American Academy Of Actuaries
Professional association that sets standards of performance for those engaged in actuarial functions. Members are entitled to use the professional designation MAAA (Member, American Academy of Actuaries). The U.S. Department of Labor and the Internal Revenue Service requires that documents filed with these governmental agencies be signed by a member of the American Academy of Actuaries attesting to the validity of actuarial calculations concerning benefits to be paid and their funding. The academy is located in Chicago, Illinois.
Popular Insurance Terms
Those claims that arise when two or more property and casualty insurance companies have coverage on a loss. Which company then owes which portion of the claim must be determined. ...
Method of depreciating an asset in which its useful life is divided into an appropriate number of years (or other periods), the final salvage value is deducted, and the asset is written off ...
Actuarial method of crediting retirement benefits earned and the costs associated with these earned retirement benefits. An increment (unit) of benefit is credited for each year of ...
Government reinsurance program that provided coverage for U.S. properties during World War II. Private insurers shared the first layer of coverage, with the government providing ...
Additions of new entrants into an employee benefit insurance plan. ...
Coverage through an endorsement to the personal automobile policy (pap) to extend its protection against accidents within a 25 mile radius of the U.S. border. This coverage is excess over ...
Organization of home service debit life insurance companies and combination companies. ...
Projected percentage of the earned premiums that will be required by the insurance company to pay for the incurred losses plus the loss adjustment expense. ...
Confirmation by an insurance company of the acts of its agent, regardless of whether or not these acts were committed within the limit of authority granted the agent by the company. By so ...
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