Annual Convention Blank
Barron's Insurance Dictionary:
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Annual Statement
Report that an insurance company must file annually with the State Insurance Commissioner in each state in which it does business. The statement shows the current status of reserves, expenses, assets, total liabilities, investment portfolio, and employees earning over $40,000 per year. It provides information needed to assure that an insurance company has adequate reserves, and that assets are available to meet all benefit payments for which the company has received premiums. The form used is agreed upon by the National Association of Insurance Commissioners (NAIC). This form is also known as Annual Convention Blank.
| Annual Reset With Monthly Averaging, Annual Report, Annual Premium Annuity | |
| Annualized, Annualrenewalagreement, Annuitant |
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Annual Convention Blank
Investopedia Financial Dictionary:
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Annual Convention Blank
The annual report that insurance carriers must file with the state insurance commissioner. This report will outline the carrier's current reserves, employees making over $40,000 a year, expenses and assets, among other things. The annual convention blank must be filed in order to show that a carrier is financially capable of doing business within the state.
Investopedia Says:
Annual convention blanks must be filed with the commissioner of each state in which a carrier transacts business. Bascially, this form allows the state to determine whether or not the insurance company has adequate reserves to pay out benefit payments as they come due.
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Mosby's Dental Dictionary:
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annual statement
n
The report of an insurer or carrier showing assets and liabilities, receipts and disbursements, and other information for a specified 12-month period (fiscal or calendar year).
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Dictionary of Insurance Terms. Copyright © 2008 by Barron's Educational Series, Inc. All rights reserved.
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