By Harvey W. Rubin
Books in Barron's pocket-sized enterprise Dictionaries sequence record millions of specialised phrases alphabetically and current concise definitions. The authors of all books during this sequence are famous specialists of their targeted fields. Newly up-to-date versions replicate new applied sciences and up to date enterprise tendencies. This quantity defines greater than 4,200 coverage phrases that are supposed to be understood through brokers, agents, actuaries, underwriters, team of workers pros facing employee-benefit courses, and shoppers who have to comprehend the policies they plan to shop for. Terminology covers lifestyles, wellbeing and fitness, estate, and casualty coverage, in addition to retirement plans. This new and seriously up to date Fourth variation has been increased with nearly two hundred new phrases, and updatings of many different phrases to mirror the present country of the assurance undefined.
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Additional resources for Dictionary of Insurance Terms (Barron's Business Guides)
ASSUMPTION OF RISK RULE see ASSUMPTION OF RISK. ASSUMPTION REINSURANCE form of insurance whereby the buyer (REINSURER) assumes the entire obligation of the CEDENT company, effected through the transfer of the policies from the cedent to the books of the reinsurer. Several thousand policies are transferred annually among insurance companies. Generally, life, health, and investment type policies such as annuities are the policies most likely to be transferred since they are of longer duration and in many instances cannot be canceled by the insurance company.
ASSOCIATE IN LOSS CONTROL MANAGEMENT (ALCM) professional designation earned after the successful completion of five national examinations given by the INSURANCE INSTITUTE OF AMERICA (IIA). Covers such areas of expertise as accident prevention, property protection, industrial and environmental hygiene, principles of risk management and insurance, insurance company operations, and management. Program of study is recommended for individuals involved in the area of loss control. ASSOCIATE IN MANAGEMENT (AIM) professional designation earned after the successful completion of four national examinations given by the INSURANCE INSTITUTE OF AMERICA (IIA).
AUTOMATIC COST OF LIVING ADJUSTMENT see COST OF LIVING ADJUSTMENT. AUTOMATIC COVERAGE policy that comes into existence or adjusts the amount of coverage to provide protection for newly acquired or increasing values of an insured's real or personal property. AUTOMATIC INCREASE IN BENEFIT PROVISION clause in a DISABILITY INCOME INSURANCE POLICY that will adjust the amount of the monthly income payment upwards according to a stipulated annual percentage for a given number of consecutive years. The annual premium payment will also increase on an ATTAINED AGE basis and reflect the increase in the cost of the increasing benefit.