Term
UNDERWRITING PROFIT (LOSS) |
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Definition
Income an insurer earns from premiums paid by policyholders minus incurred lossses and underwriting expenses |
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Term
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Definition
| The sum of paid losses and loss reserve adjustments for a period of time |
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Term
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Definition
- Includes costs for acquiring new policies
- general expenses for operations
- taxes and fees
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Term
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Definition
Amounts designated by insurance companies to pay claims for losses that have already occurred but are not yet settled.
The 'best estimate' of the total amount that the insurer will pay in the future for a loss that has already occurred. |
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Term
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Definition
| Total admitted assets minus total liabilities |
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Term
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Definition
| The expenses necessitated by the process of inv estigating and settling insurance claims according to the terms specified in the insurance policy |
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Term
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Definition
| Large-Scale plans for interacting with the business environment in order to achieve long-term goals |
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Term
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Definition
| The specific actions required by the organization to implement its strategy |
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Term
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Definition
| Actions required by organizational units or depart,ents for completing a tactic |
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Term
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Definition
| Defined limited assignments with target completion dates |
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Term
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Definition
| Reductions in prices to a previous level |
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Term
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Definition
The insurer that tranfers premiums and loss exposures to the reinsurer |
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Term
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Definition
| Expenses that remain the same regardless of the amount of business an insurer writes |
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Term
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Definition
| Expenses that change relative to premium volume increases or decreases |
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