Auto insurance term paper
Introduction of motor vehicle insurance
Calculated on the basis of original cost adjusted, as appropriate, for accrual of discount or amortization of premium and for depreciation. This was formerly the Health Care Financing Administration. Casualty Insurance - a form of liability insurance providing coverage for negligent acts and omissions such as workers compensation, errors and omissions, fidelity, crime, glass, boiler, and various malpractice coverages. Comprehensive Hospital and Medical - line of business providing for medical coverages; includes hospital, surgical, major medical coverages; does not include Medicare Supplement, administrative services ASC contracts, administrative services only ASO contracts, federal employees health benefit plans FEHBP , medical only programs, Medicare and Medicaid programs, vision only and dental only business. Credit Life Insurance - policy assigning creditor as beneficiary for insurance on a debtor thereby remitting balance of payment to creditor upon death of debtor. Collateralized Mortgage Obligations CMOs - a type of mortgage-backed security MBS with separate pools of pass-through security mortgages that contain varying classes of holders and maturities tranches with the advantage of predictable cash flow patterns. Commercial Earthquake - earthquake property coverage for commercial ventures. Contractual Liability - liability coverage of an insured who has assumed the legal liability of another party by written or oral contract. Cash - a medium of exchange. A loss exceeding a certain size triggers a reduction in the bond value or a change in the bond structure as loss payments are paid out of bond funds. Contingent Liability - the liability of an insured to persons who have incurred bodily injury or property damage from work done by an independent contractor hired by the insured to perform work that was illegal, inherently dangerous, or directly supervised by the insured Continuation of Care Requirement - statutory or contractual provision requiring providers to deliver care to an enrollee for some period following the date of a Health Plan Company's insolvency. In the course of carrying out activities, the insurance company is at risk of a shortage of funds to meet payment obligations. Credit Risk - part of the risk-based capital formula that addresses the collectability of a company's receivables and the risk of losing a provider or intermediary that has received advance capitation payments. Results of a research are at least two possible conclusions.
Ceding Company - an insurance company that transfers risk by purchasing reinsurance. Commercial Package Policy - provides a broad package of property and liability coverages for commercial ventures other than those provided insurance through a business owners policy.
Chartered Property Casualty Underwriter CPCU - a professional designation awarded by the American Institute of Property and Casualty Underwriters to persons in the property and liability insurance field who pass a series of exams in insurance, risk management, economics, finance, management, accounting, and law.
Combined Ratio - an indication of the profitability of an insurance company, calculated by adding the loss and expense ratios.
Casualty Insurance - a form of liability insurance providing coverage for negligent acts and omissions such as workers compensation, errors and omissions, fidelity, crime, glass, boiler, and various malpractice coverages.
Catastrophe Loss - a large magnitude loss with little ability to forecast. Ceded Premium - amount of premium fees used to purchase reinsurance.
Creditor-Placed Auto - single interest or dual interest credit insurance that is purchased unilaterally by the creditor, who is the named insured, subsequent to the date of the credit transaction, providing coverage against loss to property that would either impair a creditor's interest or adversely affect the value of collateral on automobiles, boats, or other vehicles.
A loss exceeding a certain size triggers a reduction in the bond value or a change in the bond structure as loss payments are paid out of bond funds.
Construction and Alteration Liability - covering the liability of an insured to persons who have incurred bodily injury or property damage from alterations involving demolition, new construction or change in size of a structure on the insured's premises.
Objectives of motor insurance
Contract Reserves - reserves set up when, due to the gross premium structure, the future benefits exceed the future net premium. In the course of carrying out activities, the insurance company is at risk of a shortage of funds to meet payment obligations. Covered Lives - The total number of lives insured, including dependents, under individual policies and group certificates. Among the insurance organizations, the proper development has such direction of insurance activity, as reinsurance, which is one of the methods of reducing and dividing insurance risk. Combined Ratio - an indication of the profitability of an insurance company, calculated by adding the loss and expense ratios. Claims-made Form - A type of liability insurance form that only pays if the both event that causes triggers the claim and the actual claim are submitted to the insurance company during the policy term Class Rating - a method of determining rates for all applicants within a given set of characteristics such as personal demographic and geographic location. Commercial Mortgage-Backed Securities - a type of mortgage-backed security that is secured by the loan on a commercial property. Completed Operations Liability - policies covering the liability of contractors, plumbers, electricians, repair shops, and similar firms to persons who have incurred bodily injury or property damage from defective work or operations completed or abandoned by or for the insured, away from the insured's premises.
Include under this type of insurance multi-peril policies other than farmowners, homeowners and automobile policies that include coverage for liability other than auto. Insurance as a whole complex of protection of property interests of citizens, organizations and the state is Insurance as a whole complex of protection of property interests of citizens, organizations and the state is an indispensable element of the economic and social systems of society.
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