Statistics
Definition of "Statistics"
Collection of numbers to record and analyze data such as occurrences of events and particular characteristics. Statistics are absolutely vital to all elements of insurance. In life and health insurance, they are used to tabulate age, sex, disability, cause of death, occupation, and other data needed to construct a morbidity table and mortality table, which in turn figure importantly in calculating premiums. Similarly, in property and casualty insurance statistics are used to record losses and injuries to help predict their future occurrence in order to calculate premiums.
Popular Insurance Terms
Coverage for suits brought by a plaintiff as the result of bodily injury incurred while using an elevator on the insured's premises. ...
Coverage on more than one person that pays a benefit after all of the insureds die. This type of joint life policy is significantly cheaper than a regular policy. Survivorship life ...
Sum received by an insurance company at the sale of its stock. This capital represents the interest of the stockholders in the company. ...
Policies that have been sold to and paid for by an insured, but not yet delivered to the insured. ...
Maximum amount that an insurance company will pay under a liability insurance policy for claims resulting from a particular accident. This maximum amount applies regardless of the amount of ...
Coverage that guarantees that the executor or administrator of an estate will conduct his or her duties according to the provisions of the will and the legal requirements of the ...
New pension-accounting rule created by the Financial Accounting Standards Board. The objective of this rule is to clarify pension accounting so that investors, employers, and employees will ...
Interest of a beneficiary in the proceeds of a survivorship annuity. ...
Experience as it relates to the annual costs associated with a pension plan. In calculating premiums due under a pension plan, basic assumptions must be made concerning future loss ...
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