A period when eligible individuals can choose to enter or make changes to in a plan.

Insurers contract with individual or groups of physicians to provide services to the HMO insureds. Open-panel providers and facilities may also contract with other HMOs

Gross profit less operating expenses.

Operating income divided by sales.

Risks related to processes and management resulting in upside and downside outcomes.

The actions a risk manager takes to arrange and relate work to be done so that it can be performed most effectively by others.

In Health Insurance, a stop loss provision that defines the maximum dollar amount an insured must pay in out-of-pocket expenses during the year. Once an

In statistics, an extreme value, or a value numerically distant from the rest of the data.

On a loss run, the amount calculated by subtracting paid losses from incurred losses and representing the remaining liability to be paid on a loss

The specific regular occupation in which an individual is engaged at the time he or she becomes disabled.

The individual or entity controlling all rights, benefits, and privileges of a life insurance contract. This may or may not be the insured. Ownership may

Value of the organization’s assets less liabilities; includes capital, surplus and accumulated retained earnings.

Acronym for Property & Casualty

Retrospectively rating insurance plan that uses only paid losses to determine the retrospective premiums due at each adjustment. A paid loss retrospective rating plan allows

Amount actually paid in losses during a specified period of time, not including estimates of amounts (i.e., reserves) that will be paid in the future

Amount actually paid in losses during a specified period of time, not including estimates of amounts (i.e., reserves) that will be paid in the future

Original cost of a newly issued share of common stock less its stated par value. Insurance company common stock (and commercial bank stock) often has

A policy that has no further premium payments due, but under which the insurance coverage (life benefit) remains in effect.

Question: What are Pandemic Pods? Answer: As a consequence of COVID-19 and the closing of schools, parents have started organizing “pandemic pods,” or homeschooling pods,

In business management, the observation that 80% of effects come from 20% of the causes. Also known as “Pareto Efficiency” or the “80/20 Rule”.

Legal concept describing oral or verbal evidence. In contract law, parole evidence relates to the inadmissibility of oral representations that would otherwise alter or defeat

Partial Disability – When an insured is working, but is unable to perform one or more of the major duties of his or her occupation,

Employer retains a portion of claim risks by paying incurred claims up to an amount determined in the contract. Employers typically purchase a reinsurance policy

A policy that pays dividends if the board of directors authorizes such payments.

Any transaction involving any fiduciary, counsel, or employee of a plan; plan service provider, or anyone with a stated interest in or relationship with a

Unplanned acceptance of losses because of failure to identify risk, failure to act, or forgetting to act.

Enacted by the federal government on March 23, 2010 to ensure consumer rights and protection for healthcare.

In financial management, the measurement of the length of time needed to recoup the cost of a capital investment.

Schedule illustrating the percentage of loss dollars actually paid in settlement of claims over time.

The cause of a loss.

A payout of a fixed dollar amount that remains the same throughout the specified annuitization period.

An accounting of goods sold and their corresponding costs performed at specified points during the accounting period; the most common method.

A policy that offers lifetime protection by combining a cash value with death benefits.

A record is made of every sale and continuous costs of each item sold are transferred from inventory asset to the cost of goods sold

All tangible property not classified as real property. See Real property.

All property other than buildings or other structures.

Coverage that protects the collection of property owned by an insured that is not considered part of a building or structure.  It can be at

A general class of risk; risks arising from property, people or information.

A group of physicians or hospitals that form alliances to help providers attain market share, improve bargaining power, reduce administrative costs and sell their services

Party bringing a lawsuit against another.

The process a risk manager takes to predetermine a course of action; an element of the managerial process.

Acronym for Program Managers Agreement

A hybrid of HMO and PPO plans.

The maximum dollar amount an insurance policy will pay for a covered loss.

A loan from the insurer to the policy owner, secured by the policy’s cash value.

The owner of an insurance policy. The policy owner can be different from the insured.

The period of time for which the insurance policy provides coverage.

