API 28

  1. Antitrust
    Refers to legislation that opposes trusts or unfair business practices
  2. Sherman Act
    Prohibits collusion among businesses to gain monopoly power.
  3. Guaranty funds
    Is a system through which claims of insolvent property and liability insurers are paid.
  4. Risk retention group
    Provides limited insurance lines to business organizations.
  5. Filing
    Is the process of submitting information to state ins dept for approval.
  6. Loss costs
    The expected losses related to each exposure unit.
  7. Market conduct exam
    Is a review of an insurer’s underwriting and rate making practices
  8. Declination
    Occurs when an insurer rejects an application
  9. Termination
    Is a policy cancellation during its term or a policy non renewal at the end of its term.
  10. Annual Statement
    Are formal financial reports presented to state regulators
  11. Statutory Accounting
    Employs a set of rules and procedures for insurance financial reporting.
  12. Insurance Regulation Information System (IRIS)
    The early warning system for potential financial failure of an ins. Company.
  13. Risk-based capital
    Is a model for developing the amount of capital an insurer must have available.
  14. Accreditation program
    Is a certification program for state insurance depts.
  15. Surplus lines
    Describes any insurance for which there is no licensed insurer within the state.
  16. Purchasing group
    Is a group of insurance buyers who purchase liability insurance together.
Card Set
API 28
Chapter 4