Total Quality Management (tqm)
Management philosophy developed by W. Edwards Deming, the thesis of which is the continuous improvement in quality through research in customer satisfaction and the empowerment of employees. To that end, a range of team-building and work flow-analysis techniques are emphasized. This management technique is useful in its application to insurance company operations since these operations involve transactions between the company and customers to include policy sales, distribution, and claims.
Popular Insurance Terms
General: net premium, plus operating and miscellaneous expenses, and agent's commissions. Life insurance: premium before dividends are subtracted. ...
Describing the process of developing the ultimate losses and then adjusting them to the cost levels projected for the period of time to be forecasted. ...
Requirement of the Internal Revenue Service that any dividend payments received are subject to a 20% withholding if the investor fails to furnish the dividend payer with the investor's ...
Smallest acceptable premium for which an insurance company will write a policy. This minimum charge is necessary to cover fixed expenses in placing the policy on the books. ...
Inland marine policy addition that provides coverage to owners of sheep, and to warehouseowners who store wool as well as wool in transit. ...
Insurance written on the personal and real property of an individual (or individuals) to include such policies as the home owners insurance policy and personal automobile policy. ...
Government reinsurance program that provided coverage for U.S. properties during World War II. Private insurers shared the first layer of coverage, with the government providing ...
Contract providing income payments beginning when the named contingency occurs. For example, upon the death of one spouse (the contingency), a surviving spouse will begin to receive monthly ...
Massachusetts commissioner of insurance responsible for the passage of legislation (1861) that guaranteed policy owners of that state equity in the cash value of their life insurance. The ...
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