The geographical area in which accidents, occurrences, or events must happen to have coverage under the insurance policy.

A general class of risk; risks arising from changes in the law, governmental reinterpretations or changes in government policy.

A self-insurance strategy used by two or more organizations that desire to share risks with each other. The organizations are not individually capable of self-insuring.

In statistics, the entire group of observations. See Sample.

A healthcare provider’s authorization, or pre-admission certification, for an insured’s non-emergency hospital admission and certain covered benefits prior to an insured receiving the care.

Requirement that an insured must notify the insurer prior to an elective inpatient hospital admission after an emergency admission.

Excludes coverage for conditions the policy defines as pre- existing. Under PPACA, beginning September 23, 2010, group health plans may not exclude insureds under age

Insureds have the option of obtaining service within the PPO network (in-network) or with providers that are not contracted with the PPO (out-of-network). Primary Care

Type of stock issued by a corporation that has ownership privileges with respect to payment of dividends and distribution of assets greater than those of

Amount of money an insurance carrier charges to provide the coverage described in the policy.

1) A discount allowed on premiums paid in advance of one year based on projected interest to be earned. 2) a discount allowed on certain

Used in self-insured health plans, the cost per covered employee, or the amount the employer would expect to reflect the cost of claims paid, administrative

Value today of a future payment or payments, discounted at the appropriate discount rate.

In a disability income policy, a percentage of disability that will be considered without a waiting period if the insured suffers the total and complete

Measure of the market price of a share of common stock to its earnings; market price of a common share divided by earnings per share.

When computing workers compensation experience modifications, the actual loss amount (each loss equal to or less than $15,000) is included in the calculation at its

The person or entity named on the policy who has the first right to receive life insurance policy death benefits.

Also known as a “gatekeeper,” authorizes and refers the insured to specialists and other healthcare providers.

The entity whose performance is being guaranteed in a surety bond.

The organizational charter and its by-laws control what the executives can and cannot do. Violations of these “laws” are ultra vires acts, or acts beyond

An agreement to share insurance. The reinsurer gets an agreed percentage of the original premium, less a ceding commission, and pays the same percentage of

A form of reinsurance where the treaty is set up on the understanding that a certain part of every exposure will be shared on an

Chance of something occurring within a stated time period, ranging from 0 (impossibility) to 1 (certainty).

An estimate developed for property insurance underwriters that represents the worst amount of loss that is likely to happen, as opposed to the worst possible

A court-supervised process by which a will is determined to be the deceased’s final statement regarding the disposition of his or her property.

Measure of the returns on various bases.

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Legal concept holding that a false statement will be treated as a promise when the listener relied upon the false statement to his/her detriment. The

Physical damage to, destruction of, or loss of use of property.

Covers losses that have not yet occurred, that may never occur and those losses that occur after the effective date of the contract.

A type of rent-a-captive which is permitted by legislation to legally separate the assets and liabilities of insureds as opposed to contractual separation or no

As related to property, the safeguards, equipment and measures provided by the building owner or occupant to minimize hazards.

An independent adjuster who represents policyholders in the adjustment of their losses with insurers for a fee.

Damages in excess of those required to compensate the plaintiff for the wrong done. Punitive damages, also called exemplary damages, are imposed to punish the

Ratio of the losses incurred in a given period to the earned premium for that period.

Chance of loss or no loss; no chance of gain.

Acronym for Quarter to Date

Defined by the IRS Code Section 213 and include expenses for the diagnosis, cure, mitigation, treatment or prevention of disease, obtained from medical providers and

Concerning the income taxation of contributions, plans that cannot discriminate and must comply with specific IRS codes and regulations. Contributions are deductible from income taxes

An insurance plan subject to state regulation, such as self-insured workers compensation plans or self-insured automobile liability plans, in which regulatory oversight is needed to

The “what” analysis; identification and assessment of loss exposures that cannot be easily measured by traditional statistical or financial methods; helps management understand the potential

The “how much” analysis; attempts to accurately measure risks by using acceptable traditional methodologies to calculate relative numerical values.

