DEFINITION of 'Annual Convention Blank'

The annual report that insurance carriers must file with the state insurance commissioner. This report will outline the carrier's current reserves, employees making over $40,000 a year, expenses and assets, among other things. The annual convention blank must be filed in order to show that a carrier is financially capable of doing business within the state.

BREAKING DOWN 'Annual Convention Blank'

Annual convention blanks must be filed with the commissioner of each state in which a carrier transacts business. Bascially, this form allows the state to determine whether or not the insurance company has adequate reserves to pay out benefit payments as they come due.

RELATED TERMS
  1. Commissioners' Values

    Specific values that are assigned to securities as per the National ...
  2. Convention Statement

    A document filed by an insurance or reinsurance company that ...
  3. Common Carrier

    A commercial entity that gets paid to transport goods or people. ...
  4. Commissioner Of Banking

    A commissioner that oversees all of the banks in a state. The ...
  5. Insurance Guaranty Association

    An organization that protects policyholders and claimants in ...
  6. Excess of Line Reinsurance

    Excess of line reinsurance is a type of reinsurance policy offered ...
Related Articles
  1. Investing

    What does Free Carrier Mean?

    Free carrier is a trade term requiring the seller to deliver goods to a named airport, terminal, or other place where the carrier operates. Costs for transportation and risk of loss transfer ...
  2. Insurance

    For Life Insurers, Making Money Is A Numbers Game

    Life insurance is a data-driven industry that relies on complex financial models to predict future expenses and income from premiums and investments.
  3. Insurance

    Bundle Your Insurance For Big Savings

    Bundling your insurance can save you money and time. Read on to see how get the most out of multiline insurance discounts.
  4. Insurance

    What If Your Long-term Care Insurance Carrier Goes Bust

    When a long-term care insurance carrier goes bust, what happens to policyholders?
  5. Insurance

    How Living Abroad Can Increase Your Insurance Premiums

    When you live outside the U.S for an extended period of time, your auto insurance resets. We look at how you can work around this.
  6. Insurance

    Steps to Switching Your Auto Insurance

    Choosing the right car insurance carrier can be confusing. Here's how to find the best and most affordable car insurance.
  7. Insurance

    What Happens If Your Insurance Company Goes Bankrupt?

    When insurance companies go bankrupt or face financial difficulty, it's bad news for policy holders.
  8. Personal Finance

    What Car Insurance Companies Cover You in Canada and Mexico?

    Canada generally honors U.S. insurance policies, but when traveling to Mexico, it's important to get a supplemental policy.
  9. Insurance

    12 Insurance Questions for High Net Worth Families

    High net worth families should ask themselves these 12 questions regarding comprehensive insurance.
  10. Insurance

    Could You Be Owed a Life Insurance Payout?

    If you’re not certain whether or not your deceased loved one had a life insurance policy, it doesn’t hurt to do a little research.
RELATED FAQS
  1. What are the most popular mutual funds that invest primarily in the insurance sector?

    Understand why investors may be interested in investment opportunities in the insurance sector, and learn which mutual funds ... Read Answer >>
  2. What level of reserve ratios is typical for an insurance company to protect against ...

    Read about the NAIC-inspired risk-based capital, or RBC, requirements imposed on American insurance companies to safeguard ... Read Answer >>
  3. What is the average return on total revenue for the insurance sector?

    Learn about the three main segments of the insurance industry, and find out what the average return on revenues is for the ... Read Answer >>
  4. What's the Difference Between FHA and Conventional Loans?

    Conventional mortgages require higher credit scores than FHA mortgages. Read Answer >>
Hot Definitions
  1. Dumping

    In international trade, the export by a country or company of a product at a price that is lower in the foreign market than ...
  2. Tender Offer

    An offer to purchase some or all of shareholders' shares in a corporation. The price offered is usually at a premium to the ...
  3. Ponzi Scheme

    A fraudulent investing scam promising high rates of return with little risk to investors. The Ponzi scheme generates returns ...
  4. Dow Jones Industrial Average - DJIA

    The Dow Jones Industrial Average is a price-weighted average of 30 significant stocks traded on the New York Stock Exchange ...
  5. Revolving Credit

    A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is ...
  6. Marginal Utility

    The additional satisfaction a consumer gains from consuming one more unit of a good or service. Marginal utility is an important ...
Trading Center