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16 Cards in this Set
- Front
- Back
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No need to unbundle because |
No additional administration from an AD&D program |
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Age is relative to |
industry |
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Drivers of Poor Vol Life Participation |
Basic Life Plan Design Disposable Income & Cost Of Living |
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Average Cert to Max Ratio |
Highest Max Plan Benefit/Av Face Value |
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Average cert to max ratio helps uw to determine the liklihood of |
shock claim and understand volatility of plan design |
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Measurements of Cert to MaX |
<= 4 fAVORABLE <4X <10X Steady >10x Unfavorable, |
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3 Measurments of Spread of Risk |
Avg Cert to Maximum Ratio 2. Avg age by Volume to Avg age by Lives 3. Nacc /60 |
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Avg age by Vol/Lives measures |
if the older population has greater benefits
Measures Morbidity
<1 is Favorable (kess morbidity) |
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Percent of NACC over 60 is affected by the BRS. How many times is the benefit reduced? |
Should at least be twice |
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Enrollment events. What is a high participation % ? |
Anything over 40% is generally cosidered high |
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Formula Rate |
Reflects the price to cover the expected claim experience on a particular group Based on: demographics plan design group claim experience performance of similar groups on BOB |
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RBA |
Adjustments to claims costs portion of a rating due to information that is not currently captured in the rating methodology |
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RBA Aggregate Guidance 3 categories |
Plan Design Industry ER Characteristics |
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RBA Plan Design Factors for Life & LTD |
EWP Rate Guarantee |
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RBA Plan Design Factors for LTD |
Salary Definition of earnings Elimination Period Definition of Disability |
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RBA Plan Design Factors Life |
BRS and Waiver of Premium Sread of Risk |
