The Institutes Glossary


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A labor agreement prohibited by the Norris-LaGuardia Act, under which an employee, as a condition of employment, is required to promise not to join a union.
See Rate of return.
A graphical representation of the relationship between yields at different maturities.
The difference in yield between securities.
The effect on a bond’s price of the overall pattern of interest rates, including the coupon rate, current interest rates, and inflation.
A measure of the total rate of return a bondholder will earn over the life of the bond if it is held to maturity.
International provisions that govern the adjustment of general average.
As defined in the BPP, personal property owned by the named insured and, in some cases, personal property owned by others (such as leased property and improvements and betterments).
Any vehicle shown in the declarations, including acceptable autos acquired during the policy period.


A goal of organizations that aim to retain customers.
A special disbursement account that has a zero dollar balance but against which checks may be written.
A budgeting method that involves building each year’s budget anew by indicating what is needed during the next budgetary period, without regard to the current period or to prior years’ budgets.
A corporate bond that does not pay periodic interest income.
A wireless network characterized by low power use, relatively slow speeds, and extended battery life.
A state insurance department’s financial audit of an insurer on behalf of all states in a zone in which the insurer holds licenses.
An approach to pricing insurance for commercial vehicles that are larger than light trucks and are operated more than 200 miles in distance from the garage location.
Trucks in the medium and larger size classes that are operated beyond a 200-mile radius of the principal garaging location and that are subject to zone rating, which considers the territories in which insured vehicles operate.
A CLM commercial vehicle measurement of exposure that applies to trucks, truck-tractors, and trailers, other than light trucks and trailers used with light trucks, regularly operated beyond a 200-mile radius of the principal garaging location.
A government’s regulation of building construction and occupancy and of land use according to a comprehensive plan.

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