A period when eligible individuals can choose to enter or make changes to in a plan.

Insurers contract with individual or groups of physicians to provide services to the HMO insureds. Open-panel providers and facilities may also contract with other HMOs

Gross profit less operating expenses.

Operating income divided by sales.

Risks related to processes and management resulting in upside and downside outcomes.

The actions a risk manager takes to arrange and relate work to be done so that it can be performed most effectively by others.

In Health Insurance, a stop loss provision that defines the maximum dollar amount an insured must pay in out-of-pocket expenses during the year. Once an

In statistics, an extreme value, or a value numerically distant from the rest of the data.

On a loss run, the amount calculated by subtracting paid losses from incurred losses and representing the remaining liability to be paid on a loss

The specific regular occupation in which an individual is engaged at the time he or she becomes disabled.

The individual or entity controlling all rights, benefits, and privileges of a life insurance contract. This may or may not be the insured. Ownership may

Value of the organization’s assets less liabilities; includes capital, surplus and accumulated retained earnings.

Acronym for Property & Casualty

Retrospectively rating insurance plan that uses only paid losses to determine the retrospective premiums due at each adjustment. A paid loss retrospective rating plan allows

Amount actually paid in losses during a specified period of time, not including estimates of amounts (i.e., reserves) that will be paid in the future

Amount actually paid in losses during a specified period of time, not including estimates of amounts (i.e., reserves) that will be paid in the future

Original cost of a newly issued share of common stock less its stated par value. Insurance company common stock (and commercial bank stock) often has

A policy that has no further premium payments due, but under which the insurance coverage (life benefit) remains in effect.

Question: What are Pandemic Pods? Answer: As a consequence of COVID-19 and the closing of schools, parents have started organizing “pandemic pods,” or homeschooling pods,

In business management, the observation that 80% of effects come from 20% of the causes. Also known as “Pareto Efficiency” or the “80/20 Rule”.

Legal concept describing oral or verbal evidence. In contract law, parole evidence relates to the inadmissibility of oral representations that would otherwise alter or defeat

Partial Disability – When an insured is working, but is unable to perform one or more of the major duties of his or her occupation,

Employer retains a portion of claim risks by paying incurred claims up to an amount determined in the contract. Employers typically purchase a reinsurance policy

A policy that pays dividends if the board of directors authorizes such payments.

Any transaction involving any fiduciary, counsel, or employee of a plan; plan service provider, or anyone with a stated interest in or relationship with a