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CPCU 520-14

Chapter 14

Credit Risk the rsk that customers or other creditors will fail to make promised payments as they come due.
Interest rate risk the risk that a security future value will decline because of changes in interest rates
Cash Matching the process of matching an investments maturity value with the amount of expected loss payments
Portfolio immunization (asset liability matching) the process of matching investment duration and liability duration
Reinvestment risk the risk that the rate at which periodic interest payments can be reinvested over the life or the investment will be unfavorable.
Duration a measure of a security;s weighted average life. p 14.11
IBNR reserve a reserve established for losses that reasonably can be assumed to have been incurred but not yet reported. p 14.13
Risk based capital (RBC) system a system developed by the NAIC to determine the minimum amount of capital an insurer needs to support its operation, given the insurer's risk characteristics. p 14.22
Asset Risk the risk that an asset's value will be lower than expected. p 14.24
Created by: holl6425
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