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Generally Recognized Accounting Standards (GAAP) – a keen aggregate of accounting requirements, standards and greatest means on the preparing from financial comments enabling to possess surface in the reporting.
Gramm-Leach Bliley Act (GLBA) – work, repealing Mug-Steagal Work from 1933, lets consolidation off commercial finance companies, money establishments and you may insurers. It permits monetary services people to combine and participate in a good particular new customers things, including insurance policies, if you are wanting to address the fresh new regulatory circumstances increased of the such as for example combinations.
Goodwill – the difference between the expense of obtaining the organization in addition to revealing entity’s show of your own book worth of the fresh new obtained organization.
Terrible Superior – the internet superior to own insurance coverage also earnings, working and you will miscellaneous income. For life insurance rates, this is the premium including returns.
Category Crash and Fitness – coverage created towards the a group foundation (e.g., team of one employer and their dependents) you to will pay arranged masters or scientific expenses for the reason that disease, compensation for injuries or unintentional dying. Excludes amounts attributable to uninsured accidents and you may health preparations and uninsured percentage of partly covered crash and wellness arrangements.
Class Annuities – Deferred Low- Changeable and you can Changeable – a keen annuity offer that give a collection of according to each other (1) financing one accumulate according to a guaranteed crediting interest rates or extra interest rate used on designated considerations, and you will (2) funds the spot where the accumulation are different in accordance with the rate regarding return of your own underlying financial support portfolio selected by policyholder. The brand new package provides for the latest initiation out of costs during the some designated coming time.
Group Annuities – Deferred Varying – an annuity offer that give a collection of established money where in fact the buildup may vary according to the rate out of return of the underlying resource profile chosen of the policyholder. Which annuity offer offers up brand new initiation away from money on certain designated coming time.
Group Credit – Lifetime – agreements available in experience of mortgage/borrowing purchases and other credit transactions, that don’t meet or exceed a stated cycle and/otherwise number and offer insurance coverage protection against death
Category Annuities – Quick Non-Adjustable and Changeable – an enthusiastic annuity contract giving a collection of predicated on one another (1) funds one gather considering a guaranteed crediting interest levels or additional rate of interest applied to designated considerations, and you will (2) funds where the accumulation are very different according to the rates regarding get back of one’s fundamental financial support portfolio chosen by the policyholder. The brand new bargain offers new initiation away from payments from the some interval that can differ, nevertheless annuity earnings have to start contained in this 13 weeks.
Class Annuities – Instantaneous Variable – an enthusiastic annuity contract that provide toward earliest commission of your own annuity after the fresh fixed interval off fee immediately following pick. The latest interval can differ, but the annuity winnings need certainly to begin within thirteen loans in South Dakota days. The total amount may vary into the value of equities (independent account) bought because investments by insurance firms.
Category Annuity – a binding agreement taking money to own a designated time frame, or duration of life for a person or people established so you’re able to work for a group of group.
Category Wellness – medical health insurance approved in order to employers, connectivity, trusts, or any other groups layer employees or professionals and you will/or their dependents, to whom a certification from coverage are considering.
Group Code – an alternate three to five hand amount assigned because of the NAIC to spot people companies that are included in a bigger group of insurance providers.
Classification Wellness Groups – Fitness Repairs (HMO) – plans under hence an enrollee will pay a subscription repaired percentage ahead in exchange for many total fitness worry qualities towards the HMO’s approved providers for the a designated provider town.