A 412(e)(3) plan is a type of defined benefit pension plan that is funded exclusively by life insurance and annuity contracts. Known for guaranteed benefits, these plans are subject to enhanced regulatory scrutiny to prevent abuses.
Understanding Accidental Damage, its types, implications, and relevance in various fields such as Insurance, Real Estate, and Technology.
Comprehensive exploration of the actuarial field, encompassing historical context, types, key events, detailed explanations, and practical applications in risk assessment.
The Actuarial Profession involves the assessment and management of financial risks, closely regulated by bodies like the AIDB. Learn about its historical context, key areas, applications, and significance.
A comprehensive exploration of the role of actuaries, professionals trained in the application of statistics and probability to insurance and pension fund management.
An actuary uses statistical records to predict the probability of future events, such as death, fire, theft, or accidents, enabling insurance companies to write policies profitably.
An in-depth exploration of the concept of 'Additional Insured,' including its significance in insurance policies, applications in various sectors, and key considerations for businesses and individuals.
The maximum amount an insurer will pay for all losses during a policy period, typically one year. Understanding aggregate limits in insurance policies.
Aggregate Loss refers to the total amount of losses incurred over a specific period, often used in insurance and risk management.
An in-depth look into the Annual Mortgage Insurance Premium (MIP) necessary for FHA loans, including its purpose, calculation, and impact on homeowners.
Detailed exploration of what an annuitant is, including historical context, types, key events, detailed explanations, and much more.
Annuities are insurance products that provide guaranteed income streams, used primarily as part of retirement strategies. They can offer fixed or variable periodic payments, playing a crucial role in financial planning.
An annuity is a contract with a financial institution, usually an insurance company, that provides regular income payments for life. This entry covers historical context, types, key events, mathematical models, examples, and more.
An Annuity Beneficiary is the individual who receives the remaining payments if the annuitant passes away before the annuity term ends. Learn more about types, considerations, and related terms.
An annuity in which payments continue for a specified period irrespective of the life or death of the person covered.
Detailed insight into Bailee Coverage, a specialized insurance for businesses responsible for the custody and care of property or goods owned by others.
Bancassurance is the strategic alliance between banking institutions and insurance companies to offer comprehensive financial services, including traditional loan, savings, life insurance, and pension products.
An overview of the Board for Actuarial Standards, including its history, key functions, and importance in the actuarial profession.
An in-depth overview of Base Flood Elevation (BFE), explaining its significance, calculation methods, applications, and examples in flood management and real estate.
Detailed insights into beneficiary designation, its types, importance, and applications.
A detailed look into the Benefit Period in insurance policies, including historical context, types, key events, and its significance.
An in-depth look at non-wage compensations such as health insurance, retirement plans, and paid time off, typically provided to employees.
A comprehensive exploration of different types of benefits including defined benefit, fringe benefits, housing benefit, marginal benefit, means-tested benefits, sickness benefit, social security benefits, supplementary benefit, unemployment benefit, and universal benefit.
Exploring the concept of Bind Date in insurance, highlighting its definition, significance, and application within the industry.
A comprehensive guide to understanding binders in insurance, their historical context, types, key events, detailed explanations, and more.
Insurance that provides a general sum for a collection of items, without itemizing each one.
A comprehensive exploration of bond insurers, their role in the financial markets, key events, types, and much more.
An in-depth analysis of the role of brokers in different markets, including stock, commodities, insurance, and shipping, along with their importance, methods, and historical context.
A Business Owner’s Policy (BOP) is a bundled policy that combines general liability and property insurance, designed primarily for small to mid-sized businesses. It offers protection against various risks, facilitating simplified management of insurance needs.
A detailed exploration of the C.I.F. term used in international trade, including historical context, key components, examples, and related terms.
Capital adequacy ensures that an insurer has sufficient capital to cover potential losses, while capacity defines the maximum limit of liability an insurer can assume. This article explores the definitions, differences, and significance of these critical concepts in the realm of finance and insurance.
An in-depth look at the distinctions between capacity and exposure in risk management, primarily within the insurance industry.
Comprehensive article exploring the concepts of capacity and limit in insurance, their differences, types, significance, examples, and related terms.
