Ncommercial insurance glossary pdf merger

Commercial lines insurance and term glossary commercial lines insurance address the liability assumed or property that is owned and or used by or in the course of doing business. Glossary of compensation terms bureau of labor statistics. This page provides a glossary of insurance terms and definitions that are. A group of separately owned but related businesses that band together for the purpose of obtaining insurance coverage. Any corporation moving to merge or purchase a corporation in the united states must recognize the litigious climate and defend itself by making sure that both its own and its prospective partners insurance coverage is adequate. Glossary of terms general insurance prepared by david forfar, ma, ffa with the assistance of david raymont, librarian of institute of actuaries, london. Insurance glossary insurance terms and definitions from advantage 1. Agent a person or a group of people selling insurance on behalf of an insurance company. Glossary of health coverage and medical terms this glossary defines many commonly used terms, butisnt a full list. General insurance terminologies starting with n we have covered you for all the insurance words such as named insured, natural losses, net premium, net profit etc. Understanding business insurance terminology trusted choice.

This glossary is based in part on an earlier one, glossary of current industrial relations and wage terms bls bulletin 1438, 1965. Buildings or structures including additions, fixtures, machinery and equipment constituting a permanent part of the building, building service. Given the complex insurance issues in any merger or acquisition, companies should work. Glossary of insurance terms customized business insurance. Glossary of commercial insurance terms commercial insurance is divided into two main categories. Out of pocket maximums generally do not include the monthly premiums paid for insurance. Coverage for more than one type of property at one location or one. Please refer to your policy or certificate of insurance for exact definitions of terms and coverage provisions. Consumer glossary national association of insurance. Commercial insurance update insurance ramifications of. The term property insurance includes many lines of available insurance. Descriptions of the customary definitions and coverage which may be obtained are listed below. Whether you drive a big rig or own a fleet of them, our commercial insurance specialists can help with the right coverage. Insurance checklist for mergers and acquisitions december 11, 2012, 5.

The fdics permanent insurance fund, which had been in existence since 1934, was dissolved when the bif was established. National insurance crime bureau october 12, 2015 1 nicb insurance acronym, organization and term list the following is a list of insurance related acronyms, organizations, and terms that may be encountered during an investigation. Insurance purchasing group a group of separately owned but related businesses that band together for the purpose of obtaining insurance coverage. While there are many important business and legal issues to consider when contemplating the urge to merge, one of the most important, but. Mergers and acquisitions archives insurance journal. For example, acquisitions of us insurance companies by nonus insurance companies represent 37% of all international acqui.

These glossary terms and definitionsare intended to be educational and may be different from the terms and definitions in your plan or health insurance policy. Auto insurance coverage that pays for each drivers own injuries, regardless of who caused the accident. Intech glossary of terms dd intech risk management. Mergers and acquisitions in the global insurance industry. Nicb insurance acronym, organization and term list index. Insurance glossary insurance terms and definitions from uno insurance services llc. We do not sell insurance in any form, nor are we affiliated with any insurance broker. An agreement in which an insurance agent agrees to do business on behalf. Insurance checklist for mergers and acquisitions law360. Glossary of defined terms used in the regulations and rules of the capital market authority unless the contrary intention appears, the words and expressions in this glossary shall have the meaning herein specified. Contact uno insurance services llc today to learn more. The document appendix 0 basic glossary contains the definition of some of the most important and ubiquitous terms used in the book. Form a statement regarding the acquisition of control of or merger with a domestic insurer vista life insurance company name of domestic insurer by symphonix health holdings, llc name of acquiring person applicant filed with the commissioner, office of financial and insurance regulation, state of michigan dated.

The aligned insurance glossary provides quick answers to questions involving over 3200 terms used in. Insurer is the company which accepts risks after receiving premiums and pays claims. Quick ratio this measures a companys ability to meet its short term obligations with its most liquid assets. The investigation division investigates suspected fraud committed by insurance agents, brokers, public adjusters, bail agents, insurance companies and other individuals and entities transacting the business of insurance who perpetrate fraud against consumers. They do not override or qualify any definition that appears in any lloyds byelaw or regulation, in any contract or in any other document. Insurance companies appear to be more active in international mergers. The code is a selfregulatory form of regulation, that is, the insurance industry, not the government, is. Commercial lines insurance and term glossary commercial. Insurance insurance is a contract in which an insurance company promises to compensate an insured. In china, the china insurance regulatory commission has expanded the commercial motor liberalisation to 18 additional locations, while in india, the insurance regulatory development authority of india has granted business approvals to 23 crossborder reinsurers. Replacement cost of damaged or lost property less depreciation. Insurance regulators in emerging markets have also been liberalising insurance rules. Glossary of business insurance terms actual cash value method of computation used to assess and valuate damages owed on insured property. An insurance company licensed and authorized to do business in a particular state.

