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DEFINITION:  An A-rated insurance company is one that the credit agencies deem to be on sound financial standing. An A-rated insurance company is mo…
DEFINITION: Insurable interest is when you (or a group) have an economic interest in another person’s life or the continuance of a legal entity (suc…
DEFINITION: The Patient Protection and Affordable Care Act is a statute that provides substantial health insurance changes meant to assist attain ne…
DEFINITION: An insurance actuary looks at risk for a living. This is done utilizing mathematics, statistics, and financial theory. Key Takeaways An …
DEFINITION: An insurance endorsement is an amendment or addition to an existing insurance contract that affects the terms or scope of the original p…
DEFINITION: The Latin term “ex gratia” implies by favor.” When you receive an ex gratia payment from your insurer, you’re receiving cash for a loss …
DEFINITION: An interpleader is a legal procedure that helps settle disputes over ownership of money or property. An interpleader is a legal procedur…
DEFINITION: Joint and several liability is a legal scenario in which two or more persons share obligation jointly and individually. Damages or losse…
Medicaid is a joint federal and state initiative that offers low-cost medical coverage to eligible individuals. The objective is to promote the heal…