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API 28
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Antitrust
Refers to legislation that opposes trusts or unfair business practices
Sherman Act
Prohibits collusion among businesses to gain monopoly power.
Guaranty funds
Is a system through which claims of insolvent property and liability insurers are paid.
Risk retention group
Provides limited insurance lines to business organizations.
Filing
Is the process of submitting information to state ins dept for approval.
Loss costs
The expected losses related to each exposure unit.
Market conduct exam
Is a review of an insurer’s underwriting and rate making practices
Declination
Occurs when an insurer rejects an application
Termination
Is a policy cancellation during its term or a policy non renewal at the end of its term.
Annual Statement
Are formal financial reports presented to state regulators
Statutory Accounting
Employs a set of rules and procedures for insurance financial reporting.
Insurance Regulation Information System (IRIS)
The early warning system for potential financial failure of an ins. Company.
Risk-based capital
Is a model for developing the amount of capital an insurer must have available.
Accreditation program
Is a certification program for state insurance depts.
Surplus lines
Describes any insurance for which there is no licensed insurer within the state.
Purchasing group
Is a group of insurance buyers who purchase liability insurance together.
Author
avoegeli
ID
14757
Card Set
API 28
Description
Chapter 4
Updated
2010-04-16T03:23:20Z
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