Business Decision
As related to the Business Judgment Rule, action must be taken in making business decisions. Not taking action is protected if it results from a
© 2024 Risk & Insurance Education Alliance All Rights Reserved
As related to the Business Judgment Rule, action must be taken in making business decisions. Not taking action is protected if it results from a
Knowing what is right or wrong in the workplace and then doing what is right; fundamental ground rules of our work lives; the process of
Single most powerful defense available to a director or officer and recognizes that not all decisions of the directors or officers will benefit the organization
Insurance coverage that enables a business to remain open while the key person or business owner is disabled and unable to work.
An arrangement for the orderly disposition or transfer of a business interest that spells out what events specifically trigger the disposition of the business interest
A policy, typically disability insurance or long-term care insurance, that can be cancelled at any time, or at a specified time, by the insurer.
Include management and acquisition expenses, domicile expenses such as annual licensing fees, actuarial expense, letter of credit expense, and other expenses not related to losses.
A closely held insurance company whose insurance business is supplied by and controlled by its owners and in which the insureds are the beneficiaries (adapted
Group of individually owned captives that combine to re-insure one another; risk sharing among captives. See Pooling.
Professional society for actuaries in areas of insurance work other than life insurance. This society grants the designation of Associate and Fellow of the Casualty
A team that carefully reviews and monitors the entire treatment process when unusually high expenses are projected or incurred for a condition.
Amount the claims adjuster puts on an individual claim that has not yet been paid; there is no provision for development and IBNR (incurred but
Used to prepare cost-benefit analyses to determine the present value (or today’s value) of a future cash flow and/or determine the future value (or tomorrow’s
Measure of cash flowing through an organization arising from operations, financing, and investing activities.
Insurance plans or retention plans that allow the insured, rather than an insurance carrier, to derive benefits from holding unused funds, either in the form
The amount of cash due an insured who surrenders a Cash Value Life Insurance policy.
The amount of cash due an insured who surrenders a Cash Value Life Insurance policy.
Professional society for actuaries in areas of insurance work other than life insurance. This society grants the designation of Associate and Fellow of the Casualty
In statistics, the relationship between one variable and another variable where the second variable is a direct consequence of the first.
CDHC or Consumer-Driven Healthcare – Originated in the late 1990’s with the intention of increasing healthcare consumer awareness of the rising cost of healthcare by
Commission paid by the re-insurer to the primary insurer for the placement of the reinsurance. It is analogous to the commission paid to the producer
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