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
Option to an insurance company to replace, reconstruct (repair), or reproduce (rebuild) damaged or destroyed property covered by property insurance rather than indemnify an insured in cash. ...
Exclusion in property insurance eliminating coverage for damage or destruction of property due to insects. ...
The term pro rata comes from Latin and translates to in proportion, proportionally, the proportion of, proportionately determined, or according to a specific rate. It is often used in legal ...
Expenses added to the beginning of a premium payment period. For example, an annuity with a 10% front load would include $10 of expenses for each $100 premium paid. ...
Automatic right of an insured to renew a policy until a given date or age except under stated conditions. It is extremely important for the purchaser to review the conditions for renewal in ...
Act that makes it mandatory for employees with spouses to be in receipt of retirement income from a pension plan in the form of a joint life and survivor ship annuity, unless the employee's ...
Settlement choice under a life insurance policy whereby a beneficiary may elect to have the death proceeds paid in the form of a joint and survivor annuity. ...
Combination life insurance policy consisting of ordinary life and double the amount of term life. Should the insured die within a stipulated time period, the double term amount and ordinary ...
Coverage under life and health insurance policies for dependents of a named insured to include a spouse and unmarried children under a specified age. Under some life insurance policies an ...
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