Insurance operations and regulation
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| show | An applied mathematician who is involved in all phases of insurance company operations, but especially ratemaking and establishing reserves.
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| ratemaking | show 🗑
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| show | An agreement by which the primary insurer that writes an insurance policy transfers part of the risk (and premiums) to another insurer (called the reinsurer)
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| ceding company (primary writer) | show 🗑
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| claims adjustor | show 🗑
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| show | A claims adjustor who offers services and is hired by insurance companies to help pay claims on their behalf
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| public adjustor | show 🗑
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| Production department | show 🗑
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| show | The selection and classification of applicants for insurance through a clearly stated company policy consistent with company objectives
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| Mutual insurer | show 🗑
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| Advance premium mutual | show 🗑
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| assessment mutual | show 🗑
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| agent | show 🗑
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| show | Often used to help companies find insurance, brokers legally represents the insured. They are still compensated by the insurer who wins the business
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| show | Including the general agency system and the managerial system, it is used in life insurance by which an insurer builds its own agency force by recruiting, financing, training, and supervising new agents
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| general agency system | show 🗑
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| show | Agency building system where branch offices are established and the branch manager is an employee of the company with the responsibility of hiring and training new agents. The expenses of the office are paid by the insurer.
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| demutualization | show 🗑
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| show | A method where insurance is sold without the services of an agent; potential customers are solicited by media advertisements
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| fraternal insurer | show 🗑
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| show | A system in which the agent is an independent businessperson representing several insurers.
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| show | World’s leading insurance market that provides services and physical facilities for its members to write specialized lines of insurance
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| Non-admitted insurer | show 🗑
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| Reciprocal exchange | show 🗑
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| stock insurer | show 🗑
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| Non-building agency system | show 🗑
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| Personal producing general agent | show 🗑
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| Surplus line broker | show 🗑
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| show | An organization that supplies underwriting information in life insurance to member companies, which report any health impairments of an applicant for insurance
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| show | difference between an insurance company’s assets and its liabilities. Heavily scrutinized by regulators
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| file and use | show 🗑
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| use and file | show 🗑
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| show | Law for regulating insurance rates under which insurers are not required to file rates at all with the state insurance department but may be required to furnish rate schedules and supporting data to state officials
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| show | provide for the payment of unpaid claims of insolvent property and casualty insurers
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| Paul v. Virginia | show 🗑
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| show | 1944 ruling that overturned Paul v. Virginia, finding that insurance was interstate commerce when conducted across state lines and was subject to federal regulation
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| show | 1945 law stating that continued regulation of the insurance industry by the states is in the public interest and that federal anti-trust laws apply to insurance only to the extent that the industry is not regulated by state law
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| show | states that insurers, banks, and investment firms are no longer prevented from competing in other financial markets not in their ‘core’ area of operations
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| NAIC (National Association of Insurance Companies) | show 🗑
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| Rebating | show 🗑
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| twisting | show 🗑
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| risk-based capital (RBC) | show 🗑
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| proportional reinsurance | show 🗑
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| show | premiums, claims, and policy limits are shared on a percentage basis that is specified in the contract (e.g., 25% / 75%)
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| show | premiums, claims, and policy limits are shared on a percentage basis that varies from contract to contract based on a specified retention level chosen by the direct writer
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| show | primary insurer pays claims to a specified level and reinsurer pays losses above that amount.
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