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demutualization (stocking a mutual)

demutualization (stocking a mutual)

Postby REORTIERO » Sat Jan 19, 2013 4:12 pm

Medical Payments Coverage Bankruptcy Dismissed: A court order that dismisses a petition for bankruptcy, in which case the debtor is still liable to repay the debts.
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Waiver of premium clause. A policy provision that continues the policy without premium payment while the subscriber is ill or disabled. Assets - Assets refer to "all the available properties of every kind or possession of an insurance company that might be used to pay its debts." There are three classifications of assets: invested assets, all other assets, and total admitted assets. Invested assets refer to things such as bonds, stocks, cash and income-producing real estate. All other assets refer to nonincome producing possessions such as the building the company occupies, office furniture, and debts owed, usually in the form of deferred and unpaid premiums. Total admitted assets refer to everything a company owns. All other plus invested assets equals total admitted assets. By law, some states don't permit insurance companies to claim certain goods and possessions, such as deferred and unpaid premiums, in the all other assets category, declaring them "nonadmissable."
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