A liquidity ratio that measures the organizations ability to pay bills over the short term; the remainder of current assets less inventory divided by current

Latin for “this for that,” or “one thing for another.” In contract law, it refers to the legal consideration of values required by both parties

The primary insurer or ceding company cedes (sells) a portion of every exposure it insures within a class or classes subject to the treaty. Both

The difference between the largest and smallest values.

The manner in which a life insurance premium is determined, based upon the individual’s health condition, family history, occupation, hobbies and other factors specific to

Land and most things attached to the land, such as buildings and vegetation.

A group of individuals or organizations, called subscribers, who join together into an association for the purpose of insuring one another.

A repetitive sickness or injury that is a continuation of a prior covered sickness or injury.

Act of abstaining from a discussion or decision because of a conflict of interest or the appearance of a conflict of interest.

The use of any one method or a combination of methods to reduce loss frequency or loss severity.

Changing a contract to reflect true intentions.

In statistics, a technique of modeling the relationship between variables by fitting a line to a scatter of dots.

Restoration of a lapsed life insurance policy to its original status.

The acceptance by one or more insurers of a portion of the risk underwritten by another insurer that holds a contract for the entire coverage.

A process involving the transfer of risk from one insurer to another insurer.

A contractual agreement in which one insurer agrees to insure the assumed liabilities of another insurer, a self-insured firm, or another reinsurer.

Portion of the risk that the primary or original insurer transfers to the reinsurer.

Insurer who accepts all or a portion of the liabilities of the ceding or primary company.

A policy the insured can renew without presenting evidence of insurability, also known as guaranteed renewable.

A licensed offshore insurer owned by an outside organization, e.g., a broker, reinsurer, insurance company, or other business enterprise, which makes its services available to

The cost to replace damaged property with like kind and quality without taking into account depreciation.

Providers are “invited” or requested to provide a proposal for insurance coverages; typically, the providers are assigned markets from which they will obtain proposals and

Rate of return required from an investment to compensate for the level of risk involved.

“The matter has been decided,” a legal concept of common law stating that the prior decisions of judges and juries have determined the outcome. See

In claims administration, a letter sent by an insurer to a claimant to preserve the insurer’s right to deny a claim following their investigation by

Amount of money earmarked for a specific purpose.

After a period of total disability, the insured is able to return to work. However, the insured is unable to do one or more important

A provision in a disability income policy that provides for benefits to be paid when the insured can do some, but not all, of his

Separate charge intended to subsidize an assigned risk or involuntary market.

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Usually associated with a long-term care situation, and normally occurs when a family member of the patient who is providing a majority of the care

Internal funds retained from net income and not distributed to holders of common stock.

Acceptance or assumption of the risk of loss, which means any loss is paid out of pocket.

1) Internal funds used to pay losses; 2) budgeted losses plus the “tolerance corridor.” See Tolerance corridor; 3) assumption of risk of loss as through

Amount of loss that is self-insured. It is usually expressed on a per occurrence basis and is sometimes referred to as the self-insured retention (SIR).

Graphic depiction of an organization’s financial ability and risk appetite.

Amount of additional premium or return premium for each successive period determined by comparing the current period’s indicated retro premium to the preceding period’s retro

Transaction that transfers liability from the reinsurer to another insurer, perhaps even back to the primary insurer, in whole or in part.

Are directed to the past and contemplative of post-loss situations. Two types – loss portfolio transfers and aggregate loss contracts.

Rating plan that adjusts the premium, subject to a certain minimum and usually a maximum, periodically to reflect the actual loss experience of the insured.

Rating plan that adjusts the premium, subject to a certain minimum and usually a maximum, periodically to reflect the actual loss experience of the insured. 

A rider that can be attached to many life, health, disability and LTC policies (for an extra charge), that will return all or part of

Measure of the return on assets; net income divided by total assets.

