Personal History
Definition of "Personal history"
Insurance applicant's life and health record, financial standing, driving record, general character, vocation, and habits. These factors are evaluated by a home office underwriter in classifying the applicant as insurable, preferred, extra-risk, or uninsurable.
Popular Insurance Terms
Measure used in the retrospective rating method for workers compensation insurance. A factor is applied to the incurred losses during the rating period in question in order to generate a ...
Group that monitors government health insurance programs. Authorized by the 1972 amendment to the Social Security Act, PSROs were set up to cut costs and minimize abuses by checking on the ...
Three types of damages can be awarded to a plaintiff: Special Damages reimbursement for out-of-pocket expenses, including medical bills, legal charges, cost of repairing damaged or ...
Premium that equals the net level premium plus the modification of the net level premium to reflect the cost associated with paying for the first year initial acquisition expenses. The ...
Total of interest, dividends, and other earnings derived from the insurance company's invested assets minus the expenses associated with these investments. Excluded from this income are ...
Insurance that covers an indirect loss stemming from a direct loss by a covered peril to income-producing property. A building destroyed by fire represents a direct loss. Lost income ...
Value of a foregone opportunity, one rejected in favor of a presumably better opportunity. For example, investment of a sum into a mutual fund instead of a variable annuity with a ...
Calculations involving the mortality rate of a company's insureds and the rate of return on the company's investments. It is used in calculating the prospective reserve. ...
Same as term Expected Loss: probability of loss upon which a basic premium rate is calculated. ...
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