A comprehensive overview of Captive Agents, including their roles, types, historical context, key events, and importance in the insurance industry.
An in-depth guide to Captive Insurance Companies, covering historical context, types, key events, formulas, charts, importance, and more.
A detailed explanation of Catastrophic Loss, its implications in finance, insurance, and other sectors, accompanied by historical context and related terminology.
A detailed examination of Catastrophic Loss, encompassing its definition, types, key events, implications, and related terms in business, finance, insurance, and more.
Detailed exploration of the concept of Cedent, the insurer transferring risk to a reinsurer. Historical context, types, key events, mathematical models, importance, examples, related terms, and more.
A ceding company is the primary insurer that transfers risk to a reinsurer by purchasing reinsurance. This process is crucial in risk management, ensuring stability and protection against large claims.
The Children's Health Insurance Program (CHIP) provides health coverage to eligible children, offering a safety net for children from low-income families through Medicaid and separate state programs.
An in-depth look at the City, London's prestigious financial district, its history, key events, significance, and much more.
The City of London, commonly known as 'The City' or the 'square mile', is the historic and financial heart of London. It includes key institutions such as the Bank of England, the London Stock Exchange, and Lloyd's, and serves as headquarters for many UK and international financial entities.
A detailed examination of the role and responsibilities of a claim adjuster, including their importance in the insurance industry, types, examples, and historical context.
An in-depth exploration of claim reserves, their importance in insurance, methodologies, types, and key considerations.
Understanding the role of a claimant in legal, financial, and insurance contexts.
A claims adjuster is a professional assigned by the insurer to investigate and evaluate the extent of an insured loss. They play a crucial role in the insurance industry by ensuring fair and accurate settlements.
A detailed encyclopedia article on Claims Reserve, covering its definition, historical context, types, key events, detailed explanations, and much more.
Understanding the Claims-Free Discount: Definition, Types, Examples, and Applicability in Insurance.
A claims-made policy is a type of insurance that provides coverage only if both the incident and the claim occur within the active policy period or within an extended reporting period.
A comprehensive overview of co-payment, a type of cost-sharing arrangement in insurance where the policyholder pays a portion of the healthcare costs, with historical context, categories, key events, and detailed explanations.
Community Rating is a system where insurance premiums are the same for all insured parties within a group, irrespective of individual loss experiences.
Comprehensive overview of compensation funds, including definitions, types, applicability, and historical context.
Comprehensive General Liability (CGL) Insurance combines multiple liability coverages into one policy, offering broad protection against various claims.
Contingent beneficiaries are designated individuals or entities that receive benefits if primary beneficiaries are unavailable. Learn about their importance, types, historical context, and related concepts.
Detailed exploration of Contingent Business Interruption (CBI) insurance, covering its historical context, types, key events, explanations, applicability, examples, considerations, related terms, comparisons, interesting facts, famous quotes, jargon, and FAQs.
Contingent Business Interruption (CBI) is an insurance coverage that protects businesses from financial losses due to operational interruptions at a supplier or customer's location.
A comprehensive overview of contingent liabilities, including historical context, types, key events, mathematical models, importance, applicability, and more.
An in-depth look at contractual savings, their importance, types, benefits, drawbacks, and related financial concepts.
Convertible Term Insurance offers policyholders the flexibility to convert their term life insurance policy into a permanent life insurance policy without medical underwriting.
Coordination of Benefits (COB) refers to the process of managing insurance claims efficiently when multiple insurance policies are involved. It aims to ensure that benefit payments do not exceed the total allowable expense for a given claim.
A comprehensive look at copayments, the fixed amount paid by a patient for specific medical services, differing from percentage-based co-insurance.
An in-depth look into Cost-Sharing Reductions (CSRs), a key feature of the Affordable Care Act (ACA) designed to reduce out-of-pocket costs for eligible individuals.
An in-depth look at counterfeit money coverage, exploring its historical context, types, importance, applicability, and more. This article covers key aspects such as definitions, examples, FAQs, and famous quotes about counterfeit money coverage.
Detailed exploration of 'Cover' in the contexts of insurance protection against risks and the ratio of total business profits to dividend payments.
Coverage delves into the extent of protection offered by insurance policies against various risks. Explore the types, considerations, examples, and historical context of insurance coverage.