Measure of the return on equity; net income divided by stockholders’ equity.

A highly flexible ratio measuring the financial benefits of an investment activity to its costs.

A status in which a life policy can be changed without the consent of the beneficiary. The owner of the policy can change any part

A provision that an insurer attaches to a policy to expand or restrict the benefits of the policy.

The chance of loss; the uncertainty of loss; the variation from the expected outcome over time; the difference between expected losses and actual losses.

Uncertainty that may be either positive or negative arising from a given set of circumstances. Common definitions also include: 1) chance or probability of loss,

Visual analytical tool utilized to communicate key risks; it presents the risks with the highest impact and probability; can range from simple to complex depending

Implementation and monitoring of the Risk Management Process; a step of the Risk Management Process.

The assessment of the potential impact of various exposures on an organization; a step of the Risk Management Process.

The organization’s willingness to accept or tolerate risk.

Any conscious action or inaction to minimize at the optimal cost, the probability, frequency, severity, or unpredictability of loss; a step of the Risk Management

The use of back-ups for critical systems or operations; a risk control technique in which the goal is to reduce overall severity.

The acquisition of internal and external funds to pay losses at the most favorable cost; a step of the Risk Management Process.

Process of identifying and examining exposures of an organization; the first and most important step of the risk management process.

The practice of protecting an organization from financial harm by identifying, analyzing, and controlling risk at the lowest possible cost.

Process of managing uncertainty of exposures that affect an organization’s assets and financial statements using five steps: identification, analysis, control, financing and administration.

Information system that supports the user in identifying, measuring and managing risks in the organization or other organizations.

States the purpose and overall goal of the risk management program and guides the actions and decision-making of the risk manager.

Defines the policy for managing risks and the relevance to the organization’s strategic plan, goals, and objectives; clarifies risk management goals and direction; outlines the

Reaffirms and communicates senior management’s support for the risk management program to all employees with a brief statement; defines scope, responsibilities and authority of risk

Provides an overview of risk management programs on a periodic basis to identify successes and opportunities for improvement.

An action taken to break the sequence of events that leads to a loss or that makes the event less likely; the goal of this

Measurement of expected losses for a finite period of time based on historical data including but not limited to, total losses, number of losses, average

Group formed in compliance with the Risk Retention Act for the purpose of negotiating for and purchasing insurance from a commercial insurer.

Actual forecasting of loss frequency and severity to determine allocation decisions.

A risk control technique in which the goal is to reduce the severity or financial impact from losses that are not prevented.

Conscious acceptance of losses that the organization or company will finance using only internal funds. See retention.

A special type of group captive whose business is limited to liability coverage for owners/insureds. Formed under the Federal Liability Risk Retention Act of 1986,

An isolation of an exposure from other exposures, perils, or hazards; a risk control technique in which the goal is to reduce overall severity.

The spread of exposures or activities over several locations; a risk control technique in which the goal is to reduce overall severity.

Risk control technique that attempts to reduce or prevent loss by transferring some or all of the risk to another organization, either through a physical

Difference between an anticipated result (loss) and the standard deviation.

An organization’s financial capacity for assuming risk.

The unlawful taking of property from a person by actual violence or threat of violence.

A retirement savings account that allows an individual to deposit after-tax funds (not tax-deductible) up to specified annual contribution limits and accrue earnings income tax

Acronym for Regional President

Acronym for Risk Retention Group

Damaged or recovered stolen property taken over by the insurance company.

1) Gross salvage is the total amount a company expects to recover from salvage, and 2) net salvage is the gross amount less costs associated

In statistics, a subset of a larger group having the same characteristics of the group.

See Severability clause.

A type of life insurance policy that insures two lives, also referred to as a survivorship policy, where the death benefit is payable at the

A person designated by the policy owner to receive policy proceeds if the primary beneficiary is deceased at the time benefits become payable, also known

The federal agency charged with the responsibility of regulating the securities industry and enforcing federal securities regulation.

