For additional information on NAIC rules regarding the coordinating of benefits, visit the NAIC website at www.NAIC.org (link opens in new window). Expense Ratio - percentage of premium income used to attain and service policies. This includes the following products: Multiple Peril Crop Insurance (MPCI); Catastrophic Insurance, Crop Revenue Coverage (CRC); Income Protection and Revenue Assurance. Indemnification is on a proportional or non-proportional basis. Allied Lines - coverages which are generally written with property insurance, e.g., glass, tornado, windstorm and hail; sprinkler and water damage; explosion, riot, and civil commotion; growing crops; flood; rain; and damage from aircraft and vehicle, etc. Hospital Indemnity Coverage - coverage that provides a pre-determined, fixed benefit or daily indemnity for contingencies based on a stay at a hospital or intensive care facility. Unallocated Loss Adjustment Expense (ULAE) - loss adjustment expenses that cannot be specifically tied to a claim. Replacement Cost - the cost of replacing property without a reduction for depreciation due to normal wear and tear. 100 Geico Indemnity Insurance Company 800-861-8380 101 Geico of New York 800-841-3000 Updated 4-20-2000 105 Seneca Insurance Co. 212-233-9000 106 Electric Mutual Liability Ins. These individuals work on behalf of the customer and are not restricted to selling policies for a specific company but commissions are paid by the company with which the sale was made. Medical Professional Liability - insurance coverage protecting a licensed health care provider or health care facility against legal liability resulting from the death or injury of any person due to the insured's misconduct, negligence, or incompetence in rendering professional services. Lapse - termination of a policy due to failure to pay the required renewal premium. FEMA - Federal Emergency Management Agency - an independent agency, tasked with responding to, planning for, mitigating and recovery efforts of natural disasters. Universal Life Insurance - adjustable life insurance under which premiums and coverage are adjustable, company expenses are not specifically disclosed to the insured but a financial report is provided to policyholder's annually. IBNR can sometimes include estimates of incurred but Not Enough Reported (IBNER). Annuity - a contract providing income for a specified period of time, or duration of life for a person or persons. Standard Risk - a person who, according to a company's underwriting standards, is considered a normal risk and insurable at standard rates. Investment grade - the obligation has been determined to be in one of the top four generic lettered rating classifications by a securities rating agency acceptable to the commissioner, that the obligation has been identified in writing by such a rating agency to be of investment grade quality, or, if the obligation has not been submitted to any such rating agency, that the obligation has been determined to be investment grade (Class 1 and Class 2) by the Securities Valuation Office of the National Association of Insurance Commissioners. Nonadmitted Assets - assets having economic value other than those which can be used to fulfill policyholder obligations, or those assets which are unavailable due to encumbrances or other third party interests and should not be recognized on the balance sheet. BBB accredited since 1/1/1960. Morbidity - the frequency or severity of disease or illness within a subset of the population. Elevators and Escalators Liability - liability coverage for bodily injury or property damage arising from the use of elevators or escalators operated, maintained or controlled by the insured. Credit Health Insurance - policy assigning creditor as beneficiary for insurance on a debtor thereby remitting balance of payment to creditor should the debtor become disabled. Utilize the Navigation at the bottom of the page. Provisions - contingencies outlined in an insurance policy. Quoted market prices in active markets are the best evidence of fair value and shall be used as the basis for the measurement, if available. Hold-Harmless Agreement - A risk transfer mechanism whereby one party assumes the liability of another party by contract. Structured Securities - loan-backed securities that have been divided into two or more classes of investors where the payment of interest and/or principal of any class of securities has been allocated in a manner that is not proportional to interest and/or principal received by the issuer from the mortgage pool or other underlying securities. Reserve Credit - reduction of reserve amounts for reinsurance ceded. Medicare Supplement - Insurance coverage sold on an individual or group basis to help fill the "gaps" in the protections granted by the federal Medicare program. Coverage also includes inspection of the equipment. The Banking Code of 1999 and the Savings Bank Act require all banks operating in Michigan to designate and maintain an agent located in this state upon whom process for judicial and administrative matters may be served. Credit – Assumption Agreement - an insurance certificate issued on an existing insurance contract indicating that another insurer has assumed all of the risk under the contract from the ceding insurance company. 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. The contract provides for the initiation of payments at some interval that may vary, however the annuity payouts must begin within 13 months. An asset has three essential characteristics: It embodies a probable future benefit that involves a capacity, singly or in combination with other assets, to contribute directly or indirectly to future net cash inflows; A particular entity can obtain the benefit and control others' access to it; and The transaction or other event-giving rise to the entity's right to or control of the benefit has already occurred. Arbitration - a binding dispute resolution tactic whereby a conciliator with no interest in the outcome intercedes. Coordination of Benefits (COB) - provision to eliminate over insurance and establish a prompt and orderly claims payment system when a person is covered by more than one group insurance and/or group service plan. Comprehensive General Liability (CGL) - coverage of all business liabilities unless specifically excluded in the policy contract. The payment can be taken as cash, applied to a purchase an increment of paid-up insurance, left on deposit with the insurance company or applied to purchase term insurance for one year. Designates must also have at least three years experience in the insurance business or related field. Coverage applicable to the dwelling, appurtenant structures, unscheduled personal property and additional living expense are typical. Municipal Liability - liability coverage for the acts of a municipality. Medigap - supplementary private health insurance products to Medicare insurance benefits. Non-controlled stock insurers - insurers in which a parent company has: 1) a financial interest represented by the direct or indirect ownership of less than 50% of voting shares, and 2) does not have the ability to exercise control over the insurer, e.g., through voting stock or management contract. Variable Life Insurance - life insurance whose face value and/or duration varies depending upon the value of underlying securities. Insurance in the United States refers to the market for risk in the United States, the world's largest insurance market by premium volume. The policy does not include coverage provided under comprehensive/major medical policies, Medicare Advantage, or for accelerated heath benefit-type products. Workers' Compensation - insurance that covers an employer's liability for injuries, disability or death to persons in their employment, without regard to fault, as prescribed by state or federal workers' compensation laws and other statutes. Subrogation Clause - section of insurance policies giving an insurer the right to take legal action against a third party responsible for a loss to an insured for which a claim has been paid. Foreign Insurer - an insurance company selling policies in a state other than the state in which they are incorporated or domiciled. Company Code - a five-digit identifying number assigned by NAIC, assigned to all insurance companies filing financial data with NAIC. Fraternal, Property and Casualty, Title, Life, Accident & Health and Health, in numeric order by company code. Insurance Regulatory Information System (IRIS) - a baseline solvency screening system for the National Association of Insurance Commissioners (NAIC) and state insurance … Surety Bond - a three-party agreement whereby a guarantor (insurer) assumes an obligation or responsibility to pay a second party (obligee) should the principal debtor (obligor) become in default. Personal Auto Policy - coverage designed to insure private passenger automobiles and certain types of trucks owned by an individual or husband and wife. Mutual Insurance Holding Company - a company organized as a mutual and owning a capital stock insurer or insurers for the benefit of pooling risk for many people, typically those in the same industry. Short-Term Medical - policies that provide major medical coverage for a short period of time, typically 30 to 180 days. 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