Tag: insurance

Medical Savings Account – MSA definition explanation

What is Medical Savings Account – MSA?
A medical plan combining high-deductible medical insurance protection with a tax-deferred savings account that can be offered by employers as part of a benefits package. Medical savings accounts are designed to help participants pay for medical and healthcare expenses by allowing them to save for those expenses in a tax-sheltered environment. Participants pay healthcare expenses from this account up to the amount of the insurance deductible.

Also known as “”Archer medical savings accounts”” or “”Archer MSAs.”” Read more for examples and further explanation including related video clips and also comments
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Chartered Insurance Professional – CIP definition explanation

What is Chartered Insurance Professional – CIP?
A professional designation granted by the the Insurance Institute of Canada to insurance agents in the property and casual segments of the industry. The designation was created to promote a standard in the field and gives agents professional standing in the field for the benefit of both employers and clients. Read more for examples and further explanation including related video clips and also comments
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Admitted Company definition explanation

What is Admitted Company?
An insurance company that is domiciled in one state but is admitted by another state to transact insurance business. Because insurance licenses are governed by the states, an insurance company must be licensed by each state where it intends to conduct business, and must comply with each state’s insurance codes, including financial requirements. Read more for examples and further explanation including related video clips and also comments
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Warranty definition explanation

What is Warranty?
A type of guarantee that a manufacturer or similar party makes regarding the condition of its product. It also refers to the terms and situations in which repairs or exchanges will be made in the event that the product does not function as originally described or intended. Read more for examples and further explanation including related video clips and also comments
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Certified Financial Planner – CFP definition explanation

What is Certified Financial Planner – CFP?
The CFP legal team has provided its official definition, along with trademarks: CFP and Certified Financial Planner marks are certification marks owned by the Certified Financial Planner Board of Standards, Inc. These marks are awarded to individuals who successfully complete the CFP Board’s initial and ongoing certification requirements. Read more for examples and further explanation including related video clips and also comments
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Statutory Accounting Principles – SAP definition explanation

What is Statutory Accounting Principles – SAP?
A set of accounting regulations prescribed by the National Association of Insurance Commissioners for the preparation of an insuring firm’s financial statements. Read more for examples and further explanation including related video clips and also comments
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Accounts Receivable Insurance definition explanation

What is Accounts Receivable Insurance?
A form of credit insurance offered by commercial insurers to businesses. Accounts receivable insurance can take the form of multi-buyer insurance (a pool of receivables) or key buyer insurance. Read more for examples and further explanation including related video clips and also comments
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