Expense that an insurer incurs to investigate, defend and settle claims according to the terms specified in the insurance policy.
What is Loss Adjustment Expense?
100
Assets meeting minimum standards of liquidity that an insurer is allowed to report on its balance sheet in accordance with statutory accounting principles.
What are admitted assets.
100
A ratio that measures losses and loss adjustment expenses against earned premiums and that reflects the percentage of premiums being consumed by losses.
What is Loss Ratio?
100
The portion of an organization's profits that is paid to shareholders.
What are Dividends?
200
The sale of insurance and the investment of funds
What is Managing Insurer Income?
200
Losses that have been paid to, or on behalf of, insureds during a given period.
What is Paid losses?
200
Under statutory accounting principles, an insurer's total admitted asset minus its total liabilities
What is Policyholders' surplus?
200
An insurer's incurred underwriting expenses for a given period divided by its written premiums for the same period.
What is Expense Ratio?
200
Types of property both tangible and intangible, owned by an entity.
What is an Asset?
300
Totals of all written insurance premium charged on all policies for a calendar period.
What is WRITTEN Premium?
300
Losses that have occurred during a specific period, no matter when claims resulting from the losses are paid.
What are incurred losses?
300
A profitability ratio that indicates whether an insurer has made an underwriting loss or gain.
What is Combined Ratio?
300
Types of property, such as equipment and office furniture that regulators do not allow insurers to show as assets since they cannot convert into cash easily.
What are Non Admitted assets?
400
Premiums that apply to the part of the policy period that has already occurred during given period of time.
What is "earned" premium?
400
Losses that have occurred but have not yet been reported to the insurer.
What are Incurred but not reported (IBNR) losses?
400
Statement showing the insurer's revenue, expenses and net income for a given period.
What is Income Statement?
400
Net investment income divided by earned premiums for a given period.
What is Investment income ratio?
400
Julio Jones
Who is the best Wide Receiver in the NFL?
500
Insurers' gain or loss determined by subtracting the insurer's paid losses and loss adjustment expense from the earned premium
What is Underwriting Income?
500
Financial obligations, or debts, owed by a company, usually the policyholder in the case of an insurer
What are LIABILITIES?
500
Enables the insurance company to grow and expand its future operations.
What is Insurers surplus?
500
The combined ratio minus the investment income ratio.