High Net Worth Insurance

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  1. Ceding Company

    A ceding company is an insurance company that passes a part or all of its risks from its insurance policy portfolio to a ...
  2. Undersubscribed

    Undersubscribed is a situation in which demand for IPO securities is less than the number of shares issued, also known as ...
  3. Death Benefit

    A death benefit is the amount on a life insurance policy or pension that is payable to the beneficiary when the annuitant ...
  4. Hammer Clause

    A hammer clause is an insurance policy clause that allows an insurer to compel the insured to settle a claim.
  5. Actual Cash Value

    Actual cash value is the amount equal to the replacement cost minus depreciation of a damaged or stolen property at the time ...
  6. Broad Form Insurance

    Broad form insurance coverage extends beyond the basics to include rare events that may be of serious risk to the insured.
  7. Noncancellable Insurance Policy

    A noncancellable insurance policy can't be cancelled by an insurance company, nor can premiums be increased or benefits reduced ...
  8. Cut-Through Clause

    A cut-through clause is a reinsurance provision that lets a party, other than the ceding company and reinsurance company, ...
  9. Cash Value Accumulation Test (CVAT)

    Cash value accumulation test (CVAT) is a test for determining whether a financial product can be taxed as an insurance contract ...
  10. Average Indexed Monthly Earnings (AIME)

    Average indexed monthly earnings (AIME) is used to determine the primary insurance amount (PIA) that values an individual's ...
  11. Waiver Of Premium For Payer Benefit

    A waiver of premium for payer benefit clause says that an insurance company will not require a fee to maintain the policy ...
  12. Comprehensive Insurance

    Comprehensive insurance is a type of automobile insurance that covers damage to your car from causes other than a collision.
  13. Collision Damage Waiver (CDW)

    Collision damage waiver (CDW) is additional insurance coverage offered to an individual renting an automobile.
  14. Conversion Privilege

    Conversion privilege is an insurance policy in which the insurer is required to renew or update the policy regardless of ...
  15. Blanket Insurance

    Blanket insurance covers many types of property in one place, the same type of property in many locations, or many kinds ...
  16. Umbrella Insurance Policy

    An umbrella insurance policy provides extra liability insurance coverage that goes beyond the limits of the insured's home, ...
  17. Actuarial Service

    Actuarial service is one way corporations determine, assess and plan for the financial impact of risk.
  18. Cession

    Cession refers to the portions of obligations in an insurance company's policy portfolio that are transferred to a reinsurer.
  19. Own-Occupation Policy

    An own-occupation policy covers individuals who become disabled and can't perform what they have been trained to perform.
  20. Reciprocal Insurance Exchange

    Reciprocal insurance exchanges are where individuals and businesses exchange insurance contracts to spread the risk among ...
  21. Human-Life Approach

    The human-life approach calculates the amount of life insurance a family needs based on the financial loss they'd experience ...
  22. Guideline Premium And Corridor Test (GPT)

    The Guideline Premium And Corridor Test (GPT) is used to determine whether an insurance product can be taxed as insurance ...
  23. Floater Insurance

    Floater insurance covers property that is easily movable and provides additional coverage beyond the scope of traditional ...
  24. Guaranteed Investment Fund (GIF)

    A guaranteed investment fund allows a client to invest in an equity, bond or index fund with the promise of a predefined ...
  25. Seasoned Issue

    A seasoned issue is the issue of additional securities from an established company whose securities already trade in the ...
  26. Assumed Interest Rate (AIR)

    Assumed interest rate (AIR) is the rate of interest or growth rate selected by an insurance company.
  27. Compound Probability

    Compound probability is a mathematical term relating to the likeliness of two independent events occurring.
  28. Adjusted Net Worth

    Adjusted net worth is the value of an insurance company based on capital values, surplus values and an estimated value of ...
  29. Second-To-Die Insurance

    Second-to-die insurance is a type of life insurance on two people that provides benefits to the beneficiaries only after ...
  30. Certain And Continuous

    Certain and continuous is a type of annuity that guarantees a number of payments, even if the annuitant dies.
  31. Bank Insurance

    Bank insurance is a guarantee by the Federal Deposit Insurance Corporation (FDIC) of deposits in a bank.
  32. Insurance Grace Period

    An insurance grace period is a defined amount of time after the premium is due in which a policyholder can make a premium ...
  33. Mortality And Expense Risk Charge

    A mortality and expense risk charge is a variable annuity fee that compensates insurance companies for risks and expenses ...
  34. Hurricane Deductible

    A hurricane deductible is the amount a homeowner must pay before insurance will cover the damage caused by a hurricane.
  35. Care, Custody Or Control (CCC)

    Care, custody or control (CCC) is a liability insurance exclusion that removes indemnification for the insured when a property ...
  36. Insurance Risk Class

    An insurance risk class has similar characteristics, which are used to determine risks of underwriting a policy and the premium ...
  37. Constructive Total Loss

    A constructive total loss is when the cost for repair of an item exceeds current value and the insurance claim settles for ...
  38. Aleatory Contract

    In an aleatory contract, the parties do not have to perform a particular action until a specific event occurs, such as natural ...
  39. Long-Tail Liability

    A long-tail liability is a type of liability that carries a long settlement period.
  40. Malpractice Insurance

    Malpractice insurance is professional liability insurance that protects healthcare (and other professionals) against patient ...
  41. Accumulated Value

    Accumulated value is the total amount an investment currently holds, including the capital invested and interest earned to ...
  42. Policy Loan

    A policy loan is issued by an insurance company that uses the cash value of a person's life insurance policy as collateral.
  43. Admitted Insurance

    Admitted insurance is purchased from an insurance company that has been formally admitted or licensed to operate by the state ...
  44. Automatic Premium Loan

    An automatic premium loan is a policy provision that lets the insurer deduct the outstanding premium from the value of the ...
  45. Commercial General Liability (CGL)

    Commercial general liability (CGL) insurance provides coverage to a business for claims caused by the business’ operations, ...
  46. Insurance Company Credit Rating

    An insurance company credit rating is the opinion of an independent agency regarding the financial strength of an insurance ...
  47. Surrender Charge

    A surrender charge is a fee levied on a life insurance policyholder upon cancellation of their life insurance policy.
  48. Direct Premiums Written

    Direct premiums written are the total premiums received before taking into account reinsurance ceded.
  49. Valued Policy Law (VPL)

    Valued Policy Law (VPL) is a statute that requires insurance companies to pay the full value of a policy to the insured in ...
  50. Business Owner Policy (BOP)

    A business owner policy (BOP) combines protection from all major property and liability risks into one package.
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Hot Definitions
  1. Risk Tolerance

    The degree of variability in investment returns that an individual is willing to withstand. Risk tolerance is an important ...
  2. Donchian Channels

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  3. Consumer Price Index - CPI

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  6. Inflation

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