Brent Radcliffe

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  1. Term

    Premium to Surplus Ratio

    Net premiums written divided by policyholders’ surplus. The premium to surplus ratio is used to measure the capacity of an insurance company to underwrite new policies.
  2. Term

    Combined Ratio

    A measure of profitability used by an insurance company to indicate how well it is performing in its daily operations. It is the sum of the loss ratio, expense ratio, and policyholder dividend ratio for ...
  3. Term

    Overall Liquidity Ratio

    A measurement of a company’s capacity to pay for its liabilities with its assets.
  4. Term

    Reinsurance Recoverables to Policyholder Surplus

    The amount of incurred losses covered by reinsurers compared to policyholders’ surplus.
  5. Term

    Losses Incurred

    Benefits paid to policyholders during the current year, plus changes to loss reserves from the previous year.
  6. Term

    Total Annual Loan Cost (TALC)

    The projected total cost that a reverse mortgage holder should expect to pay over the life of the loan.
  7. Term

    Concurrent Periods

    A period of time in which more than one injury or disability affects a temporary disability policyholder.
  8. Term

    Member Month

    The number of individuals participating in an insurance plan each month.
  9. Term

    Premium Balance

    The amount of premium that is owed to an insurer for a policy, but which has not yet been paid by the policyholder.
  10. Term

    Pre-Existing Condition Exclusion Period

    A health insurance benefit provision that places limits on benefits or excludes benefits for a period of time for a medical condition that the policyholder had prior to enrolling in a health plan.
  11. Term

    Net Premiums Written To Policyholder Surplus

    A ratio of an insurance company’s gross premiums written less reinsurance ceded to its policyholders’ surplus.
  12. Term

    Net Liabilities To Policyholders' Surplus

    The ratio of an insurer’s liabilities, including unpaid claims, reserve estimation errors, and unearned premiums, to its policyholders’ surplus.
  13. Term

    Chartered Property Casualty Underwriter (CPCU)

    A professional credential earned by individuals who specialize in risk management and property-casualty insurance.
  14. Term

    Lloyds Organizations

    An insurance syndicate that bases its organizational structure on the one used by Lloyd’s of London.
  15. Term

    Qualifying Event

    An event that triggers a change in a policyholder’s insurance coverage.
  16. Term

    Net Leverage

    The sum of an insurance company’s net premiums written ratio and its net liability ratio.
  17. Term

    Gross Leverage Ratio

    The sum of an insurance company’s net leverage ratio and its ceded reinsurance leverage ratio.
  18. Term

    Reserves To Policyholders' Surplus Ratio

    The ratio of an insurer’s reserves set aside for unpaid losses and the cost of investigation and adjusting for losses to its assets after accounting for liabilities.
  19. Term

    Losses and Loss-Adjustment Expense

    The portion of an insurance company’s reserves set aside for unpaid losses and the cost of investigation and adjusting for losses.
  20. Term

    Section 7702

    The section of the United States Internal Revenue Code that defines what the federal government considers a life insurance contract, and that outlines how life insurance contracts are taxed.
  21. Term

    Nonstandard Auto Insurance

    Auto insurance offered to drivers considered to carry the most risk.
  22. Term

    Re-Entry Term Insurance

    A type of term life insurance contract that offers low rates for a fixed period of time, and which will continue to offer low rates if the policyholder passes period medical examinations.
  23. Term

    Insurance Defense

    An attorney who specializes in cases relating to insurance.
  24. Term

    Occurrence Policy (Insurance)

    An event that can result in the filing of an insurance claim.
  25. Term

    Current Liquidity

    The total amount of cash and unaffiliated holdings compared to net liabilities and ceded reinsurance balances payable.
  26. Term

    Reciprocal Insurance Exchange

    A form of insurance organization in which individuals and businesses exchange insurance contracts, and spread the risk associated with those contracts amongst themselves.
  27. Term

    Insurance Loss Control

    Risk management practices designed to reduce the likelihood of a claim being made against an insurance policy.
  28. Term

    Protected Cell Company (PCC)

    A corporate structure in which a single legal entity is comprised of a core and several cells that have separate assets and liabilities.
  29. Term

    Best's Capital Adequacy Relativity (BCAR)

    A rating of an insurance company’s balance sheet strength. Best’s capital adequacy ratio, also known as BCAR, examines an insurer’s leverage, underwriting activities, and financial performance and uses ...
  30. Term

    Preferred Auto Coverage

    Auto insurance offered to drivers considered to fall into the lowest risk profile.
  31. Term

    Standard Auto Insurance

    Auto insurance offered to drivers considered to fall into an average risk profile.
  32. Term

    Licensed For Reinsurance Only

    A license that allows a company to engage in services related to reinsurance in the state that has granted the license.
  33. Term

    Least Expensive Alternative Treatment (LEAT)

    A clause in an insurance policy that indicates that the insurer will only cover the least expensive option for treatment, repair, or remediation.
  34. Term

    Insurance Risk Class

    A group of individuals or companies that have similar characteristics which is used to determine that risk associated with underwriting a policy and the premium that should be charged for coverage.
  35. Term

    Insurance Regulatory Information System (IRIS)

    A collection of databases and tools used to analyze the financial statements of insurance companies.
  36. Term

    Insurance Grace Period

    A period of time after the premium due date in which a policyholder is able to make a premium payment without the insurance policy coverage lapsing.
  37. Term

    Financing Entity

    The party in a financing arrangement that provides money, property, or another asset to an intermediate entity or financed entity.
  38. Term

    File-And-Use Rating Laws

    Insurance regulations allowing an insurance company to use new rates prior to receiving state approval.
  39. Term

    Developed To Net Premiums Earned

    The ratio of developed premiums to net premiums earned over a given time period.
  40. Term

    Creditable Coverage

    A health insurance, prescription drug, or other health benefit plan that meets a minimum set of qualifications.
  41. Term

    Annual Crediting Cap

    The maximum rate of index growth that an annuity will be credited over a specific time period.
  42. Term

    Private-Passenger Auto Insurance Policyholder Risk Profile

    An estimate of the risk an insurance company will take on by covering a specific automobile operator with an insurance policy.
  43. Term

    Return On Policyholder Surplus

    The ratio of an insurance company’s net income to its policyholder surplus.
  44. Term

    Historic Pricing

    A method for calculating the value of an asset using the last valuation point calculated.
  45. Term

    Advance Dividend

    An estimate of the present value of an asset being liquidated that is used to provide an immediate dividend to uninsured depositors.
  46. Term

    Interest-Crediting Methods

    A credit method that determines how interest changes to a fixed index annuity are measured.
  47. Term

    Asset Specialist

    A professional who is responsible for the management and disposition of assets of a financial institution.
  48. Term

    Appraised Equity Capital

    The excess of the market value of an asset over its book value.
  49. Term

    Asset Liquidation Agreement (ALA)

    A contract between the Federal Deposit Insurance Corporation and private sector contractors contracted to manage the assets of failed financial institutions.
  50. Term

    Adverse Domination

    A legal doctrine that allows regulators to bring litigation against a corporation’s officers and directors as long as those officers and directors remain with the corporation.
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