Probability
Distribution that a regular bell curve follows
What is the normal distribution?
Series of payments made at regular intervals such as annually, quarterly, etc
What is an annuity?
A request from a policy holder to cover damages incurred under their policy
Claim
The excel function to get the mean of a column/row
What is Average()
Insurance legislation that was passed in March 23, 2010 requiring Americans to have health insurance
What is the Affordable Care Act (Obama Care)?
Theorem determining conditional probability of an event
What is bayes theorem?
The reverse of interest rate
What is a discount factor?
The amount of money that a policy holder pays on a regular basis
What is a premium?
Two functions that can be combined to create a customizable look up tool
What is index and match?
The acronym PHI stands for this
What is Protected Health Information?
If two variables are independent, there correlation will equal this
What is 0?
Loan repayments apply to this portion of the loan first
What is interest?
The amount of money that a policy holder will have to pay before their policy kicks in
What is a deductible?
Allows you to maintain a specified number of rows or columns in view while navigating a sheet
What is freeze panes?
How doctors, hopsitals, and specialtists are referred to in insuarance?
What are providers?
Formula for the combination operator
What is n!/(r!(n-r)!)?
What are the periodic interest payments of a bond called?
Coupons
The cost sharing method where insurance covers a certain percentage of a claim
What is coinsurance?
The language used for automation in excel
VBA (Visual Basic for Applications)
The nation's public health insurance program for people with low income
What is Medicaid?
What is the plural version of the geometric series?
Negative binomial distribution
Viewed as the economic balance point of the cash flows of an investment
What is macaulay duration?
The process of determining how much money to set aside for future claims
What is valuation or reserving?
Tool to create a visual filter to control pivot tables, this method allows for user to click on filters
What are slicers?
Federal health insurance for anyone age 65 and older, and some people under 65 with certain disabilities or conditions
What is medicare?