When asked what insurance does, most people are likely to say that it provides protection against the financial aspects of an unexpected loss. However, the industry’s contribution to the economy goes much further.
TIME DEPOSIT- Funds that are held in a savings account for a predetermined period of time at a set interest rate. Banks can refuse to allow withdrawals from these accounts until the period has expired or assess a penalty for early withdrawals.
FRONTING- A procedure in which a primary insurer acts as the insurer of record by issuing a policy, but then passes the entire risk to a reinsurer in exchange for a commission. Often, the fronting insurer is licensed to do business in a state or country where the risk is located, but the reinsurer is not. The reinsurer in this scenario is often a captive or an independent insurance company that cannot sell insurance directly in a particular country.See Full Glossary
FOR IMMEDIATE RELEASE Kim Kirchner, Coburn Communication: (212)-536-9837; Kim.Kirchner@coburnww.com New York Press Office: (212) 346-5500; email@example.com NEW YORK, August 15, 2018—Thousands of New Jersey, New York, and Pennsylvania residents and businesses are either recovering from—or dealing with—p… Read More
FOR IMMEDIATE RELEASE Kim Kirchner, Coburn Communication: (212) 536-9837; Kim.Kirchner@coburnww.com SACRAMENTO, Calif. Read More