cancellation of a binder by insured and minimum earned premium

The statement of information that a prospective insured gives when applying for an insurance policy and that an insurance company uses to help decide if it will issue the policy and what premium rate will be charged.

The person during whose life an annuity is payable, usually the person to receive the annuity.Ī contract that provides an income for life or a specified number of years, or a combination of the two. Sometimes referred to as the convention statement or convention blank. It is the primary financial report required by the state insurance department to be submitted by insurers annually. Insurance policy written for a term of one year or renewed one year at a time.Ī report made by a company at the close of its fiscal year. Types of insurance associated with property insurance, which may include earthquake, sprinkler leakage, and income and extra expense coverage. The amount of premiums, minus commissions, collected by agents and/or brokers and owed to an insurer. An agent's right or the extent of his or her authority to act for the insurer, and the obligations of the agent and the insurer to one another are governed by the specific terms of the contract between them, as well as the laws of the jurisdictions in which they transact insurance.

Generally refers to a natural person appointed by a licensed insurer as its representative for the purpose of soliciting and selling insurance. payroll, inventory, sales receipts).Īn individual who solicits, negotiates or effects contracts of insurance. An event that is caused by the forces of nature, without human intervention, and that could not have been prevented by reasonable care, e.g., flood, earthquake, hurricane, etc.Īn amount equal to the current replacement cost of the lost or damaged property at the time of the loss, reduced by an allowance for depreciation, wear and obsolescence.Ī person who investigates and settles losses for an insurance carrier.Īn insurance company licensed and authorized to do business in a particular state or jurisdiction.Ī deposit premium paid by the insured which may later be adjusted up or down, following an audit of the insured's records (i.e.

Cancellation of a binder by insured and minimum earned premium