Term
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Definition
The Difference between the premium income and the losses and expenses for a specific time period.
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Term
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Definition
Interest, dividends and net realized capital gains received by the insurer from the financial assets it owns, minus investment expenses.
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Term
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Definition
| A reduction in the average cost of a product or a process as the size of a company increases. |
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Term
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Definition
| Specifies the characteristics of those customers who are likely to file the numbers and types of claims for which the insurer's products and rates were designed. |
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Term
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Definition
| An event that results in insured losses exceeding a threshold of $24 million and that affects a significant number of policyholders and insurance companies. |
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Term
| Extra-Contractual Liability |
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Definition
| An insurers obligation that goes beyond the terms of a contract. |
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Term
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Definition
| Involves using computerized simulations to identify the potential extent of damage from a single catastrophic event such as a hurricane or an earthquake. |
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Term
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Definition
| A method for delivering services that approaches the customer as an associate rather than as a source for sales. |
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Term
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Definition
| An activity aimed at filling a customer's need at the time of a triggering event. |
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Term
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Definition
| A group of insurance company employees. The team members might not work at the same location, but they share information through a database and converse through electronic media. |
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Term
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Definition
| Makes automobile insurance available to most drivers who cannot obtain insurance in the voluntary marker. The voluntary market includes those coverage that insurers willingly provide at a standard price to applicants who meet their underwriting guidelines. |
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Term
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Definition
| Common characterisitcs of a group of people. Can be used to identify market segments. |
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Term
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Definition
| The value that an individual customer seeks from a provider. The definition of satisfactory service varies by customer and situation. |
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