Insurance Exam Vocabulary Terms
Option
An agreement giving the buyer the right to buy or receive, sell or deliver, enter into, extend or terminate, or effect a cash settlement based on the actual or expected price, level, performance or value of one or more Underlying Interests.
Other terms you may be interested in:
- Personal Injury Protection Coverage/PIP
- Qualified Actuary
- Independent Contractor
- Contingent Liability
- State of Domicile
- Generally Accepted Accounting Principles (GAAP)
- Risk Based Capital (RBC) Ratio
- Elevators and Escalators Liability
- Alternative Workers' Compensation
- Group Annuities – Deferred Non- Variable and Variable
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