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
Expense listed on the Income and Expenditure accounting statement for the unexpired insurance policy owned. ...
Several insurance companies under common ownership and, often, common management. ...
Break in commercial activities due to the occurrence of a peril. Coverage against business interruption by various named perils can be obtained through insurance. ...
Revenue based on conservative reserve requirements of various states. Statutory earnings do not meet generally accepted accounting principles (GAAP). A role of state regulation is to make ...
Liability incurred by one insured as the result of his or her damaging another insured when both insureds are covered under the same liability insurance policy. Each insured must be treated ...
Situation in which parties agree to take part in a structured settlement negotiation through the guidance of a neutral expert. By participating in this process, the parties do not agree ...
Life insurance policy option under which the dividends that have accrued may be applied to mature the policy as endowment insurance. ...
Plans that are similar to stock appreciation rights (SARS) in that an employee is granted a contractual right by the employer to a stipulated number of units in the business, which is ...
Model state law of the NAIC that requires that the insurance company and agent provide a prospective insured with written information concerning the cost and benefits of the life insurance ...
Have a question or comment?
We're here to help.