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API 29 - Personal Insurance
Portfolio Management - Chapter 8
12
Insurance
Professional
09/01/2012

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Cards

Term
Work Flow
Definition
the series of steps or actions that must be completed, in sequence, to accomplish a particular task.
Term
Expert Systems
Definition
software programs that duplicate the decision-making process. In insurance, expert systems complete the same steps that an underwriter takes in assessing a risk.
Term
Document Maintenance
Definition
includes filling, maintaining, storing, and retrieving applications, photographs, inspection reports, policyholder correspondance, and all other underwriting documents.
Term
Transactional Filing
Definition
a filing system in which all paper documents for all clients are filed by the date on which they were processed. To retrieve the original document, a staff member checks on the date of the transaction on the computer system and then goes to the file for that date to locate the document.
Term
Touch-Screen Kiosks
Definition
automated machines at which customers can get information or make purchases. Consumers make selections by touching words or images on a computer screen, eliminating the need for a keyboard.
Term
Empowerment
Definition
the distribution of authority, resources, information, and accountability to employees in an organization in order to make decisions and solve problems.
Term
Learning Organizations
Definition
those where people, that individually and collectively, continually expand their capacity to produce results and expand their patterns of thinking.
Term
Knowledge Management
Definition
a strategy for capturing and assesing information so that everyone in an organization is able to access the information needed. Knowledge can be explicit or tacit. Explicit knowledge is internal/external information found in documents. Tacit knowledge is the intellectual capital of individuals within an organization. Tacit knowledge is required to apply explicit knowledge.
Term
Capital
Definition
equals total assets minus total liabilities. It is a measurement frequently used to asses the financial strength of insurance industry.
Term
Modeling
Definition
a system of calculating known outcomes based on current data, and then applying those calculations to new data to predict future outcomes.
Term
Securitization of Risk
Definition
involes an insurer's sale of short-term bonds and other financial instruments to investors in order to generate the cash required to pay potential catastrophie claims during a specific period of time. The investor earns profit if a company's catastrophe losses for the period are less than anticipated. The company's obligation to pay interest, and possibly, to repay the principal on these bonds is suspended in the event of a catastrophe.
Term
Underwriting Expenses
Definition
an insurer's operating costs including expenses directly related to marketing, application processing, policy issuance, salaries, employee benefits, computer systems, building rent and maintenance, office supplies, and equipment.
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