Acronym for Experience Modification Rate

Used by an insurer to clarify or make revisions to particular provisions of a policy. Also called “riders.”

A type of permanent life insurance where the cash value will be equal to the originally chosen face amount/death benefit at a predetermined future date.

A systemic process of identifying, analyzing, assessing, and responding to all risks, regardless of the source, that affects the achievement of an organization’s strategic and

Buyer purchases all ownership interests of the entity.

A network of medical care providers structured in a similar manner to a PPO but have many of the requirements of an HMO.

After-tax net income divided by number of common shares of stock outstanding.

A form of whole life, universal, or variable life insurance with the cash value account tied to a stock index, most commonly the Standard &

1) the applied science of equipment and workplace design intended to maximize productivity by reducing operator fatigue and discomfort; 2) fitting the work environment to

A federal regulation enacted to protect participants and their beneficiaries. ERISA contains provisions that stand on their own and also added or amended provisions of

A systemic process of identifying, analyzing, assessing, and responding to all risks, regardless of the source, that affects the achievement of an organization’s strategic and

A tax payable to the federal government due to the death of an individual. It is a transfer tax based on the value of owned

Amount of premium charged at the time a policy is issued. The estimated premium based on estimated exposures times the negotiated premium rate. This amount

Legal concept that holds a party is barred or impeded by his/her own acts from claiming a right to the detriment of another party who

Pertaining to standards of right conduct or practice arising out of ethics. See Business ethics.

Moral principles of a group or individual as developed over time and with life experiences.

A statement of information and proof of health condition for underwriting of an insurance policy.

“From favor”, a payment to a claimant without regard to legal liability.

Insurance protection for limits above those contained in a primary policy or above a self-insured retention. Excess insurance usually does not include a duty to

An agreement to share specified losses. The reinsurer indemnifies the primary insurer for the amount of loss in excess of a specified retention. The retention

The reinsurer pays only when the aggregate loss from any one occurrence exceeds the predetermined retention of the ceding company. The primary use of excess

Premium that is not a part of a loss sensitive rating formula. In a retrospective rating plan, the excess premium usually purchases the excess insurance

A form of Treaty reinsurance, where no insurance is ceded, only the losses are ceded.

Exclusions vary from one policy to another and limit or eliminate the insurer’s exposure to certain types of losses that are catastrophic in nature, beyond

A system made up of agents who represent only one insurance company or a group of companies under common ownership or control.