Term
|
Definition
| the series of steps or actions that must be completed, in sequence, to accomplish a particular task. |
|
|
Term
|
Definition
| software programs that duplicate the decision-making process. In insurance, expert systems complete the same steps that an underwriter takes in assessing a risk. |
|
|
Term
|
Definition
| includes filling, maintaining, storing, and retrieving applications, photographs, inspection reports, policyholder correspondance, and all other underwriting documents. |
|
|
Term
|
Definition
| a filing system in which all paper documents for all clients are filed by the date on which they were processed. To retrieve the original document, a staff member checks on the date of the transaction on the computer system and then goes to the file for that date to locate the document. |
|
|
Term
|
Definition
| automated machines at which customers can get information or make purchases. Consumers make selections by touching words or images on a computer screen, eliminating the need for a keyboard. |
|
|
Term
|
Definition
| the distribution of authority, resources, information, and accountability to employees in an organization in order to make decisions and solve problems. |
|
|
Term
|
Definition
| those where people, that individually and collectively, continually expand their capacity to produce results and expand their patterns of thinking. |
|
|
Term
|
Definition
| a strategy for capturing and assesing information so that everyone in an organization is able to access the information needed. Knowledge can be explicit or tacit. Explicit knowledge is internal/external information found in documents. Tacit knowledge is the intellectual capital of individuals within an organization. Tacit knowledge is required to apply explicit knowledge. |
|
|
Term
|
Definition
| equals total assets minus total liabilities. It is a measurement frequently used to asses the financial strength of insurance industry. |
|
|
Term
|
Definition
| a system of calculating known outcomes based on current data, and then applying those calculations to new data to predict future outcomes. |
|
|
Term
|
Definition
| involes an insurer's sale of short-term bonds and other financial instruments to investors in order to generate the cash required to pay potential catastrophie claims during a specific period of time. The investor earns profit if a company's catastrophe losses for the period are less than anticipated. The company's obligation to pay interest, and possibly, to repay the principal on these bonds is suspended in the event of a catastrophe. |
|
|
Term
|
Definition
| an insurer's operating costs including expenses directly related to marketing, application processing, policy issuance, salaries, employee benefits, computer systems, building rent and maintenance, office supplies, and equipment. |
|
|
