Definitions and ExplanationsWhat Is FDIC? FDIC stands for Federal Deposit Insurance Corporation. It is actually an independent body which was created by the Congress back then in order to insure the money saved by people. It is also a way of building confidence when it comes to banking and other financial transactions. However, it is important to [...]
What is PMI Percentage? PMI refers to private mortgage insurance and PMI percentage is the rate of insurance required for properties that are acquired by borrowers who may default on the policy. This particular insurance policy is some sort of a guarantee for lenders in case the borrowers are not able to fully pay a [...]
What is a NAIC Number? NAIC number refers to the number issued by the National Association of Insurance Commissioners to licensed and affiliated insurance companies across the US. The NAIC is a body or organization that helps in the creation of similar or uniform policies across various insurance companies and organizations. Officials of the NAIC [...]
What is SSDI? SSDI stands for Social Security Disability Insurance which is a program created to allow disabled people have incomes of their own. This was implemented in the United States and has been a great help for people with disability to generate income despite their incapacity to work. The insurance is basically offered and [...]
What is FDIC Insured? FDIC insured refers to the state or condition that you are already entitled to the different rights and privileges of the insurance provider. FDIC refers to the Federal Deposit Insurance Corporation. This organization is responsible for preserving and promoting the public confidence especially in the financial system of the United States [...]
What is Tail Coverage? Tail coverage refers to an extension period of insurance coverage for medical malpractice. From the word “tail”, this type of insurance serves as the “tail” or insurance coverage at the end of a normal medical malpractice policy. An end to a normal medical malpractice insurance coverage may result due to cancellation [...]
What is CIF? CIF stands for “Cost, Insurance, and Freight” and literally means that the seller, sender, or manufacturer of goods pays for the cost, insurance, and freight expenses. In the shipment of goods, CIF is one of many terms of contract for the sale of goods. In CIF, what is emphasized is the insurance [...]
What is Coinsurance? Coinsurance is another type of insurance specifically designed to make sure that the risk is split or spread among multiple parties. The principle of coinsurance is that the insurance company is ensured that it will be able to pay all claims. This way it secures all people insured in the same company. [...]
What Is HIPAA? HIPAA is an acronym for “Health Insurance Portability and Accountability Act” of the United States. Introduced in 1996, HIPAA was put into law to help employees in between jobs to still have health insurance coverage. It was difficult in the past to change insurance providers due to lowered coverage and high premiums. [...]
What Is FICA? FICA stands for Federal Insurance Contributions Act. It is a law in the U.S. that requires a certain deduction from an employee’s paycheck for Social Security and for Medicare. Employers deduct a set percentage from the employees’ salaries and are expected to match the same amount for the employees’ benefits. This law [...]
