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Essentially Accepted Bookkeeping Standards (GAAP) – a keen aggregate of accounting requirements, values and best techniques towards the thinking away from economic statements allowing to own feel for the reporting.
Gramm-Leach Bliley Act (GLBA) – operate, repealing Glass-Steagal Work regarding 1933, lets combination out-of industrial banking institutions, financing organizations and you can insurance agencies. It permits financial functions enterprises so you’re able to mix and you may do a beneficial types of new business issues, together with insurance, if you are trying to target the new regulating circumstances raised because of the such as for example combinations.
Goodwill – the difference between the expense of having the organization as well as the revealing entity’s share of one’s guide property value new received entity.
Gross Superior – the net advanced to possess insurance rates along with profits, functioning and you may various earnings. For a lifetime insurance policies, this is the advanced in addition to dividends.
Class Accident and Health – exposure created to the a team foundation (elizabeth.g., staff of just one company and their dependents) that will pay booked benefits or medical expenses caused by situation, compensation for injuries or unintentional passing. Excludes wide variety attributable to uninsured injuries and you will wellness preparations as well as the uninsured part of partly covered crash and you will fitness arrangements.
Classification Annuities – Deferred Low- Varying and you can Variable – a keen annuity offer that provide an accumulation considering one another (1) financing you to definitely online installment loans Virginia accumulate predicated on a guaranteed crediting rates of interest or a lot more rate of interest placed on appointed factors, and (2) finance in which the buildup vary in accordance with the rate away from get back of one’s hidden financial support collection chose by policyholder. The new contract offers the fresh initiation of money on some appointed upcoming time.
Class Annuities – Deferred Changeable – a keen annuity contract giving an accumulation of depending finance where in actuality the buildup may vary according to the price out of come back of your root funding profile picked of the policyholder. It annuity price provides for the fresh new initiation off payments at certain appointed upcoming date.
Group Borrowing – Life – deals purchased in contact with financing/credit purchases and other borrowing purchases, that do not exceed a stated duration and/or count and supply insurance policies shelter against death
Classification Annuities – Quick Non-Adjustable and you can Adjustable – an annuity price that give an accumulation centered on one another (1) loans one accumulate centered on a guaranteed crediting interest rates otherwise more rate of interest put on designated considerations, and you may (2) loans where in actuality the accumulation vary in accordance with the rates off return of your fundamental money profile chosen because of the policyholder. The latest contract offers the newest initiation of money from the particular interval that will vary, nevertheless the annuity earnings need begin in this 13 days.
Category Annuities – Instant Changeable – a keen annuity contract that provides towards the very first commission of the annuity at the conclusion of the fresh new repaired interval off payment after buy. The fresh new interval may differ, although annuity profits must start within this 13 days. The total amount may vary towards value of equities (independent account) purchased since financial investments from the insurance vendors.
Classification Annuity – a contract providing earnings getting a specified time, or duration of lifestyle for someone otherwise people built so you can work with several professionals.
Group Wellness – medical health insurance approved to businesses, connections, trusts, and other teams level professionals otherwise professionals and/otherwise its dependents, in order to which a certification of coverage are considering.
Category Code – yet another less than six digit amount assigned of the NAIC to recognize those firms that are part of more substantial class out-of insurance vendors.
Category Health Communities – Health Fix (HMO) – an idea less than and this an enrollee pays a membership fixed fee beforehand in return for an array of complete fitness proper care functions into the HMO’s accepted team when you look at the a designated provider town.