The process that identifies and attributes the total cost of risk among the various business, operating, or accounting units within an organization.

Incurred losses that have not been developed nor indexed for inflation.

Ratio of the losses incurred and the Allocated Loss Adjustment Expense (ALAE) for those losses in a given period to the earned premium during the

A technique involving one party transferring the uncertainty of loss to another party or parties.

Includes loss or damage arising from collision, derailment, or overturn of a vehicle, stranding or sinking of vessel, or collapse of bridges, piers, or docks.

A form of reinsurance in which a contract of reinsurance automatically establishes the terms for reinsuring a class or classes of business.

The ceding company agrees to cede certain classes of business to a reinsurer. The reinsurer agrees to accept all business qualifying under the reinsurance treaty

Used to adjust past loss experience to the current cost levels, generally taking into account inflation and other similar forces.

An obligation that binds a person (trustee) to deal with property in a particular way for the benefit of another person or class of persons

A fixed annuity in which the interest rate credited to the annuity varies depending on the distribution option chosen by the owner.

Total losses that will have been paid when all claims have reached final settlement.

Incurred losses that have been developed.

Salaries, overhead, and other related adjustment expenses not specifically allocated or charged to a particular claim. Certain insurance carriers apply a nominal flat charge to

The process of selecting a risk and assigning a proper rating classification (to calculate the correct premium) in a manner that the insured obtains coverage

The process by which the cost of the coverage is determined. Insurers (and self- funded plans) seek assistance from actuaries.

Expected losses, allocated loss adjustment expenses, captive expenses and any miscellaneous costs borne by the captive.

Net ceded premium less total underwriting expenses.

Amount of premium remaining after deducting the earned premium from written premium; the portion of a premium representing the unexpired part of the policy period.

Reserves with no or insufficient funds to meet future liabilities.

A federal regulation that requires employers to meet certain requirements for employees who are involved in the uniformed services. The rights cover: COBRA, medical, dental,

Depreciation charged per unit of production – historical cost less estimated salvage value divided by number of units to be produced.

A type of permanent life insurance policy that gives the policy owner the flexibility to change the face amount as well as the payments, has

A building that may contain furnishings and/or personal property, but it does not have people occupying it.

A practice using survey information that identifies medical charges by geographic area, specific medical service Current Procedural Terminology (“CPT”) code, and medical cost trends.

The process of reviewing the appropriateness and quality of health care provided to patients. Utilization review may take place before, during, or after the services