Accident Severity
Definition of "Accident severity"
Extent of the loss caused by accidents. Used in predicting the dollar amount of losses upon which the premiums are based.
Popular Insurance Terms
Typical non qualified plans of life insurance for key employees include: permanent life insurance dividends generated by the policy are used to pay the income tax of the key employee that ...
Claim (lien) of the pension benefit guaranty corporation (pbgc) against an employer's assets upon termination of a pension plan for the amount of an employee's unfunded benefits. ...
Collection of numbers to record and analyze data such as occurrences of events and particular characteristics. Statistics are absolutely vital to all elements of insurance. In life and ...
Term in pensions; leaving a job before normal retirement age, subject to minimum requirements of age and years of service. There usually is a reduction in the monthly retirement benefit. ...
Action in which an insurance company develops an insurance product and sells that product to a third party (usually financial advisers such as accountants, lawyers, and/or bankers) who add ...
Individual permitted to enter property with the permission of the owner or the person who controls the property. There is no mutual profit motive; the licensee comes onto the property for ...
Coverage for paintings, pictures, etchings, tapestries, art glass windows, antique furniture, coin collections, and stamp collections owned by individuals and businesses. These works are ...
Type of endowment insurance that matures at a stipulated retirement age and whose purpose is to provide retirement income to the insured. ...
Flat dollar amount added to arrive (premium rate per $1000 of face amount x face amount) at the premium. ...
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