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
Return of employer contributions to a pension if that plan is (1) newly established and is determined by the IRS not to be tax qualified; or (2) long established but the IRS disallows a ...
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Physical handing of an insurance policy to the insured. Sales training emphasizes the importance of delivery of a policy by the agent. This develops a caring attitude on the part of the ...
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Extremely aggressive behavior by an insurance agent to convince a prospect to purchase the insurance product without due regard for the prospect's ability to pay the premiums and/or needs ...
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