Insurance Regulatory Information System (iris)
Financial analysis method established by the national association of insurance commissioners (naic) to detect problems of property and casualty insurance companies and life and health insurance companies according to these audit ratios:
- Property and casualty insurance companies: current year increase or decrease in net written premiums to net written premiums in previous year; net written premiums to adjusted policyowners' surplus; loss ratio for two years; expense ratio for two years; net investment income to average invested assets; liabilities to liquid assets; unpaid premiums to surplus; and previous year adjusted surplus to current year adjusted surplus. (Other property and casualty audit ratios concern measurement of the adequacy of a company's reserve.)
- Life and health insurance companies: yield on investments; nonadmitted assets to assets; net gain to total income; investments in affiliates to capital and surplus; expenses (including agents commissions) to premiums; exchange in capital and surplus; and surplus increase or decrease.
Popular Insurance Terms
System of classifying face amount of policies according to size within a given range. The premium rate per $1,000 of face amount varies on a declining basis. As the face amount increases, ...
Standard State Valuation and Non forfeiture Law approved by the national association of insurance commissioners (naic) in 1942. This law is named for Alfred N. Guertin, the actuary who ...
Procedure in which a home office interviewer (who may or may not have underwriting experience) interviews applicants on the telephone. The questions asked the applicant are automated and ...
coverage issued to a creditor on the life of a debtor so that if the debtor becomes disabled, the insurance policy pays the balance of the debt to the creditor. ...
Coverage when business records are destroyed by an insured peril and the business cannot collect money owed. The policy covers these uncollectible sums plus the expense of record ...
Increases (decreases) in capital assets (such as stocks and bonds) between the date of purchase and the date of sale. ...
Reinsurance ceded to an insurance company that is a non admitted insurer. ...
Coverage on an all risks basis for glass breakage, subject to exclusions of war and fire. Thus, if a vandal throws a brick through a window of an insured's establishment, the coverage would ...
Amount, not in excess of $10,000 per year, given to each of an unlimited number of donees free of federal estate tax and gift tax. Each individual can give up to $10,000 to any one donee, ...
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