and 126: Glossary price. Repurchase agreemen
Page 127 and 128: Glossary part of the responsibility
Page 129 and 130: Glossary cover the amount of the lo
Page 131 and 132: Glossary a preexisting condition. (
Page 133: Glossary VANDALISM The malicious an
Page 137 and 138: Directories ISO 545 Washington Blvd
Page 139 and 140: Directories PCI - WASHINGTON, DC 44
Page 141 and 142: Directories Financial Services Indu
Page 143 and 144: Directories COMMODITY FUTURES TRADI
Page 145 and 146: Directories GLOBAL ASSOCIATION OF R
Page 147 and 148: Directories NATIONAL ASSOCIATION OF
Page 149 and 150: Directories THE COUNCIL OF INSURANC
Page 151 and 152: Directories GRIFFITH INSURANCE EDUC
Page 153 and 154: Directories Adjusters NATIONAL ASSO
Page 155 and 156: Directories INSURANCE COMMITTEE FOR
Page 157 and 158: Directories INSURANCE SERVICES NETW
Page 159 and 160: Directories Legal Issues and Servic
Page 161 and 162: Directories INSURANCE REGULATORY EX
Page 163 and 164: Directories INSURANCE INSTITUTE FOR
Page 165 and 166: Directories Title Insurance AMERICA
Page 167 and 168: Directories INSURANCE ADVISORY BOAR
Page 169 and 170: Alphabetical Index State specific a
Page 171 and 172: Alphabetical Index Intermediaries a
Page 173 and 174: State Organizations State Organizat
Page 175 and 176: State Organizations Pacific Associa
Page 177 and 178: State Organizations Florida State A
Page 179 and 180: State Organizations Illinois State
Page 181 and 182: State Organizations Kentucky Insura
Page 183 and 184: State Organizations Association Hea
Page 185 and 186:
State Organizations Montana State A
Page 187 and 188:
State Organizations Monmouth Juncti
Page 189 and 190:
State Organizations Agent Associati
Page 191 and 192:
State Organizations Other Organizat
Page 193 and 194:
State Organizations Texas Coalition
Page 195 and 196:
State Organizations Agent Associati
Page 197 and 198:
Alphabetical Index YEAR EVENT 1601
Page 199 and 200:
Brief Alphabetical History Index YE
Page 201 and 202:
I.I.l. Resources COMMERCIAL INSURAN
Page 203 and 204:
I.I.I. Member Companies Lockton Com
Page 205:
The I.I.I. Insurance Handbook • C
show all

Insurance Handbook - Alaska Department of Community and ...

Create successful ePaper yourself

Delete template?

Save as template?