Due Care/due Diligence
Definition of "Due care/due diligence"
Assurance by the agent that the recommended insurance plan for the client is suitable for that client's specific needs. This assurance is derived from a careful analysis by the agent of the insurance company's financial strength, the accuracy of the policy illustrations, and the treatment of its previous and current policy owners.
Popular Insurance Terms
Same as term: generally accepted accounting principles (GAAP): ...
National agency supported by property insurance companies. The bureau is used by companies that do not have their own claims adjusters. ...
Coverage on fur coats as well as other clothes that have, fur trim. Protection is provided at any location on an all risks basis subject to the exclusions of wear and tear, war, and nuclear ...
Coverage for present and past U.S. uniformed services members under one of these programs: United States Government Life Insurance (USGLI) established in 1919 to provide RENEWABLE TERM LIFE ...
Collection of numbers to record and analyze data such as occurrences of events and particular characteristics. Statistics are absolutely vital to all elements of insurance. In life and ...
Employee individual retirement account funded by an employer or a self-employed person. (Also known as SEP-IRA.) Differs from a pension plan in that contributions are immediately vested and ...
Property, liability, or health coverage that takes precedence when more than one policy covers the same loss. In order to avoid OVER INSURANCE, or paying an insured more than the actual ...
Cost of replacing damaged or destroyed property with comparable new property, minus depreciation and obsolescence. For example, a 10-year-old living room sofa will not be replaced at ...
Nominal interest rate minus the rate of inflation. ...
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