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23 Cards in this Set
- Front
- Back
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underwriting function
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selection of insureds, assignment of the appropriate price for coverage, review of the applicant's loss history and determination of policy terms and conditions.
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loss control services
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loss prevention activities intended to reduce the frequency of losses and loss reduction activities meant to reduce the severity (magnitude) of loss.
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replacement cost system
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calculate the actual replacement cost of a property upon receiving certain data, including dimensions, location, occupancy and construction materials used.
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rate advisory services
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service organization that collect and publish loss data.
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judgment method
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individual basis for special coverages or unusual exposures for which there is listtle or no loss experience.
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loss ratio method
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primarily used for property coverages and it involves the comparison of the actual loss ratio with the expected loss ratio.
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pure premium method
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used mainly for third-party lines of insurance, such as workers compensation and liability.
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prospective loss costs
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expected future costs of losses by classes of business
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premium audit
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used to determine adjustments to an initial premium paid for the coverage.
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Artificial intelligence AI
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group of related technologies that attempt to develop machines to emulate human like qualitites such as learning, reasoning, communicating, seeing and hearing.
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Expert System
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interactive computer programs that help users solve problems that would otherwise require the assistance of a human expert.
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knowledge engineers
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build a knowledge base with if/then statements and decision rules obtained from the expert underwriters.
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inference engine
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knowledge base is combined with this processing program which will constitue an expert system.
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first party losses
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property losses - actual extent of loss, is loss covered
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third party claims
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liability claims - is insured legally liable, is loss covered by policy, what is the extent of the damages
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claim reserve
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estimate of the settlement amount expected
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Valuation services
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services for jewelry and vehicles determine value of items
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case reserve
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reserve created for an individual loss or claim
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aggregate loss reserve
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total reserve amount on the insurer's books
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loss reserve
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estimate of the amount that will be paid in settlement of a claim.
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IBNR reserve
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reserve for incurred but not reported claims
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loss development
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a measurement of the increase in aggregate loss values over time.
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imaging system
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converts text, drawings and photographs into a digital form that can be used in a computer system and then manipulated using different software programs.
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