Definition of "Class"
Group of insureds with the same characteristics, established for rate-making purposes. For example, all wood-frame houses within 200 feet of a fire plug in the same geographical area would have similar probabilities of incurring a total loss.
Popular Insurance Terms
Cash carried forward from the previous year, plus gains from operations for the current year, plus any capital gains. ...
Total of interest, dividends, and other earnings derived from the insurance company's invested assets minus the expenses associated with these investments. Excluded from this income are ...
Act that provides retroactive liability for environmental claims by mandating that those who polluted the environment must pay to clean up the pollution, regardless of how long ago their ...
Life insurance premium that is not currently due. Future payments are made on a frequency basis other than annual. ...
Agreement of two or more insurance companies to provide a product or service. ...
Organization that develops and publishes educational material and administers national examinations in supervisory management, general insurance, claims, management, risk management, ...
Statistic indicating the degree of dispersion in a set of outcomes, computed as the arithmetic mean of the differences between each outcome and the average of all outcomes in the set. ...
System whereby the re insurer shares losses in the same proportion as it shares premium and policy amounts. Proportional reinsurance may be divided into the two basic forms: automatic ...
Professional designation conferred by the International Board of Standards and Practices for Certified Financial Planners. In addition to professional business experience in financial ...
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