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A resource a business or individual owns or controls today that is expected to provide future economic benefits. An asset is anything owned or controlled by an individual, business, or …
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The estimated value assigned to property by a government authority to determine how much tax the owner must pay. An assessed value is the value that local governments place on …
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A neutral third party helps resolve disputes through a binding decision, offering a faster and more private alternative to court. Arbitration is a method of resolving disputes where an impartial …
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A clear estimate of an asset’s value that helps buyers, sellers, lenders, and investors make informed decisions. An appraisal is an expert’s estimate of the value of a property, asset, …
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A financial product that provides guaranteed income for life or for a set number of years, helping individuals secure long-term financial stability. An annuity is a financial contract designed to …
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A straightforward annuity that provides guaranteed fixed payments beginning within 13 months of purchase. An Immediate Non-Variable Annuity is a type of annuity contract that starts paying out a fixed, …
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A person who receives guaranteed income from an annuity contract for a set period or for life. An annuitant is the individual whose life or lifespan determines the payment schedule …
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A yearly financial report insurers must file with each state, showing their financial health and key activities. An annual statement is a comprehensive financial report that insurance companies are required …
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Outpatient medical services provided to patients who do not need overnight hospitalization. Ambulatory services, also known as outpatient services, refer to health care provided to individuals who visit a clinic, …
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Flexible insurance options that give employers more control over costs while still protecting workers. Understanding Alternative Workers’ Compensation Alternative workers’ compensation refers to coverage options outside of traditional workers’ compensation …
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