Liability insurance is a part of the general insurance system of risk financing to protect the. Agent the insurance company representative who sells policies on behalf of the insurer. Glossary of business insurance terms for your benefit, this page provides a glossary of insurance terms and their definitions most commonly used when defining business insurance products and programs. Given the complex insurance issues in any merger or acquisition, companies should. It is not meant to be all inclusive or provide legally binding definitions.

An association of independent private employers who combine their. Insurance holding company system model regulation with reporting forms and instructions. An independent agent represents more than one company. When reading the definitions, please keep in mind that this glossary is provided as a guide only curated from various sources. This is the maximum amount of money that an insurer is contracted to. For insurance agencies, it is an analysis to determine if the agency is out of trust. Insurance companies and mutuals wash away uncorrelated individual risks either by pooling in a mutual or by the transfer to. Commercial property, inland marine, boiler and machinery, and crime are the most. Glossary of insurance terms actuary a professional trained in the mathematics of insurance and risk management, including the calculations of premiums, policy reserves and other values.

This page provides a glossary of insurance terms and definitions that are commonly used in the insurance business. You should consult a qualified professional for interpretation of terms in a. After the out of pocket maximum has been met, the insurance company and policy will pick up 100% of all medical costs. This is the maximum amount of money that an insurer is contracted to provide the policy holder in a specific policy period. Given the complex insurance issues in any merger or acquisition, companies should work closely with their risk. Insurance archaeology for mergers and acquisitions. This value is typically defined by subtracting the depreciation value from the replacement cost of the item in question. Aai alliance of american insurers pci as of spring 2004 merger with naii aaimco american association of insurance management consultants aais american association of insurance services. The definitions in this glossary are developed by the naic research and actuarial department staff based on various insurance references. You can find more terms in the the insurance bureau of canadas glossary actual cash value acv. The american land title association, founded in 1907, is the national trade association and voice of the abstract and title insurance industry. Glossary of business insurance terms onegroup new york. Global mergers and acquisitions activity plunged 28% in the first quarter to its lowest level since 2016 as the devastating economic effects of the coronavirus pandemic took hold in march.

This is despite myriad challenges, including slow insurance market growth, poor insurance pricing and insurance catastrophes such as superstorm sandy. It also refers to an auto liability insurance system that restricts lawsuits to serious cases. Companies that market and sell products via independent agents. These general definitions are provided for educational purposes. State the nature of the business performed by each of the persons identified in response to. The money for a deposit insurance fund comes from the assessments contributed by member banks and also from investment income earned by the fund. If available, some optional coverages and benefits might be offered at an additional charge. Glossary of insurance related terms used by lloyds and market participants. A theory on corporate debt that posits that the likelihood of default decreases when two firms assets and liabilities are combined through a. Health insurance terms and definitions valuepenguin. Commercial insurers sell coverages separately andor offer policies that combine.

Event which causes a loss of extraordinary magnitude, such as a hurricane or tornado. Hoffmann, an economist in the same division, assisted in the preparation. Glossary of terms washington state office of the insurance. Glossary and appendices pricing in general insurance. Property insurance provides coverage for property that is stolen, damaged, or destroyed by a covered peril. Commercial liability is an important segment for the insurance industry. Selling insurance through groups such as professional and business associations. Have you read the insurance agency acquisition terms from a to z. Commercial is defined as all motor vehicle policies that include vehicles that are. Iec, developed the general insurance code of practice the code. State the nature and purpose of the proposed merger or acquisition. One oftencrucial factor affecting both the advisability and success of a merger is the prospective partners insurance portfolio. Pos plans combine elements of both hmo and ppo plans. A horizontal merger occurs between or among competitors,and a vertical merger occurs when suppliers, shippers, retailers, and such in a common industry join together.

Insurance concerned with the insiders legal liability for injuries to others or damage to other persons property. Use this glossary of insurance definitions to better understand insurance. Insurance policies are a contract between the insurance company and the insured, and they cannot be assigned without the insurance companys consent. Insurance handbook insurance information institute. The document appendix 1 earned vs written contains more material on a topic that was only touched on briefly in chapter 20. The insurance council of australia, as a response to the needs of the insurance industry and with the assistance of the insurance enquiries and complaints ltd. This is a short list of key insurance terms, listed in alphabetical order. Insuranceinsurance is a contract in which an insurance company promises to compensate an insured. The following definitions are intended for general guidance. Yeast, an economist in the division of compensation data analysis and planning, prepared this report. If a company pursuing a growth strategy amid todays volatile conditions cant get there organically, there are ways to get there inorganically through acquisitions, mergers, alliances, disposals, and investments. Includes insurance against loss through damage or legal liability for damage, to property caused by the use of teams or vehicles other than ships, boats, or railroad rolling stock, whether by accident or collision or by explosion of engine, tank, boiler, pipe, or tire of the vehicle, and insurance against the theft of the whole or part of such vehicle california. Bradley drake, sidley austin llp 35 the completion of a successful merger or acquisition involving insurance companies requires careful planning and specialised skill sets to deal with the many important ways insurance companies differ from other. Coverages and benefits listed below may not be available in your state.