A network of medical care providers structured in a similar manner to a PPO but have many of the requirements of an HMO.

Pre-event exoneration of the fault of one party that results in any loss or specified loss to another.

Initial estimate of losses for a given policy period.

When computing workers compensation experience modifications, the factor taken from actuarial tables used to calculate total expected losses for the specific classification given the audited

Projection of the frequency and/or severity of losses based on loss history, probability distributions, and statistics; the expected loss projection is commonly called a “loss

The expected incidence of death within a given group during a given period of time, as shown in a mortality table developed by actuaries.

Expense factor (usually expressed as a dollar amount) added to the premium charged for a class of policies that would otherwise produce insufficient premium to

A ratio that indicates the percentage of premiums used to pay the insurers’ operating expenses.

An account held by an insurer funded through the initial premium and subsequent premium deposits, if any.

Factor developed by measuring the difference between the insured’s actual past experience and the expected experience of the class. The factor may be either a

A rating that considers the individual loss experience of a particular insured. It applies loss experience to the present policy year. Describes any plan that

Each unit is assigned costs on an equitable basis based on the loss experience each unit presents.

The mortality that actually occurs to a group of insureds in contrast to expected mortality.

A situation, practice or condition that may lead to an adverse financial consequence; an activity or resource; people and assets

Each unit is assigned costs on an equitable basis based on the exposures each unit presents.

Authority expressly given by the insurer, either orally or in writing.

A group policy provision that pays a life benefit when (1) the insured is totally and continuously disabled at the time the policy owner stops

Using other funds other than the organization’s funds for the financing of losses, e.g. insurance, borrowing and contractual transfer.

The amount of coverage provided by a life insurance policy, also referred to as coverage amount or death benefit.

A form of reinsurance using offer and acceptance of individual risks, in which under a contract of reinsurance, the reinsurer retains the faculty to accept

A federal regulation that provides employees who have been employed at least 12 months and have worked at least 1,250 hours within that 12 month

A person related to the insured by blood, marriage, or adoption who is a resident of the insured’s household.

1) under common law, liability imposed upon a party who stands in a special relationship of trust with another party for a breach of that

An accounting method used to value inventory and the cost of goods sold. Sales are considered to be made against the earliest-purchased or produced merchandise

Process of managing an organization’s assets, liabilities, and cash flows to maximize shareholder (or stakeholder) wealth.