Premium
The portion of written premiums for which an insurance company has not yet provided insurance protection
What is Unearned Premium?
Refers to the number of actual losses and claims incurred by an insured without regard for their size.
what is frequency of loss?
A combination of coverage from two or more separate lines of insurance in one insurance contract.
what is package policy?
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What are rosettes?
The entire amount of premium written by an insurer.
What is Written premium?
Refers to the size of losses; may consider frequency of loss as part of the evaluation of severity of loss.
what is severity of loss?
Amounts insurance companies are required to hold in reserve to pay losses have been reported but will not but will not be paid until sometime in the future
What is Outstanding loss reserve?
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What is Scotland?
That portion of the premium that represents coverage already provided.
what is earned premium?
Amounts an insurance company spent to pay for covered losses
What is paid loss?
One of the oldest forms of determining rates. The rate is determined without the benefit of extensive loss experience or statistical information.
What is Judgement Rating?
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What is a Blue Whale?
A measure of the extent to which premium income covers a company's losses and expenses, determined by adding together a company's loss ratio and its expense ratio.
What is a combined ratio?
The practice of spreading the risks of losses among broad geographical areas or classifications of for sharing liability for risks, as with reinsurers, to avoid great financial losses to the insurance company
What is spread of risk?
An insurance company's expenses incurred to place business on the books, including acquisition costs such as advertising costs, commissions, costs for inspection reports; servicing costs, which are amounts spent to keep business on the books; administration costs, such as salaries and supplies; and regulatory costs, such as taxes, cost for licenses, and fees
What is Underwriting expenses?
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What are Utah, Colorado, Arizona and New Mexico?