See Protected cell company.

Any transaction using plan assets for personal gain, transactions on behalf of persons whose interests are adverse to the plan, and personal.

An insurance plan in which an organization makes a conscious decision to not purchase insurance and pay certain claim amounts using 100% internal funding. Self-insured

Dollar amount specified in an insurance policy that must be paid by the insured before the insurance policy will respond to a loss; often used

See Severability clause.

An injury resulting in death, serious impairment of body function, or permanent serious disfigurement.

The choices available for the payment of death benefits. The owner can select a settlement option before the insured’s death and the beneficiary has no

Contract provision that rescues the balance of a contract if one or more parts are held to be invalid or unenforceable. Also referred to as

The dollar amount of a given loss or the aggregate dollar amount of all losses for a given period.

A long-term care plan that allows the insured to purchase an additional Daily Benefit that either spouse may use.

A method of handling risk that involves the potential loss exposure being distributed among a number of persons.

A temporary policy to bridge gaps in coverage during times of transition such as coverage loss due to life or job changes, employment as a

An individual retirement account for a self-employed person or a small company. Allows for a greater contribution maximum than an IRA.

A type of captive that insures or reinsures the risks of its owner.

Requires one lump-sum, up-front premium and is often guaranteed to remain paid-up throughout the insured’s lifetime.

Damage caused by the sudden sinking or collapsing of land into an underground empty space typically caused by water on limestone or dolomite.

In statistics, an asymmetrical distribution in which the mass of the distribution is concentrated on one side or the other.

In statistics, the measure of the degree of asymmetry of a distribution.

A facility with a professionally trained staff that provides medical treatment, continuous nursing, rehabilitation, and various other health and social services to patients who are

A general class of risk; risks arising from public relations, loss of reputation, damage to brand, cultural issues, social direction or social media.

A business organization in which a sole proprietor is entitled to all profits, and will bear all losses, generated by the business and free of

A person who is hired and authorized by the insurance agent to solicit applications of insurance.

The measurable dollar amounts of an actual loss.

Also known as “dread disease” insurance, it covers some expenses associated with narrowly-defined illnesses listed on the policy, most commonly available for cancer, heart attack

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

Chance of loss or gain; often referred to as a “business risk”.

The most restrictive type of HMO where insureds select his or her primary care physician within the model but the HMO may close a particular

In statistics, the square root of the variance.

Premium that is determined on the basis of authorized rates, any experience modification rating, applicable loss constants and minimum premiums; specifically excludes premium discounts and

“Let the decision stand,” a legal concept of common law stating that the prior decisions of judges and juries have determined the outcome. See Res

A method of fixing the maximum amount payable in an insurance policy.

A report summarizing the effects of cash on the operating, investing, and financial activities of an organization for a specific period of time.

See Income Statement.

Legal concept that holds no suit or action shall be maintained on certain classes of contracts or engagements unless there is a note or memorandum

Any statute that prescribes the time limit in which a legal action must be brought.

Those principles required by statute that must be followed by a regulated financial organization, such as an insurance company or bank when submitting its financial

Enactments of legislative and administrative bodies.

An incorporated insurance company owned by its stockholders.

Net worth, retained earnings or total assets less total liabilities; sum of the book value of common stock less treasury stock, preferred stock, and additional

A form of reinsurance for self-insured employers that limits the amount the employers will have to pay for each covered employee’s and dependents healthcare claims

Most commonly used method; annual depreciation = historical cost less estimated salvage value divided by years of estimated useful life.

Risks related to an organization’s strategic plan and its mission resulting in upside or downside outcomes; most likely cause of failure of organizations.

Liability directed by law (statute or common law) without regard to the intention of the offender’s actions. Strict liability shifts the burden of proof; it

Holds sellers, distributors, and manufacturers of products responsible for defective or unduly hazardous products.

