Benchmarking
Definition of "Benchmarking"
Management tool through which a plan for evaluation, measurement, and improvement is implemented. The insurance entity can use this tool to analyze market trends, measure sales performance, measure market penetration, and measure product performance.
Popular Insurance Terms
Same as term Common Disaster Clause: wording in life insurance policies to determine the order of deaths whenthe insured and the beneficiary die in the same accident. For example, if the ...
Single policy under which one individual is insured. ...
Insurance record showing the amount of insurance coverage placed on any one location. ...
Termination of premium payments by an employer on behalf of an employee to an employee benefit plan. ...
Automatic adjustment applied to Social Security retirement payments when the consumer price index increases at a rate of at least 3%, the first quarter of one year to the first quarter of ...
Business involved in buying and selling securities and mutual funds. ...
Law by which many states attempt to regulate insurers who are unlicensed in those states. With a few notable exceptions, such as re insurers, insurance companies must be licensed in the ...
Coverage in which the face amount of a policy remains uniform, neither increasing nor decreasing for as long as the policy is in force. ...
Agreement establishing a trust for the named beneficiary under a life insurance policy. Upon the death of the insured, the trust has the legal obligation to pay the policy proceeds in the ...
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