11 Terms
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Life insurance
Industry: Insurance
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Life insurance
tort
Insurance; Life insurance
A private wrong, independent of contract and committed against an individual, which gives rise to a legal liability and is adjudicated in a civil court. A tort can be either intentional or ...
renewal
Insurance; Life insurance
The automatic re-establishment of in-force status effected by the payment of another premium.
total admitted assets
Insurance; Life insurance
This item is the sum of all admitted assets, and are valued in accordance with state laws and regulations, as reported by the company in its financial statements filed with state insurance regulatory ...
replacement cost
Insurance; Life insurance
The dollar amount needed to replace damaged personal property or dwelling property without deducting for depreciation but limited by the maximum dollar amount shown on the declarations page of the ...
total annual loan cost
Insurance; Life insurance
The projected annual average cost of a reverse mortgage including all itemized costs.
reserve
Insurance; Life insurance
An amount representing actual or potential liabilities kept by an insurer to cover debts to policyholders. A reserve is usually treated as a liability.
total loss
Insurance; Life insurance
A loss of sufficient size that it can be said no value is left. The complete destruction of the property. The term also is used to mean a loss requiring the maximum amount a policy will pay.
