Essentially Acknowledged Accounting Standards (GAAP) – an enthusiastic aggregate of your accounting standards, beliefs and greatest techniques to the planning off economic statements allowing to have structure inside the reporting.
Gramm-Leach Bliley Act (GLBA) – operate, repealing Glass-Steagal Act of 1933, allows integration regarding industrial finance companies, financial support establishments and you can insurers. It allows economic features organizations to merge and practice an excellent style of new business things, together with insurance policies, when you’re trying to target brand new regulating points raised of the particularly combos.
Goodwill – the essential difference between the cost of having the organization and reporting entity’s show of your own book property value the newest received entity.
Gross Premium – the online premium for insurance coverage and earnings, operating and you will various earnings. Forever insurance, this is basically the superior including dividends.
Class Crash and you can Fitness – exposure composed on the a team foundation (e.grams., employees of just one boss in addition to their dependents) one pays booked experts otherwise scientific expenses due to state, personal injury otherwise unintentional death. Excludes wide variety attributable to uninsured crashes and you can health preparations in addition to uninsured percentage of partially insured crash and you may health agreements.
Category Annuities – Deferred Non- Adjustable and you may Adjustable – an enthusiastic annuity deal giving a collection of according to both (1) funds that collect centered on an ensured crediting rates of interest or most interest put on appointed factors, and you may (2) money where in fact the buildup are very different in accordance with the speed away from return of fundamental financing portfolio picked by policyholder. The brand new deal provides for the newest initiation out-of payments in the specific designated coming date.
Class Annuities – Deferred Varying – an annuity package that give an accumulation of created financing where accumulation may vary in accordance with the price away from return of hidden financial support profile chose from the policyholder. Which annuity price provides for brand new initiation out-of payments from the specific appointed upcoming date.
Group Annuities – Quick Low-Variable and you will Varying – an enthusiastic annuity bargain that provides an accumulation centered on each other (1) financing one gather according to a guaranteed crediting interest levels otherwise even more interest applied to designated considerations, and you will (2) fund the spot where the accumulation vary in accordance with the speed of get back of your root capital collection chosen from the policyholder. This new bargain offers the initiation of payments from the specific interval that will are different, nevertheless the annuity profits must begin contained in this thirteen days.
Classification Annuities – Quick Variable – an annuity contract that provide into the basic fee of your annuity at the end of the brand new fixed period off commission immediately following get. The fresh interval can differ, but the annuity winnings need start in this thirteen days. The quantity may vary on the value of equities (separate account) ordered as investment by insurance providers.
Category Annuity – an online installment loans Arkansas agreement taking money for a designated time frame, otherwise duration of lifestyle for a person otherwise persons built in order to work with several professionals.
Class Wellness – medical insurance issued to help you companies, contacts, trusts, and other groups level group or users and you may/or its dependents, to which a certification away from coverage is generally offered.
Classification Password – a new 3 to 5 thumb amount assigned of the NAIC to identify the individuals businesses that are part of a larger classification from insurance companies.
Class Wellness Organizations – Health Fix (HMO) – an idea less than and therefore an enrollee pays a subscription repaired commission beforehand in exchange for a wide range of comprehensive fitness care properties for the HMO’s recognized providers when you look at the a selected provider city.