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Commercial UW AU60
Commercial Underwriting Principles Assgnt 3 of 8
| Term | Definition |
|---|---|
| Front-line underwriter | A producer performing account selection before submitting the account to the insurer. |
| Loss history | A listing of past claims, including the state of occurrence, the line of business, the type or description of the claim, the date of the claim, the amount paid, the amount reserved, and the claim's current status. |
| Experience rating plan | A rating plan that increases or reduces the premium for a future period based on the insured's own loss experience for a period in the recent past. |
| Loss frequency | The number of losses that occur within a specified period. |
| Loss severity | The amount of loss, typically measured in dollars, for a loss that has occurred. |
| Risk control report | A record that contains account information gathered as a result of a physical inspection by an insurer's risk control representative specifically at the request of an underwriter. |
| Fee for service company | An independent contractor who specializes in loss control work and who is paid for each loss control survey performed. |
| Premium audit | Methodical examination of a policyholder's operations, records, and books of account to determine the actual exposure units and premium for insurance coverages already provided. |
| Actual cash value (ACV) | Cost to replace property with new property of like kind and quality less depreciation. |
| Replacement cost | The cost to repair or replace property using new materials of like kind and quality with no deduction for depreciation. |
Created by:
lorrainel007
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