Accidentyear Statistics


Definition of "Accident-year statistics"

Lois OConnor
  Sunset Lakes Real Estate

Record of losses and premiums received for accident coverage within a 12-month period. These statistics show the percentage of each premium received that is being paid out in claims and enables the establishment of a basic premium reflecting the pure cost of protection. The trend line generated by the record of losses is an important statistical tool for predicting future losses.


Search Real Estate Glossary

 

Related Real Estate Glossary terms

Self-selection

Effort of a poor risk to seek insurance coverage. The onset of a health problem such as heart diseas ...

Mortgage Payment

The payment of principal and interest made by the borrower. ...

Net Level Premium

Life insurance payment that is constant from year to year. The premium may be paid throughout the li ...

Reconciliation

In appraisal, the process of reconciling three major approaches-that is, the market comparison, c ...

Original Age Conversion

Same as term Original Age: insured's age at the date a term life insurance policy is issued. An orig ...

Land

Real estate held for productive use or investment. Land is recorded at the acquisition price plus ...

Related Real Estate FAQ

What Is An Agent?

A person authorized to work on anothers behalf-for instance, a person authorized to sell or buy a ho ...

What Is A Mortgage Insurance Premium (MIP)?

A mortgage insurance premium is a policy that insures the lender against loss if the homeowner defau ...

What Is A Mortgagor?

A mortgagor is the borrower. ...

How Big Is An Acre?

An acre is an area of land equal to 43,560 square feet. For visuality purposes, an acre is most oft ...

What Is A Lock In?

A lock in guarantees a certain interest rate for a certain period of time. ...

What Are Prepayment Penalties?

A penalty fee charged for paying off a mortgage early, thus allowing banks to still make money off o ...

Read why Real Estate Agent rates 5 Stars in 10 Agent Reviews
Read Reviews

Agents join here
Add our widget on your Website

Real Estate Advice

Why Right Now is a Good Time for Millennials to Buy a Home How is Square Footage Determined? What is Escrow and how does it Work? Why Use a Real Estate Agent? Mortgage Loan Types

FAQ

What is a subdivision? What type of Life Insurance is right for me? What is a credit report? What is a second mortgage? What do I need to know about Watercraft Insurance?