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
Same as term Direct Response Marketing: method of selling insurance directly to insureds through a companies own employees, through the mail, or at airport booths. The company uses this ...
Group arrangement in which a network of attorneys provides legal services to the participants in the plan with the attorney fees being reimbursed by the provider. The attorneys who are ...
Period allowed an insured to notify an insurer of loss. Many policies require immediate written notice, or notice as soon as practicable. Different types of policies have their own time ...
Insurance company that restricts its underwriting of risks to one state. ...
Commercial liability insurance form providing coverage for an insured business in the event of a pollution liability suit. The insurance provides claims made basis liability coverage. ...
Liability arising out of the operation of a motel or hotel as it pertains to the physical safety of guests and their property. ...
Section of the insurance company that administers claims for the losses incurred by the insured. ...
Prior to 1988, right to withdraw retirement assets before age 59 1/2 without having to pay a 10% penalty under the following circumstances: medical expenses are incurred. the plan ...
Required minimum amounts of coverage that an insurance company will underwrite. For example, for auto liability coverage the minimum that many companies will write is $25,000. Most ...
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