Discover the fundamentals of Automatic Proportional Reinsurance, where insurers automatically share risks, premiums, and losses with reinsurers, and the dynamics of transfer commissions.
Learn about the Graduated Life Table in life insurance, a mortality table enhanced with a formula for accuracy in predicting life expectancy.
Learn about policy reserves in life insurance, a crucial concept ensuring that all policies merit a portion of the pro rata reserve.
A comprehensive guide to the Theory of Probability, the mathematical foundation that underpins the principles of general insurance.
Learn about manual rates in general insurance, how they are derived from average claims data, and their customization based on information from specific groups.
Discover what adverse selection is in general insurance. Learn how individuals with higher-than-average risks attempt to buy insurance at standard rates and its implications.
Learn about the Commissioner’s Standard Ordinary Mortality Table, a critical tool used in life insurance to calculate the nonforfeiture value due to policyholders.
Discover what a deficiency reserve in life insurance means, including when it is required on a balance sheet if the premium charged is less than the net premium reserve.
Learn about expected mortality in life insurance, including how the anticipated probability of death is determined using a mortality table for specific groups.
Learn about Full Preliminary Term Reserve Valuation in Life Insurance, a policy stipulation where reserves are not mandatory in the first year and adjusted in following years.
Incurred But Not Reported (IBNR) refers to losses in general insurance that have occurred but have not yet been filed as claims. Learn how IBNR impacts insurance companies and policyholders.
Understand what constitutes a noninsurable risk within general insurance terms. Discover why certain risks cannot be insured due to high probability of loss or inability to measure actuarially.
Understanding Pure Premium: The portion of the premium payment designated to cover probable losses in general insurance.
Learn about T Tables (Pensions) and their significance in calculating retirement benefit funding by incorporating interest and mortality rates.
Dive into the concept of experienced mortality in life insurance, which examines the actual mortality rates of a specific group compared to expected mortality. Learn how it impacts life insurance policies and premium calculations.
Gain insight into the Loss Development Factor (LDF) used in Workers Compensation. Learn how LDF helps insurers manage extra funds for late-reported claims and the development of losses.
Learn the basics of loss loading in reinsurance and how it influences the reinsurance rate. Explore how this essential factor is applied to a pure loss cost.
Explore the concept of mortality savings in life insurance, which is determined by subtracting actual mortality experienced from expected mortality. Learn how it impacts insurance policies and premiums.
Learn about the mortality table in life insurance, which displays the frequency of death at particular ages, along with deaths by age group and based on a population of a million.
Dive into the concept of Net Level Premium in life insurance, which represents the pure cost of the policy spread over its term. Learn how it is calculated and its significance.
Learn about pure loss cost ratio in reinsurance, which represents the reinsurer’s losses in relation to the premiums received by the ceding company.
Discover what the mortality rate in life insurance means, how it's calculated, and its significance. Learn about crude mortality rates and age-specific adjustments in the context of life insurance.
Understand the concept of Policy Year Experience, a method of assessing premiums earned and losses experienced during a 12-month policy term. Essential for anyone interested in general insurance terms.
Learn about morbidity tables in health insurance, which are used to show the frequency of illness at specific ages. Discover how these tables are instrumental in assessing health risk and setting premiums.
Learn how the Law of Large Numbers impacts probability of loss in general insurance. Discover why a larger number of exposures lead to more accurate predictions.
Learn about the Standard Annuity Table, a crucial mortality table used for annuities, formally known as The 1937 Standard Annuity Table, and its significance in pensions.
Learn about the Unfunded Supplemental Actuarial Value in pensions, which represents the difference between Supplemental Actuarial Value and Actuarial Asset Value.
Learn about the Z Table in life insurance, which presents mortality data from 1925 to 1934, and its significance in the insurance industry.
Explore the concept of the Burning Cost Ratio in reinsurance, understanding its definition, calculation based on different reinsurance policies, and its crucial role in assessing insurer liabilities and premium income.
Learn about what a ceding company is in the realm of reinsurance, including its role in transferring insurance policies to another insurance company.
Understand the Commissioner's Standard Industrial Mortality Table, used to determine the nonforfeiture value for industrial life insurance policies. Learn its role and significance in life insurance.
Learn what a contingent fund is, its significance in general insurance, and how it safeguards against potential rare event losses.
Learn about the net level premium reserve, the crucial reserve an insurer must maintain to pay net level policies in their later years efficiently.
Learn about terminal funding in pensions, where retirement financing is provided by a sum of money set aside by the employer at retirement.
Learn about the Basic Mortality Table, a tool used in general insurance that lists actual ages of death without probability adjustments. Understand its importance and application.
Learn about the concept of the expectation of life in life insurance, which estimates the remaining years for a person of a certain age using a mortality table.
