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
Largest property and casualty insurance company trade association in the world (international membership)whose objectives include the service of its membership through positive legislation ...
Plan that combines the simplicity and flexibility of the traditional profit-sharing plan with the best features of the defined benefit plan and the target benefit plan. By age-weighing the ...
Coverage that provides two types of benefits, disability income (DI) and medical expenses. Sold by insurance companies whose business objective is the profit motive (as distinct from Blue ...
In the insurance field, we have insurance companies, which is where every individual or company goes to get insurance policies, and then there are reinsurance companies. Now, you might ask ...
Experience as it relates to the annual costs associated with a pension plan. In calculating premiums due under a pension plan, basic assumptions must be made concerning future loss ...
Termination of a contractual obligation for immediate performance. For example, under the homeowners insurance policy, if the insurer refuses to pay a claim, the insured (if not satisfied ...
Coverage for additional buildings on the same property as the principal insured building. Most property insurance contracts such as the homeowners insurance policy cover appurtenant ...
In health insurance, the applicable average rate charged for a semiprivate room in the geographical area in which the charge is incurred. ...
Endorsement to an existing policy or a separate policy covering loss of rental income to the property owner, caused by the damage or destruction of a building, rendering it unrentable. The ...
Have a question or comment?
We're here to help.