Actuarial
Definition of "Actuarial"
Same as term: Actuarial Science: branch of knowledge dealing with the mathematics of insurance, including probabilities. It is used in ensuring that risks are carefully evaluated, that adequate premiums are charged for risks underwritten, and that adequate provision is made for future payments of benefits.
Popular Insurance Terms
Type of commercial property policy that provides coverage for a business' indirect losses resulting from damages to the property of the business. Coverage normally contains a coinsurance ...
Act that established mandatory notification by manufacturers of products and the distributors of these products to the Consumer Product Safety Commission in the event they become aware of a ...
Actuarial procedure used to determine the annual rate of return at which annual benefits would have to be gained from the cash value life insurance policy in order to equal the annual ...
Insurance company that is not a member of a rating bureau or is not under common ownership or management with other companies. The insurance company is said to stand alone. ...
Monthly benefit payable to retired or disabled worker under Social Security. It is calculated by using the average monthly earnings of the covered person while working. Under this formula, ...
Financial instrument established irrevocably for a minimum of 10 years, after which the principal reverts to the grantor upon termination of the trust. A key feature is that earnings from ...
Representation of ownership rights such as stocks. ...
Insurance salesperson who markets and services policies in one or more states and holds a supervisory position. ...
Requirement upon termination of a pension plan; an employer must reimburse the pension benefit guaranty corporation (pbgc) for any loss that the PBGC incurs as the result of paying employee ...
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