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. Admitted Insurance

    Insurance purchased from a company that is admitted (or licensed) ...
  3. Excess of Line Reinsurance

    Excess of line reinsurance is a type of reinsurance policy offered ...
  4. Surplus Lines Insurance

    A policy that protects against a financial risk that is too high ...
  5. Accounting Convention

    Guidelines that arise from the practical application of accounting ...
  6. B1/B+

    Usually the lowest investment grade rating assigned to a security ...
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. 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.
  9. Investing

    Airline Stocks Look Set To Soar

    This maligned sector is in better shape than most investors believe.
  10. Insurance

    Homeowner's Insurance Guide: A Beginner's Overview

    Everything new homeowners need to know about insurance to protect their residence.
RELATED FAQS
  1. Can your insurance company cancel your policy without notice?

    Learn about your rights as an insured when it comes to your insurance policy being canceled, including how to access your ... Read Answer >>
  2. 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 >>
  3. How do I choose which insurance company to use?

    Picking an insurance company to use is not an easy task, considering the financial crisis of 2008 and 2009. Several financial ... Read Answer >>
Hot Definitions
  1. Aggregate Demand

    The total amount of goods and services demanded in the economy at a given overall price level and in a given time period.
  2. Fixed Cost

    A cost that does not change with an increase or decrease in the amount of goods or services produced. Fixed costs are expenses ...
  3. Blue Chip

    A blue chip is a nationally recognized, well-established, and financially sound company.
  4. Payback Period

    The length of time required to recover the cost of an investment. The payback period of a given investment or project is ...
  5. Collateral Value

    The estimated fair market value of an asset that is being used as loan collateral. Collateral value is determined by appraisal ...
  6. Fiduciary

    A fiduciary is a person who acts on behalf of another person, or persons to manage assets.
Trading Center