Coverage B offers additional liability protection and covers broader circumstances beyond the basic property coverage.
Coverage Limit refers to the maximum amount that an insurance policy will pay for a covered loss.
An in-depth look at Credit Default Swaps (CDS), their history, types, importance, and implications in the financial market.
An extensive overview of Credit Risk Insurance, a financial tool designed to mitigate the risk of financial loss due to a borrower's default or failure to meet contractual obligations.
Comprehensive guide on credit risk transfer, including types, key events, mathematical models, diagrams, importance, examples, related terms, and famous quotes.
An in-depth look at Credit Union Insurance, managed by the NCUA, providing protections similar to the FDIC for credit union members.
A comprehensive guide to understanding the concept of cumulative limit, its applications, comparisons, and related terms.
The Declarations Page of an insurance policy specifies coverage limits, premiums, and essential details about the insured parties and the policy itself.
An in-depth look at deductibles, their types, historical context, importance, applicability, and more.
A comprehensive guide to understanding the role and importance of deductibles in insurance policies, including their types, applications, and related terms.
Detailing the various ways policyholders can utilize dividends from participating insurance policies, including accumulated interest, premium reduction, paid-up additions, and more.
An EU supervisory body that ensures consistent regulation and supervision of insurance and pension markets.
An Elevation Certificate is a crucial document that verifies a building's elevation relative to the estimated height of floodwaters during a major flood event. This document is instrumental in flood risk assessment and plays a significant role in determining flood insurance premiums.
Employer Contributions refer to the amounts paid by an employer towards the employee benefit plans, encompassing various forms of insurance, retirement funds, and other employee welfare programs.
A comprehensive overview of Employer's Liability, covering historical context, types, key events, legal aspects, importance, applicability, and more.
Employment Insurance encompasses various forms of financial support provided to unemployed individuals. This article covers its history, types, key events, detailed explanations, mathematical models, and its importance and applicability.
Explore the concept of endorsement, its historical context, types, key events, significance, and more.
An additional provision added to an insurance policy to extend or modify coverage.
An Exclusive Provider Organization (EPO) offers health insurance plans similar to HMOs but without requiring Primary Care Physicians or referrals for specialist visits.
The Employee Retirement Income Security Act (ERISA) is a federal law that sets minimum standards for health plans in private industry, providing protections for individuals in these plans.
Errors and Omissions (E&O) Insurance provides liability coverage for professionals against claims of inadequate work or negligent actions.
An escrow account is a financial instrument held by a third party on behalf of two other parties in a transaction. It often includes mortgage insurance payments.
Understanding the importance and implications of an escrow cushion, which involves extra funds in an escrow account to cover unexpected tax or insurance increases.
A comprehensive exploration of excepted perils in insurance, covering historical context, types, key events, explanations, importance, examples, considerations, related terms, comparisons, interesting facts, FAQs, and more.
An exploration of the term 'Excess' in insurance contexts, its application, importance, and comparisons with deductibles.
Excess Coverage is a type of insurance that provides additional protection above the primary insurance limit, offering an extra layer of security against large claims.
Excess Liability Insurance provides additional coverage for specific types of liability without added benefits like legal defense costs. Learn its historical context, key aspects, and significance.
Exclusions refer to specific conditions or circumstances for which an insurance policy does not provide coverage. These limitations are critical for policyholders to understand to avoid unexpected financial burdens.
Expat Insurance provides specialized insurance coverage for individuals living outside their home country, often including worldwide coverage for health, life, and other insurance needs.
Experience Table: A detailed examination of tables based on actual experience of a specific insured population, used to adjust assumptions in valuation mortality tables.
Comprehensive overview of Export Credit, its types, benefits, and relevance in international trade.
Explore the difference between exposure and liability in the context of risk management, law, insurance, and finance.
Extended Reporting Period (ERP) provides policyholders additional time to report claims for incidents that occurred during the policy period but were not reported before the policy expired, crucial in claims-made policies.
Extended Warranty: Additional warranty coverage that extends beyond the standard warranty period, often available at an extra cost.
Detailed explanation of FDIC Insurance, including its definition, history, coverage details, and applicability in banking.
