How is Cost of Insurance defined in a legal contract?
- Cost of Insurance means the amount taken out monthly to manage the benefits of a particular insurance product as specified in the policy’s provisions. The insurance rate is based on factors such as age, gender, health status, and occupation which influence risks related to death and total and permanent disability. This insurance cost adjusts with the age and sum insured of the policy holder.
Seen in 7 SEC filings. - Cost of Insurance means the expense per unit of insurance coverage as outlined in the table of insurance charges.
Seen in 5 SEC filings. - Cost of Insurance means the expected amount of premium to fund future benefits for policyholders. This does not factor in future operational expenses and profits.
Seen in 3 SEC filings. - Cost of Insurance means the annual expense to maintain the death benefit coverage of each insurance policy, as determined by the insurer.
Seen in 2 SEC filings. - Cost of Insurance means the rate of insurance based on factors like attained age, gender, and rating classification. The guaranteed monthly maximum cost of insurance rates are determined based on the specific age and rating class of each insured individual.
Seen in 2 SEC filings. - Cost of Insurance means the sum at risk multiplied by the relevant cost of insurance rate.
Seen in 1 SEC filing.
Note: pulled this data out of the SEC EDGAR Database of 500,000 records from the past 22 years of filings. We regularly update this page as new filings and definitions come in.
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Which definition should you use?
🤔 has combined and improved the above descriptions to create market-standard 'Genie definitions' below, with guidance on which documents and which industry to use for each.
Genie Definition 1
Cost of Insurance means the regular amount computed based on specific factors, for maintaining insurance coverage.
Relevant Contract Types
Relevant Circumstances
- Establishing a new insurance policy
- Negotiating conditions of existing insurance policies
- Delivering employee benefits in a business setting
- Setting up insurance cover for business operations
Relevant Sectors
Genie Definition 2
Cost of Insurance means the calculated sum at risk multiplied by the applicable insurance rate.
Relevant Contract Types
Relevant Circumstances
- Calculating risks in insurance policies
- Price setting for group insurance contracts
- Establishing premium financing agreements
Relevant Sectors
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Cost of Insurance means the regular amount computed based on specific factors, for maintaining insurance coverage
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