Nonassessable

{
  "id": "MLC-T-INS-002319",
  "term": "Nonassessable",
  "field": "Insurance and risk management",
  "definition": "Describing an insurance policy that prevents the insurer from charging policyholders an additional amount if the company's financial losses are greater than its reserves. The premium paid is the full and final cost, with no possibility of future assessments to cover unexpected deficits. This feature is standard for policies issued by stock insurance companies, whereas some mutual insurers or reciprocal exchanges might issue assessable policies where additional contributions could be required from members.",
  "url": "https://mlchart.com/terminology/insurance/nonassessable/"
}