Unlike most types of insurance, surplus lines insurance can be sold by insurers that are not licensed in the buyer’s state. However, the surplus lines insurer must have a license in the state where it is based, and the brokers who sell surplus lines insurance must be licensed in their ow...
Surplus lines writers are known as non-admitted writers because they are not licensed in the state where the insured or risk is located, although they accept business from licensed surplus lines brokers. All U.S. jurisdictions have surplus lines laws which serve to protect insurance consumers by...
Surplus lines companies face much less regulatory scrutiny than standard lines companies do. They are not regulated by a state’s insurance department but, instead, by a state’s surplus lines office. This gives surplus lines companies more flexibility with the kinds of insurance they sell. Howeve...
Non-admitted carriers are usually referred to as "surplus lines" or "excess lines insurers." Purchasing insurance from a non-admitted carrier may seem riskier, but non-admitted status is just one way to gauge financial reliability. Case in point: insurance companies receive financial strength ratin...
What Is Aggregate Stop-Loss Insurance? Aggregate stop-loss insurance is a type of insurance that is designed to protect employers with a self-funded insurance plan. Specifically, it protects them from payouts for claims that are higher than anticipated. It is usually added to any employer insuran...
Below, we discuss the idea of low-risk investment strategies and the four groups that are considered safe haven assets. We talk about the pros and cons of each one- and answer some of the frequently asked questions on the topic. The top way to safeguard your retirement is to open a prec...
If you run into trouble and need help with a non-admitted insurance policy, you should always start by asking your broker or agent. If that fails, you contact thestate insurance commissioner's office. If they are able to assist you, they may refer you to the state surplus lines office....
A Single Premium Immediate Annuity (sometimes referred to as an "SPIA") may be the right annuity for you if you are looking for payments that begin right away and continue for the rest of your life or for a specified period of time. The annuity is purchased from an insurance company ...
Most surplus line policies are taken out by businesses, but a homeowner who has made an effort to work with a standard insurance company and received three to five rejections may qualify, accordingto the Insurance Information Institute. Surplus line policies may have more exclusions and higher dedu...
A participating insurer is an insurance company that issues participating insurance policies, allowing policyholders to share in the company’s profits through dividends. These dividends are typically distributed from the insurer’s surplus earnings and can be received as cash or reinvested to increase ...