High Net Worth Insurance

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  1. Best's Capital Adequacy Relativity (BCAR)

    Best's Capital Adequacy Relativity is a rating of an insurance company’s balance sheet strength.
  2. Wear And Tear Exclusion

    A wear and tear exclusion states that the normal, expected deterioration of the insured object will not be covered by an ...
  3. Insurance Derivative

    An insurance derivative is a financial instrument that gets its value from an underlying insurance index or characteristics ...
  4. Continuous Contract

    A continuous contract is a reinsurance contract that does not have a fixed contract end date and is renewable until terminated ...
  5. Unemployment Claim

    An unemployment claim is a request made by an individual to the state government to receive temporary payments after having ...
  6. Overall Liquidity Ratio

    Overall liquidity ratio is the measurement of a company’s capacity to pay for its liabilities with its assets.
  7. American Land Title Association (ALTA)

    The American Land Title Association is a trade association representing the title insurance industry.
  8. Conditionally Renewable Policy

    A conditionally renewable insurance policy provision allows the insurer to not allow a policy to be renewed under certain ...
  9. Combined Single Limits

    Combined single limits are a provision of an insurance policy that limits the coverage for all components of a claim to a ...
  10. How High-Deductible Health Plans Work

    A High-Deductible Health Plan is a health insurance plan that can save you money in the form of lower premiums and the tax ...
  11. Backdated Liability Insurance

    Backdated liability insurance provides coverage for a claim that occurred before the insurance policy was purchased.
  12. Commercial Multiple Peril Policy

    A commercial multiple peril policy offers at least two forms of coverage, including a variety of losses incurred from numerous ...
  13. File-And-Use Rating Laws

    File-and-use rating laws are insurance regulations allowing an insurance company to use new rates prior to receiving state ...
  14. Traditional Whole Life Policy

    A traditional whole life policy is a type of life insurance contract that provides for insurance coverage of the contract ...
  15. Net Leverage (Insurance)

    Net leverage is the sum of an insurance company’s net premiums written ratio and its net liability ratio.
  16. Social Security Act

    The Social Security Act is a law enacted in 1935 to create a system of transfer payments in which younger, working people ...
  17. Comprehensive Personal Liability

    Comprehensive personal liability coverage pays for covered losses for third-party damages for which the policyholder is found ...
  18. Appurtenance

    Appurtenance is a legal term denoting the attachment of a right or property to a more worthy principal.
  19. Gross Leverage Ratio

    Gross leverage ratio is the sum of an insurance company’s net premiums written ratio, net liability ratio and ceded reinsurance ...
  20. Life Settlement

    A life settlement is the selling of one's life insurance policy to a third party for a one-time cash payment.
  21. Windstorm Insurance

    Windstorm insurance is a special type of property-casualty insurance that protects policyholders from property damage caused ...
  22. Business Liability Insurance

    Business liability insurance protects a company and/or business owner in the event of a formal lawsuit or any third-party ...
  23. Laddering

    Laddering is the promotion of inflated pre-IPO prices for the sake of obtaining a greater allotment of the offering.
  24. Covenant Not To Sue

    Covenant not to sue is a legal agreement in which the party seeking damages agrees not to sue the party against which it ...
  25. Insurance Trust

    An insurance trust is an irrevocable trust set up with a life insurance policy as the asset, allowing the grantor to exempt ...
  26. Insurance Proceeds

    Insurance proceeds are benefit proceeds paid out by any type of insurance policy as a result of a claim.
  27. Statutory Liability

    Statutory liability is a legal term for someone being held responsible for a certain action or omission due to a related ...
  28. Annuity Contract

    An annuity contract is a written agreement between an insurance company and a customer outlining each party's obligations ...
  29. Group Universal Life Policy (GULP)

    A group universal life policy is universal life insurance offered to a group that is less expensive than what is typically ...
  30. Level Death Benefit

    A level death benefit is a life insurance payout that is the same whether the insured person dies shortly after purchasing ...
  31. Cash Refund Annuity

    A cash refund annuity refunds to a beneficiary any sum left over should the annuitant die before breaking even on what they ...
  32. Single-Premium Deferred Annuity (SPDA)

    A single-premium deferred annuity (SPDA) is an annuity established with a single payment featuring investment growth solely ...
  33. Offering

    An offering is the issue or sale of a security by a company. It is often used in reference to an initial public offering ...
  34. Return-on-Capital Gain

    The value of an investment in an asset as it matures or is sold can be expressed as a return-on-capital gain.
  35. Coinsurance Formula

    A coinsurance formula is the homeowners insurance formula that determines the amount of reimbursement that a homeowner will ...
  36. Private-Passenger Auto Insurance Policyholder Risk Profile

    Private-passenger auto insurance policyholder risk profile is an estimate of the risk an insurance company will take on by ...
  37. Insurance Inflation Protection

    Insurance inflation protection is designed to allow policyholders to make sure that the benefits they receive can keep up ...
  38. Social Security Number (SSN)

    A Social Security Number (SSN) is a numerical identifier assigned to U.S. citizens and some residents to track their income ...
  39. Immediate Payment Annuity

    An immediate payment annuity is an annuity contract that is purchased with a single payment and pays a guaranteed income ...
  40. Interest-Crediting Methods

    An interest-crediting method determines how interest changes to a fixed index annuity are measured.
  41. Apportionment

    An apportionment is the allocation of a loss between all of the insurance companies that insure a piece of property.
  42. Underwriting Standards

    Underwriting standards are guidelines established to ensure that safe and secure loans are issued and maintained.
  43. Contractual Liability Insurance

    Contractual liability insurance protects against liabilities that policyholders assume when entering into a contract.
  44. Key Person Insurance

    Key person insurance is a life insurance policy that a company purchases on a key executive's life.
  45. Yearly Renewable Term (YRT)

    A yearly renewable term is a one-year term life insurance policy. This type of policy gives policyholders a quote for the ...
  46. Annual Dividend (Insurance)

    In the insurance industry, an annual dividend is a yearly payment given by an insurance company to a policyholder.
  47. Commutation

    Commutation refers to the rights of beneficiaries to exchange one type of income for another.
  48. Named Perils Insurance Policy

    A named perils insurance policy is a home insurance policy that only covers losses incurred to your property from hazards ...
  49. Gross Spread

    Gross spread is the difference between the underwriting price received by the issuing company and the actual price offered ...
  50. 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 ...
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