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In the late 1970s, ACORD began developing electronic standards to complement its form standards. ACORD subsequently expanded both its forms and electronic data standards beyond property and casualty insurance to encompass life and annuity, surety, and reinsurance markets. [3]
In 2006, the Office of Personnel Management (OPM) chose GEHA as one of a select number of companies to offer supplemental benefits to federal employees under the Federal Employee Dental and Vision Insurance Program (FEDVIP). GEHA has two subsidiaries: GEHA Solutions and Surety Life.
Life insurance (or life assurance, especially in the Commonwealth of Nations) is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money upon the death of an insured person.
In finance, a surety / ˈ ʃ ʊər ɪ t i /, surety bond, or guaranty involves a promise by one party to assume responsibility for the debt obligation of a borrower if that borrower defaults. Usually, a surety bond or surety is a promise by a surety or guarantor to pay one party (the obligee ) a certain amount if a second party (the principal ...
In 2006, the company acquired Novia Underwriters, Inc., G.B. Kenrick & Associates, and the Health Products Division of Allianz Life Insurance. [28] [29] [30] In 2008, the company acquired Cox Insurance Group, Arrowhead Public Risk, VMGU Insurance Agency, the Surety Company of the Pacific, and MultiNational Underwriters. [31] [32] [33] [34]
A fidelity bond or fidelity guarantee is a form of insurance protection that covers policyholders for losses that they incur as a result of fraudulent acts by specified individuals. It usually insures a business for losses caused by the dishonest acts of its employees.
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