Coverage for expenses incurred as the result of an identity theft. Can include costs for notarizing fraud affidavits and certified mail, lost income from time taken off from work to meet with law-enforcement personnel or Credit agencies, fees for reapplying for loans and attorney’s fees to defend against lawsuits and remove criminal or civil judgments.
Retakaful is the Islamic alternative to the reinsurance industry. In the conventional insurance industry, an insurance company reduces its risk of paying large claims by insuring a portion of its risk with another insurance company. In retakaful, a takaful company pays premiums to a retakaful company so the retakaful company assumes a portion of the takaful … Read more
A contract formalizing a reinsurance cession on a specific risk.
A seller’s market in which insurance is expensive and in short supply. See Property/Casualty Insurance cycle
Equal to 365 days of insured coverage for a single dwelling. It is the standard measurement for homeowners insurance.
A phrase in some reinsurance agreements, usually in the following context: “This agreement is considered by the parties hereto as an honorable undertaking, the purpose of which is not to be defeated by a strict or narrow interpretation of the language thereof.” See Gentlemen’s Agreement.
An option that permits the Policyholder to buy additional stated amounts of life insurance at stated times in the future without evidence of insurability.
Often an option in an employer-sponsored retirement savings plan. Contract between an insurance company and the plan that guarantees a stated rate of return on invested capital over the life of the contract.
A form of reinsurance which has no adjustable or experience refund features. The final premium rate for the coverage is exactly set forth and fixed in the contact. Compare with Non-experience Rated.
Period during which the level of interest specified under a fixed Annuity is guaranteed
