Situation in which property of one has been entrusted to another. A bailment can be for the benefit of either party or both. The degree

Person or organization that owns property that has been entrusted to another. The owner of a suit who has entrusted it to a dry cleaning

An accounting concept, a measurement of the assets and equities (liabilities and owners’ equity) in an organization as of a specific point in time.

In computing workers compensation experience modifications, a specific value taken from a rating manual table used to limit the effect of a single severe accident

Provides limited benefits for hospital services, supplies and some physician expenses.

In retrospectively rated plans, usually a percentage of the standard premium, often determined by multiplying the standard premium by a basic premium factor. It provides

In retrospectively rated plans, a factor based on the Table of Expense Ratios, the Table of Insurance Charges, and the individual loss limitation if selected.

Manual rate that is adjusted to compensate for varying exposure to risk.

The process of comparing an organization’s business processes and performance measures to another organization’s processes and performance measures to provide a “snapshot” of the organization’s

An individual who is eligible to receive or is receiving benefits under an insurance policy. (Also see Irrevocable Beneficiary, Primary Beneficiary, Secondary Beneficiary, and Contingent

Factors calculated for each state by the National Council on Compensation Insurance (or other workers compensation rating agencies) representing the impact of regulatory changes on

The maximum length of time benefits are paid.

Discounted values of the cash inflows divided by the net investment. Used to compare the net present value (PV) of various projects, particularly when funds

Authority that is granted to the insurance agent as outlined in the company’s agent contract.

A method for combining the value of property of different types or at different locations into a single limit of insurance on a property insurance

Acronym for Board of Directors

Bodily harm, sickness, or disease, including death that results from the harm, sickness, or disease.

Contract that guarantees the performance of a contract, as in surety bonding, or protects against the dishonesty of employees, and in fidelity bonding. Unlike many

Historical cost less accumulated depreciation as recorded on the organization’s accounting records.

Commonly known as loss rating; losses are trended to ultimate values for a pre-set number of years; units of exposure are trended for those same

Failure to live up to the conditions or warranties contained in a contract.

Additional development on known claims or the increase in reserve value as the claim is investigated and settled.

Planned retention based upon the portion of expected losses the organization is willing and able to retain.

The taking of property from within a premises by a person unlawfully entering or breaking out of a premises as evidenced by marks of forcible

Includes trade, profession, or occupation.