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Definitions (115)
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actuary
A specialist in the mathematics of insurance who calculates rates, reserves, etc. (Americanism. In most other countries the individual is known as “mathematician”.)
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adjuster
An individual representing the insurance company and acting for the company in working on agreements as to the amount of a loss and the liability of the company in same.
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admitted assets
Assets permitted by state law to be included in an insurance company’s annual statement. These assets are an important factor when regulators measure insurance company solvency. They include mortgages [..]
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agent
individual who sells and services insurance policies in either of two classifications:
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aggregate limit
Usually refers to Liability Insurance and indicates the amount of coverage that the insured has under the contract for a specific period of time, usually the contract period, no later how many separat [..]
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approved for reinsurance
Indicates the company is approved (or authorized) to write reinsurance on risks in this state. A license to write reinsurance may not be required in these states.
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assets
Assets refer to “all the available properties of every kind or possession of an insurance company that may be used to pay its debts.” There are three classifications of assets: invested assets, all ot [..]
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best’s capital adequacy relativity
This percentage measures a company’s relative capital strength compared to its industry peer composite. A company’s BCAR, which is an important component in determining the appropriateness of its rati [..]
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broker
Insurance salesperson who searches the marketplace in the interest of clients, not insurance companies.
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