Term
|
Definition
| A group of policies with common characteristics. |
|
|
Term
|
Definition
The activity involved in:
- Developing new insurance products,
- Changing existing insurance products,
- Establishing profitability goals,
- Pricing products,
- Managing profitability, and
- Managing operation associated with a portfolio of insurance policies.
|
|
|
Term
|
Definition
The process of
- Identifying factors that are crucial for an organization's success or failure in the marketplace
- Defining signals or events that affect the factors
- Determining the implications of the signals or events
|
|
|
Term
|
Definition
| A small group of customers or potential customers brought together to provide opinions about a specific product, service, need or other issue. They provide qualitative data regarding customers' opinions through open discussion. |
|
|
Term
RISK PROFILE
(of a portfolio) |
|
Definition
| A set of characteristics common to all risks in a portfolio. |
|
|
Term
|
Definition
| A study that compares the likely costs of a product or service with the likely benefits, both to the customer and to the insurer. |
|
|
Term
|
Definition
Process of analyzing the characteristics of policies within a portfolio and the trends of those characteristics.
-
Identifies common loss exposures that generate losses that were not anticipated at the time rates were estalished.
-
Possible activity for correction are then identified and selected for implementation
-
Then is moniotored to determine the effectiveness.
|
|
|
