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In a mutual or participating company, it is the return to the policyholder out of the earnings of the company. In a stock or nonparticipating insurance company it is the division of the profits among the stockholders of the company. A refund of part of the premium on a participating life insurance policy. It is a share of the surplus earned apportioned for distribution and reflects the difference between the premium charged and the actual experience.

Employers Liability Insurance:

Coverage against common law liability of an employer for accidents to employees, as distinguished from liability imposed by a workers' compensation law.


Any outside interest in or right to property founded on legal grounds, such as a mortgage, lien for work and materials, or a right of dower. it diminishes the interest of the person owning the property .

Expense Ratio:

The ratio of underwriting expenses (including commissions) to net premiums written, expressed as a percent. This ratio measures the company's operational efficiency in underwriting its book of business.

Health Maintenance Organization (HMO):

Prepaid group health insurance plan that entitles members to services of participating physicians, hospitals, and clinics. Emphasis is on preventative medicine. Members of the HMO pay a flat periodic fee (usually deducted from each paycheck).

Insurance Institute of America (IIA):

An institution offering a variety of insurance diplomas after the successful completion of certain examinations.

Independent Insurance Agents of America (IIAA) :

Membership is made up of agents of fire and casualty insurers who operate as a part of the American Agency System. Numerous state associations are affiliated with the IIAA


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