Insurance Services Office (iso)
Definition of "Insurance services office (iso)"
Organization that calculates rates and develops insurance policies for its property and casualty member companies. The suggested rates are used by smaller companies where the loss experience lacks actuarial accuracy. Its rates are also used by larger companies, which modify them to fit their own loss experience.
Popular Insurance Terms
The concept behind a Private Mortgage Insurance (PMI) is pretty simple: it exists to make sure the lender doesn’t lose its money. What it does is “buy” the possible ...
Bonds that are secured by mortgage securities classified as either interest only or principal only strips (separate trading of registered interest and principal of securities). Insurance ...
One of four types of risks affecting the life insurance company as identified by the society of actuaries. This risk is associated with losses that the life insurance company may incur as ...
Retirement plan for an individual based on a single contract with a benefit based on current earnings, as if they will remain static until normal retirement age. As the earnings of the plan ...
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Date of the initial annuity payment. ...
clause found in health insurance contracts that requires the insured to pay a specified percentage of the covered health care expenses. ...
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Inability to divide a cash value life insurance policy into a savings element and a protection element because, in theory, if the policyowner withdraws a portion or ail of the cash value, ...
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