Confidence Level
Percentage of confidence in a finding. For example, if an insurance company's total loss reserves should be $10,000,000 in order to attain an 80% confidence level that enough money will be available to pay anticipated claims, then, in 8 times out of 10, after all claims have been settled the total claims paid out will be less than $10,000,000. Conversely, in 2 times out of 10 the total claims paid out will be greater than $10,000,000.
Popular Insurance Terms
Employer's obligation to fund a pension plan for the time period when employees were qualified to participate but the plan was not yet established. For example, a pension plan is ...
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Combination of coverages from property, liability, health, and life insurance into a single insurance policy from one insurance company. ...
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