Such customers must get coverage through a state assigned risk plan, which specifies that each company must accept a proportionate share of these drivers/owners. Assigned risk (AIP)Ī market used to provide insurance to customers who cannot qualify for insurance in the regular market. State insurance laws therefore require a conservative valuation of assets, prohibiting insurance companies from listing assets on their balance sheets whose values are uncertain, such as furniture, fixtures, debit balances, and accounts receivable that are more than 90 days past due.

Insurance accounting is concerned with solvency and the insurer’s ability to pay claims. Property owned, in this case by an insurance company, including stocks, bonds, and real estate. It is used as an alternative to litigation. ArbitrationĪ process of settling a dispute through an impartial party. Process used to determine the value of property, or the extent of damage to a property, usually performed by an expert. Autos equipped with these devices may entitle you to a discount on your insurance premiums. Anti-theft deviceĪ device that deters auto theft. ABS allows all wheels to slow at the same rate, thereby preventing loss of control. Anti-lock braking system (ABS)Ī computer-controlled high-pressure systems that assists the vehicle's normal braking system. It is filed with the state insurance department of each jurisdiction in which the company is licensed to conduct business. Summary of an insurer's or reinsurer's financial operations for a particular year, including a balance sheet and income statement. AmendmentĪ change to the policy contract. Independent adjusters are independent contractors who adjust claims for different insurance companies. These adjusters differ from public adjusters, who negotiate with insurers on behalf of policyholders, and receive a portion of a claims settlement. AdjusterĪ staff adjuster is an individual employed by a property/casualty insurer to evaluate losses and settle policyholder claims. Evaluates insurance firms' reserves, determines rates and rating methods, and determines other business and financial risks. An insurance professional who analyzes, evaluates, and manages statistical information.

Sample insurance binder