Term
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Definition
| income an insurer earns from premiums paid by policyholders minus incurred losses and underwriting expenses. |
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Term
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Definition
| the sum of paid losses and loss reserve adjustments (changes in the loss reserves) for a period of time. |
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Term
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Definition
| include an insurer's cost for acquiring new policies, general expenses for operations, taxes, and fees. |
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Term
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Definition
| amounts designated by insurance companies for losses that have already occurred but are not yet settled. A loss reserve for a claim is the insurer's best estimate of the total amount that it will pay in the future for a loss that has already occurred. |
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Term
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Definition
| of an insurance company is equal to its total admitted assets minus its total liabilities. |
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Term
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Definition
| sometimes called loss adjustments expenses (LAE), are the expenses necessitated by the process of investigating and settling insurance claims according to the terms specified in the insurance policy. |
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Term
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Definition
| large-scale action plans for interacting with the buisness environment in order to acheive long-term goals |
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Term
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Definition
| specific actions required by the organization to implement its strategy. |
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Term
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Definition
| actions required by organizational units or departments for completing a tactic. |
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Term
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Definition
| defined limited assignments with target completion dates. |
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Term
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Definition
| reductions in prices to a previous level. Often taken on a state or national level. |
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Term
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Definition
| the insurer that cedes or transfers premiums and loss exposures to the reinsurer. |
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Term
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Definition
| expenses that remain the same, in the short term, regardless of the amount of buisness an insurer writes. |
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Term
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Definition
| expenses that change relative to premuim volume increases or decreases. |
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