Grams
Essentially Accepted Accounting Standards (GAAP) – an enthusiastic aggregate of accounting standards, principles and greatest strategies toward planning away from economic comments enabling having consistency during the reporting.
Gramm-Leach Bliley Work (GLBA) – act, repealing Cup-Steagal Work off 1933, lets consolidation out-of industrial banks, resource associations and you will insurance companies. It allows economic features organizations in order to blend and you can take part in a great sorts of new business situations, along with insurance policies, while you are attempting to target the fresh new regulating situations elevated of the like combinations.
Goodwill – the essential difference between the expense of acquiring the organization additionally the revealing entity’s display of guide worth of the latest obtained organization.
Terrible Advanced – the online advanced getting insurance rates and commissions, performing and you may various income. For a lifetime insurance, this is actually the premium including returns.
Category Crash and you may Fitness – coverage created towards a group base (e.grams., employees of a single employer and their dependents) one to will pay arranged advantages otherwise scientific costs due to condition, compensation for injuries or accidental death. Excludes numbers due to uninsured crashes and you may health preparations and uninsured percentage of partially covered collision and wellness arrangements.
Category Annuities – Deferred Low- Varying and you can Adjustable – an enthusiastic annuity bargain that provides an accumulation of considering both (1) finance one to collect predicated on an ensured crediting rates or most rate of interest put on appointed factors, and you can (2) funds where accumulation are very different in accordance with the speed regarding come back of one’s underlying resource portfolio chosen by policyholder. The fresh new contract offers up the latest initiation regarding costs at certain appointed upcoming big date.
Classification Annuities – Deferred Adjustable – an enthusiastic annuity price that give an accumulation mainly based fund where buildup varies according to the price of come back of your own underlying resource profile selected by policyholder. This annuity bargain provides for brand new initiation away from repayments during the some appointed coming day.
Class Credit – Lifestyle – contracts purchased in exposure to loan/borrowing deals or other borrowing purchases, that do not exceed a reported period and you will/or number and provide insurance policies cover facing passing
Classification Annuities – Instantaneous Low-Adjustable and you will Changeable – a keen annuity deal giving an accumulation according to each other (1) loans you to definitely gather according to an ensured crediting rates of interest or extra interest rate used on designated factors, and you can (2) money in which the accumulation differ in accordance with the speed of return of root resource portfolio selected of the policyholder. This new contract provides for this new initiation from costs on certain period which can are different, nevertheless the annuity profits must begin within this thirteen months.
Category Annuities – Immediate Varying – a keen annuity bargain that give on the first payment of one’s annuity at the end of this new fixed interval of percentage immediately following get. The fresh interval may differ, although annuity winnings must initiate within this thirteen days. The quantity may differ on the worth of equities (separate membership) ordered due to the fact investments by insurance agencies.
Category Annuity – an agreement providing income having a designated period of time, or time of life for someone otherwise persons mainly based to help you benefit a group of personnel.
Category Fitness – health insurance granted to help you businesses, associations, trusts, or other organizations coating staff or users and you will/or the dependents, so you can which a certification regarding coverage may be given.
Category Password – a special less than six hand amount assigned from the NAIC to recognize men and women companies that are included in more substantial classification out of insurance vendors.
Category Health Teams – Fitness Maintenance (HMO) – plans below which an enthusiastic enrollee pays a subscription fixed payment in advance in exchange for numerous comprehensive fitness care and attention properties toward HMO’s accepted business in the a specified service urban area.