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
Amount of reinsurance accepted by a second reinsurer which is in excess of the original insurer's retention limit and the first reinsurer's first surplus treaty's limit. ...
Life insurance that stays in effect for only a specified, limited period. If an insured dies within that period, the beneficiary receives the death payments. If the insured survives, the ...
Premiums paid with funds that are not borrowed from life insurance. It is important to ascertain the finance charges and the costs/benefits of such a transaction. ...
Part of the Balanced Budget Act of 1997 that permits medicare recipients to select coverage among various private health care plans to include HMOS, PPOS, POINT-of-SERVICE (POS), MEDICAL ...
Oral or written statement that results in injuring the good name or reputation of another, causing that individual to be held in disrepute. ...
Coverage for bodily injury and/or death resulting from accidental means (other than natural causes). For example, an insured is critically injured in an accident. Accident insurance can ...
Insurance company that puts together a consortium of insurance and reinsurance companies to provide an adequate financial base with sufficient underwriting capacity to insure large risks. ...
Method of payment of an insurance premium that allows an insured to regulate the amount and frequency of the premium payments in accordance with cash flow over a stipulated period of time. ...
form of BOILER AND MACHINERY INSURANCE that covers power generating plants. form of BUSINESS INCOME COVERAGE FORM that covers a utility customer's losses resulting from interruption of ...
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