3 Terms
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Life insurance
Industry: Insurance
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Life insurance
encumbrance
Insurance; Life insurance
A claim on property, such as a mortgage, a lien for work and materials, or a right of dower. The interest of the property owner is reduced by the amount of the encumbrance.
exclusions
Insurance; Life insurance
Items or conditions that are not covered by the general insurance contract.
expense ratio
Insurance; Life insurance
The ratio of underwriting expenses (including commissions) to net premiums written. This ratio measures the company's operational efficiency in underwriting its book of business.
assets
Insurance; Life insurance
Assets refer to "all the available properties of every kind or possession of an insurance company that might be used to pay its debts." There are three classifications of assets: invested assets, all ...
attained age
Insurance; Life insurance
Insured's age at a particular time. For example, many term life insurance policies allow an insured to convert to permanent insurance without a physical examination at the insured's then attained ...
authorized under federal products liability risk retention act (risk retention groups)
Insurance; Life insurance
Indicates companies operating under the Federal Products Liability Risk Retention Act of 1981 and the Liability Risk Retention Act of 1986.
automobile liability insurance
Insurance; Life insurance
Coverage if an insured is legally liable for bodily injury or property damage caused by an automobile.
