Appointed Actuary
Actuary, appointed by the life insurance company, required by the national association of insurance commissioners (naic) under the naic: standard valuation law to provide an opinion as to the compliance of the insurance company's statutory statement with the law and the level of assets needed to support the statement of liabilities of the insurance company. In essence, this actuary is responsible for documenting the adequacy of the liability reserves according to the reserve liabilities regulation as established by the NAIC.
Popular Insurance Terms
Transfer of highly individualized loss exposures that is not based on the usual pooling principles of insurance such as risk identification and classification selection. Rather than setting ...
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Deferred annuity under which one premium payment is made and the annuity is paid up (no further premium payments are required). ...
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Clause in an insurance policy that provides for the payment of a monetary sum to the individual (s) who incurred the loss. ...
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