Grams
Basically Acknowledged Accounting Beliefs (GAAP) – a keen aggregate of your bookkeeping standards, standards and greatest practices on preparing out of monetary comments allowing getting consistency in the reporting.
Gramm-Leach Bliley Work (GLBA) – work, repealing Glass-Steagal Operate off 1933, allows combination regarding commercial banks, money establishments and you may insurance vendors. Permits monetary qualities people to help you merge and you will practice a good version of new clients circumstances, including insurance, whenever you are wanting to address the new regulating situations raised because of the such as for instance combinations.
Goodwill – the essential difference between the price of acquiring the organization in addition to revealing entity’s share of the guide value of the fresh new received organization.
Disgusting Advanced – the web based advanced to own insurance policies also profits, performing and various profits. For life insurance policies, this is actually the advanced as well as dividends.
Category Crash and you will Health – visibility written towards a group foundation (elizabeth.grams., employees of just one workplace and their dependents) you to pays scheduled experts otherwise scientific costs considering situation, accidental injury otherwise accidental passing. Excludes amounts attributable to uninsured injuries and you may fitness agreements as well as the uninsured part of partially covered crash and wellness preparations.
Class Annuities – Deferred Non- Variable and Variable – a keen annuity contract that give a collection of according to each other (1) fund you to gather considering an ensured crediting interest levels or more interest rate put on appointed factors, and (2) loans the spot where the buildup are very different according to the price out of get back of one’s root investment profile selected by policyholder. The fresh new contract provides for the latest initiation out of money during the specific designated coming date.
Classification Annuities – Deferred Variable – an annuity price that provides a collection of centered money in which the accumulation varies according to the rates of installment loans Rhode Island go back of one’s fundamental funding profile picked by the policyholder. So it annuity price offers up the brand new initiation of repayments on particular designated future time.
Classification Credit – Lives – agreements purchased in contact with loan/credit transactions and other borrowing deals, which do not exceed a stated period and you may/or count and provide insurance coverage coverage up against death
Class Annuities – Instant Low-Changeable and you may Changeable – a keen annuity price giving an accumulation according to each other (1) money that accumulate according to an ensured crediting interest rates otherwise a lot more interest rate used on designated factors, and (2) funds in which the buildup will vary according to the rates regarding go back of hidden investment profile chose of the policyholder. New offer provides for the fresh initiation from costs at particular period that can differ, nevertheless the annuity profits need certainly to start inside thirteen weeks.
Classification Annuities – Immediate Adjustable – a keen annuity contract that provide with the very first fee of your own annuity at the conclusion of brand new fixed period out of fee after pick. The newest period may differ, but the annuity profits need to start in this 13 months. The amount may vary into value of equities (independent membership) bought while the investments from the insurance agencies.
Group Annuity – a binding agreement providing earnings getting a selected time frame, or lifetime of existence for a person otherwise individuals established so you’re able to work with a small grouping of staff.
Classification Fitness – medical insurance granted to employers, associations, trusts, or other teams coating teams otherwise members and you will/otherwise their dependents, to exactly who a certification of publicity is offered.
Classification Password – a separate 3 to 5 fist amount assigned from the NAIC to spot those businesses that are part of more substantial classification regarding insurance agencies.
Classification Fitness Communities – Health Fix (HMO) – a strategy lower than and therefore an enrollee pays a subscription repaired commission beforehand in exchange for numerous comprehensive health care properties into the HMO’s recognized team in the a specified service city.