Settlement in which the plaintiff agrees to accept a stream of payments, in whole or in part, in lieu of a lump sum. Annuities are

In retrospective rating plans, the portion of the premium applied to the retrospective rating formula. It is generally used to help calculate the basic premium,

1) The legal right of one who has paid another’s obligation to collect from the party originally owing the obligation, e.g., the insurer’s right to

The right of an insurance company to recover an amount of money paid to an insured for a loss when the loss is someone else’s

Legal doctrine that protects the party to a contract who makes an honest endeavor in good faith to perform his/her part of the contract with

A life insurance policy provision that states if the insured dies by suicide within a certain period of time from the date of issue (usually

Promisor under a bond; the party that promises to fulfill the obligation of the bonded party or principal; a surety company.

The primary insurer or ceding company cedes to the reinsurer a pro rata share of risks, but the reinsurer only pays its percentage of losses

An annuity contract that allows the owner to surrender the contract if income payments have not yet started. Upon surrender, the contract terminates and the

A fee charged when an owner surrenders the policy for the policy’s cash value.

A life insurance provision stating when the death of the insured and the primary beneficiary is at the same time, the benefits would skip the

When calculating loss development factors from historical data, a factor that recognizes that at some point, older data becomes unavailable or is no longer relevant

A suggested premium used in universal life policies that does not guarantee there will be adequate funds to maintain the policy to any time, including

In retrospective rating plans, a factor applied to an insurance premium to cover licenses, fees, assessments, and premium taxes the insurance carrier must pay on

Growth in the value of a plan or account that is not taxed until the dollars are withdrawn at the applicable tax rate at that

A type of life insurance that provides coverage for a predetermined amount of time.

The Coronavirus Aid, Relief, and Economic Security (CARES) Act was passed by Congress and signed into law by President Trump on March 27th, 2020.  This

The Certified Insurance Service Representative (CISR) Program for High School gives students the opportunity to earn a nationally recognized industry designation before they graduate. Provided by

The National Alliance story began in 1969 in Austin, Texas when a small group of independent agents approached insurance professor Dr. William T. Hold to

Any act of stealing.

An individual or company hired by an employer to process claims, pay providers, and manage other functions related to the operation of a plan.

Claims administrator or insurance company that processes claims on behalf of a self-insured organization.

A financial ratio that measures how much of the interest obligation of an organization is covered by net income; a measure of default risk; earnings

An analysis that identifies trends over time.

The value of money over a given amount of time considering a given amount of interest.

Marginal retention beyond budgeted retention that the organization may also choose to retain.

Commonly known as manual rating or scheduled rating; an experience modification factor, scheduled credits or debits, premium discounts and/or deductible credits are applied to a

Private or civil wrong, other than a breach of contract, for which the courts will provide a remedy in the form of an action for

A civil wrong (as opposed to criminal) against another party.

Sum of all quantified costs and expenses associated with the risk management function of an organization. TCOR includes insurance costs, retained losses, risk management departmental

The process that identifies and attributes the total cost of risk among the various business, operating, or accounting units within an organization.

Incurred losses that have not been developed nor indexed for inflation.

Ratio of the losses incurred and the Allocated Loss Adjustment Expense (ALAE) for those losses in a given period to the earned premium during the

A technique involving one party transferring the uncertainty of loss to another party or parties.

Includes loss or damage arising from collision, derailment, or overturn of a vehicle, stranding or sinking of vessel, or collapse of bridges, piers, or docks.

A form of reinsurance in which a contract of reinsurance automatically establishes the terms for reinsuring a class or classes of business.

The ceding company agrees to cede certain classes of business to a reinsurer. The reinsurer agrees to accept all business qualifying under the reinsurance treaty

Used to adjust past loss experience to the current cost levels, generally taking into account inflation and other similar forces.

An obligation that binds a person (trustee) to deal with property in a particular way for the benefit of another person or class of persons

A fixed annuity in which the interest rate credited to the annuity varies depending on the distribution option chosen by the owner.

