Inductive Reasoning
Type of logic that makes the assumption that what has happened in the past will happen in the future, given the same conditions surrounding the two occurrences. In other words, "History repeats itself." In insurance, an example would involve the assumption of future wooden frame houses burning if the same conditions exist now that existed in the past when wooden frame houses burned.
Popular Insurance Terms
Provision of liability policies and the liability sections of package insurance policies, such as the personal automobile policy (pap), that pay medical expenses without regard to fault. ...
Pension plan funding instrument in which contributions paid by an employer are deposited to accumulate at interest. (These plans are usually noncontributory.) Upon retirement, an immediate ...
Insurance for which premiums are charged according to the size of the face amount of the policy, so that the greater the face amount, the lower the cost per $1000 unit of insurance. ...
Highest price investor is willing to pay for a stock or mutual fund unit and lowest price a seller of a stock or mutual fund is willing to accept. ...
Group of mutual insurers that provides insurance for nuclear reactors that standard property and liability policies exclude. The federal government provides supplementary coverage. ...
Limited number of payments, the first of which is due immediately, and payments thereafter are contingent upon the designated beneficiary (the annuitant) continuing to live. After the limit ...
Day-to-day care that a patient (generally older than 65) receives in a nursing facility or in his or her residence following an illness or injury, or in old age, such that the patient can ...
Measurement of the response of the cash flow of an insurance company to various interest rate scenarios; for example, how rising interest rates will affect the number of life insurance ...
Combination policy plan of fidelity insurance and crime insurance under five standard agreements: Insuring Agreement dishonesty of employees on either a COMMERCIAL BLANKET BOND or ...
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