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
Amount of insurance coverage that an insurance company is willing to write on a given category of business. ...
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Extent of the loss caused by accidents. Used in predicting the dollar amount of losses upon which the premiums are based. ...
Present value of a future sum of money to be paid at a stipulated future date. ...
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Requirement that an individual must withdraw a minimum sum annually from retirement savings that have accumulated on a tax-deferred basis. This withdrawal must begin by April 1 of the year ...
Membership organization of state insurance commissioners. One of its goals is to promote uniformity of state regulation and legislation as it concerns the insurance industry. The NAIC ...
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Failure to act with the legally required degree of care for others, resulting in harm to them. ...
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