Definition of "Average"
Arithmetic mean; the sum of a series of numbers divided by the number of numbers comprising the sum. The arithmetic mean is the EXPECTED LOSS that the insurance company prepares itself to pay, as reflected in the BASIC PREMIUM.
Popular Insurance Terms
Provision in health insurance under which an insured disabled person is required to undertake (and is reimbursed for) expenses associated with vocational rehabilitation for retraining to ...
Coverage for business risks including goods in transit, fire, burglary, and theft. A common example is the COMMERCIAL PACKAGE POLICY (CPP). ...
Physical damage to one's person. The purpose of liability (casualty) insurance is to cover bodily injury to a third party resulting from the negligent or intentional acts and omissions of ...
State laws based on a model law of the National Association of Insurance Commissioners (NAIC) that allow insurers to set rates independently; or adopt those rates developed by a rating ...
Termination of coverage in insurance. ...
Amount that each member of a pool contributes to that pool. ...
Agreement in which spouse X (the spouse who is mandated by the court to make alimony and/or child support payments to spouse Y) must put assets (the principal) in a trust, from which the ...
Authority that administers state laws regulating insurance and licenses insurance companies and their agents. ...
Hospital, physician, or other provider of health care that an insurer recommends to insureds. A PPO allows insurance companies to negotiate directly with hospitals and physicians for health ...
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