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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
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38% - Moderately

Impaired Insurer


Synonyms:abandon commitment, insecure, no protection
Filed Under: insurance
Tags: insurance
 

Definition of impaired insurer

impaired insurer
1. An insurance company in such a state of financial insolvency or illiquidity that it is in jeopardy of not being to meet its financial commitments.

Related Terms and Acronyms:

  • bankruptcy (BK)   A court action under the Federal Bankruptcy Code by which a debtor's debts may be discharged, usually by transferring assets to a trustee, or rescheduled.
  • coverage   The type or amount of protection afforded by an insurance policy.
  • insurance (insur)   An arrangement where one party provides financial protection to another party for specific damages or losses.
  • insurance policy   A legal contract between an insurer and entity that specifies what the insurer is required to cover and any benefits the insured entity is entitled to.
  • unfair claims practice   The act of an insurance company avoiding or reducing valid insurance claims.

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