Grams
Generally Accepted Accounting Standards (GAAP) – an enthusiastic aggregate of one’s accounting criteria, beliefs and greatest methods towards planning of financial statements allowing getting surface within the revealing.
Gramm-Leach Bliley Work (GLBA) – operate, repealing Glass-Steagal Act regarding 1933, lets integration of commercial banks, financing associations and you can insurance vendors. It permits economic properties organizations so you can blend and participate in good sorts of new customers products, and additionally insurance policies, when you find yourself wanting to target new regulating affairs raised by the such as for instance combos.
Goodwill – the essential difference between the cost of acquiring the organization in addition to revealing entity’s express of your own guide online installment loans South Dakota worth of the latest received organization.
Disgusting Advanced – the net advanced to have insurance also income, working and you can various profits. For a lifetime insurance, this is actually the premium along with dividends.
Classification Accident and you will Fitness – visibility composed to your a team base (age.g., professionals of 1 employer as well as their dependents) one to will pay arranged gurus otherwise scientific costs considering condition, accidental injury otherwise unintentional demise. Excludes numbers due to uninsured crashes and you will wellness arrangements and the uninsured portion of partially insured collision and you can fitness preparations.
Category Annuities – Deferred Low- Variable and you will Adjustable – an annuity deal that provides an accumulation of considering one another (1) financing you to gather predicated on a guaranteed crediting rates of interest otherwise even more interest rate used on designated considerations, and (2) finance in which the buildup are very different in accordance with the rate out-of get back of your root capital collection picked by the policyholder. The new bargain offers the fresh new initiation regarding costs at the certain designated future day.
Group Annuities – Deferred Variable – a keen annuity offer that give an accumulation situated money in which the buildup varies according to the price regarding come back of your own root investment profile chose of the policyholder. That it annuity bargain offers up the fresh new initiation out of repayments within particular designated upcoming day.
Classification Borrowing – Lifetime – deals available in connection with loan/borrowing from the bank transactions or any other borrowing from the bank deals, that don’t go beyond a stated years and you will/or number and gives insurance policies safety facing passing
Group Annuities – Instantaneous Low-Variable and you can Adjustable – a keen annuity offer that give an accumulation of predicated on one another (1) financing one to accumulate based on a guaranteed crediting rates of interest otherwise extra rate of interest put on appointed factors, and you can (2) funds where buildup are very different in accordance with the price from get back of the underlying investment profile picked of the policyholder. The brand new bargain offers this new initiation out of costs during the particular period that will will vary, nevertheless the annuity winnings need begin within thirteen days.
Class Annuities – Quick Changeable – an enthusiastic annuity contract that provides on earliest percentage of your own annuity at the conclusion of the latest fixed period from percentage shortly after purchase. New period can differ, although annuity earnings need to begin inside 13 days. The total amount varies to the value of equities (independent membership) ordered because the assets by insurance firms.
Classification Annuity – a binding agreement getting income getting a selected time period, otherwise duration of lifetime for someone otherwise people oriented so you’re able to work with several group.
Category Fitness – health insurance approved so you’re able to employers, relationships, trusts, or any other teams layer team or players and you can/or the dependents, so you can exactly who a certification of visibility are offered.
Group Code – a unique less than six little finger matter tasked from the NAIC to determine people businesses that are part of more substantial class regarding insurers.
Class Health Groups – Fitness Repair (HMO) – a strategy lower than which an enthusiastic enrollee will pay a membership fixed payment ahead of time in return for many total health care services into the HMO’s recognized business in the a selected provider city.
