Formulas
= Incurred Claims - Incurred and Paid Claims
Reserve
AST
Actuarial Strategies & Tactics
Group health plan in which the insurer takes on all risk associated with covering the group and administering the plan
Fully Insured Health Plan
This is the date when a given medical service was provided
Incurred Date or Date of Service
This coach has the most NCAA tournament wins as a head coach
Mike Krzyzewski (Coach K)
= Policy Year Effective Date - Original Effective Date + 1 (in Years)
Duration Year
LEC
Leveled Expected Claims
Company that issues insurance policies. They often cede risk on their issued policies.
Carrier
This is the estimated amount of money that will need to be paid for claims that have already occured
Reserve
This song is traditionally played at the end of the television coverage of the championship game
One Shining Moment
= Earned and Collected Premium + Premium Reserve
Earned Premium
FDIC
First Dollar Incurred Claims
This organization provides operational services such as claims processing and benefit management for insurance companies
Third Party Administrator
This is the term we use in the GMD for an Employee with coverage
This team won the 2025 championship
Florida Gators
=Gross Premium - Claims - Expenses
Profit
ASD
Aggregating Specific Deductible
Insurance carriers reduce their risk exposure by ceding a certain amount of risk to these entities
Reinsurers
This type of stop-loss insurance protects a self-funded employer by reimbursing claims that exceed a set dollar amount for any one individual
Specific Stop Loss Coverage
Since the expansion to 64 teams, this city has hosted the most Final Fours
Indianapolis
= Expected Claims * Attachment Point
Funding
MGU
Managing General Underwriter
Stop loss insurance where the group pays a set dollar amount each month and is not expected to pay more
Level-Funded Stop Loss
In stop-loss insurance, this term refers to a higher individual deductible imposed on certain participants identified as having significant ongoing medical risk
Laser Deductible
This Purdue player holds the record for most made 3 point field goals in a single tournament
Carson Edwards