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
Refusal by an insurance company to underwrite a risk. ...
Nominal interest rate minus the rate of inflation. ...
Former method of funding a pension plan. When employees retire, the employer sets aside a lump sum that will pay them lifetime monthly benefits. When determining the amount, these factors ...
Coverage for a practicing physician, surgeon, or dentist, when bodily injury, personal injury, and/or property damage is incurred by a patient and the patient sues for injuries and/or ...
Professional designation earned after the successful completion of six national examinations given by the insurance institute of America (IIA). Covers such areas of expertise as premium ...
Series of payments made on either a FIXED DOLLAR ANNUITY basis or VARIABLE DOLLAR ANNUITY basis. ...
Analytical procedure to predict the failure rate of a system still in the design stage. ...
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 ...
Principle that holds that social insurance programs should be for the benefit of lower socioeconomic segments of society and not for that segment of society that does not require financial ...
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