Insurance written on the basis of regular morbidity underwriting assumption used by an insurance company and issued at normal rates. These were originally introduced in 1912 and have now been replaced by the Uniform Provisions. A person who, according to a company's underwriting standards, is entitled to purchase insurance protection without extra rating or special restrictions. A plan for accident and sickness, or disability insurance required by state legislation of those employers doing business in that particular state. A fund set up by a state government to provide a specific line or lines of insurance.
Some state permit private insurers to compete with the state fund.
Principles required by statute which must be followed by an insurance company when submitting its financial statements to the various state insurance departments. Premiums earned less losses and expenses. A rating structure in which the premiums increase periodically at pre-determined times such as policy years or attained ages. A company organized and owned by stockholders, as distinguished from the mutual form of company which is owned by its policyholders. A company in which the legal ownership and control is vested in the stockholders.