Total losses that will have been paid when all claims have reached final settlement.

Incurred losses that have been developed.

Salaries, overhead, and other related adjustment expenses not specifically allocated or charged to a particular claim. Certain insurance carriers apply a nominal flat charge to

The process of selecting a risk and assigning a proper rating classification (to calculate the correct premium) in a manner that the insured obtains coverage

The process by which the cost of the coverage is determined. Insurers (and self- funded plans) seek assistance from actuaries.

Expected losses, allocated loss adjustment expenses, captive expenses and any miscellaneous costs borne by the captive.

Net ceded premium less total underwriting expenses.

Amount of premium remaining after deducting the earned premium from written premium; the portion of a premium representing the unexpired part of the policy period.

Reserves with no or insufficient funds to meet future liabilities.

A federal regulation that requires employers to meet certain requirements for employees who are involved in the uniformed services. The rights cover: COBRA, medical, dental,

Depreciation charged per unit of production – historical cost less estimated salvage value divided by number of units to be produced.

A type of permanent life insurance policy that gives the policy owner the flexibility to change the face amount as well as the payments, has

A building that may contain furnishings and/or personal property, but it does not have people occupying it.

A practice using survey information that identifies medical charges by geographic area, specific medical service Current Procedural Terminology (“CPT”) code, and medical cost trends.

The process of reviewing the appropriateness and quality of health care provided to patients. Utilization review may take place before, during, or after the services

A contract is considered to be a contract of “utmost good faith” when the parties to the contract rely heavily on the honesty and integrity

Not enough business personal property to conduct normal operations. In a rather broad sense, it means no contents.

Cut-off date for adjustments made to paid claims and reserve estimates in a loss report.

Declares the amount that will be paid in the case of a total loss of the property

An annuity with investments in separate accounts directed by the owner, such as growth, high-yield, or small cap mutual funds, etc.

A life insurance policy where the assets are invested in mutual funds or similar equity securities. Cash value accumulation over time will depend solely on

In statistics, the modified average of the squares of the deviation of each value from the arithmetic mean of those values. The “modified average” refers

A term that describes the process by which a participant earns ownership rights of a benefit funded by an employer. When fully vested, a participant

A general term referring to transactions in the viatical settlement marketplace. A viatical settlement is the proceeds from the sale of a life insurance policy

Rules created by professional, trade, and other organizations to internally govern their members.

1) Legal concept that holds a party who intentionally or voluntarily relinquishes a known right, claim, privilege, or the opportunity from taking advantage of that

The voluntary giving up of a known right.

Waiver- 1) Legal concept that holds a party who intentionally or voluntarily relinquishes a known right, claim, privilege, or the opportunity from taking advantage of

An insurance policy rider that allows a policy owner to stop making premium payments if the insured suffers a disability. Premium payments will be waived

A statement that promises or guarantees that something is absolutely true or will be true in the future.

Acronym for Workers Compensation

An accounting method used to value inventory and the cost of goods sold. This method applies the costs of individual items as items are sold

A computation of the cost of capital from the organization’s current mix of capital sources. Capital consists of long-term debt, preferred stock, common stock, and

In workers compensation experience modifications, a percentage value taken from the same actuarial tables used above to determine the percentage of excess losses to be

In workers compensation experience modifications, a percentage value taken from the same actuarial tables used above to determine the percentage of excess losses to be

Whole Life Insurance – A type of permanent life insurance that is characterized by guarantees such as fixed death benefit, guaranteed cash value, and fixed

A type of permanent life insurance that is characterized by guarantees such as fixed death benefit, guaranteed cash value, and fixed premiums.

A telecommunication network that covers a broad area.

A federal regulation that includes protections for individuals who elect breast reconstruction in connection with a mastectomy. Group and individual health plans that cover medical

A federal regulation that includes protections for individuals who elect breast reconstruction in connection with a mastectomy. Group and individual health plans that cover medical