The Institutes Glossary


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A formal program to provide consistency of solvency regulation among the states and improve the standards of solvency regulation and financial examinations conducted in all states.
The primary financial statement prepared by insurers and required by every state insurance department.
A financial examination of an insurer by a team of state insurance regulators representing zones in which the insurer operates.
A document written in a style similar to that of a state statute that reflects the NAIC's position on problems or issues in the insurance industry.
A model law that refers to other acts and provides for direct placement of surplus lines insurance.
A model law that recommends capital and surplus requirements for all surplus lines insurers.
A model act requiring a risk and solvency self-assessment by insurers with a focus on ERM-related planning and processes.
A system developed by the NAIC to determine the minimum amount of capital an insurer needs to support its operations, given its risk characteristics.
A bond that contains a listing of each public official or public employee by name with the amount of liability the surety assumes for each person.
An endorsement added to an automobile policy that excludes coverage for damages and injuries caused by a specified driver.
A person, corporation, partnership, or other entity identified as an insured party in an insurance policy's declarations page.
An endorsement that, similar to an additional insured endorsement, adds coverage for one or more persons or organizations to the named insured’s policy and elevates the new insured to the status of a named insured, giving it special rights and obligations.
A specific cause of loss listed and described in an insurance policy. Also used to describe policies containing named perils.
An insurance policy in which the covered causes of loss are listed or “named” in the policy.
Technology that uses microparticles to create innovative characteristics that enhance usefulness or some other desired property.
A disorder characterized by simultaneous feelings of grandiosity and hyper-sensitivity, along with a lack of empathy.
A document prepared for healthcare providers to summarize the course of a patient’s treatment and state the diagnosis; usually accompanied by supporting documentation.
A trade association of insurers that advocates the position of its members to the general public and to policymakers.
An organization that provides meetings and educational programs for surety underwriters.
An association of insurance commissioners from the fifty U.S. states, the District of Columbia, and the five U.S. territories and possessions, whose purpose is to coordinate insurance regulation activities among the various state insurance departments.
An organization that educates the general public, legislative bodies, contractor associations, and others about the benefits of surety bonds.
An advisory association that manages a database of workers compensation insurance information, analyzes industry trends, prepares workers compensation rate recommendations, assists in pricing legislation, and provides data products.
A government-sponsored flood insurance program for communities in designated areas.
An organization that collects insurance data and provides insurers with advisory and statistical services.
A law that prohibits union action for certain acts or objectives.
A reinsurance organization in which hazardous workers compensation loss exposures assigned to insurers under various plans are reinsured by a pool in which all insurers proportionately participate.
A reinsurance organization in which hazardous workers compensation loss exposures assigned to insurers under various plans are reinsured by a pool in which all insurers proportionately participate.
The full title of the Nationwide Marine Definition that specifies the types of property that may be insured on inland marine or ocean marine forms.
Statement of the types of property that may be insured on inland marine and ocean marine insurance forms.
A situation in which one firm’s efficiency at generating the product or service is so great that that firm supplies the entire market and prevents competitors from entering the market.
An express warranty in a marine policy restricting the navigation of the insured vessel to certain waters or restricting the types of cargo the vessel may carry.
The most similar instance in a data model.
A sticker or microchip that enables nearby smartphones to access embedded information.
The death of areas of tissue or bone surrounded by healthy parts; death of tissue (en mass).
A systematic method for determining true training requirements that identifies performance deficiencies—that is, the difference between actual performance, or what exists now, and desired performance, or what is required—and that identifies training and nontraining solutions for deficiencies.
Method used to determine an adequate amount of life insurance based on the survivors’ needs and the amount of existing life insurance, financial assets, and expected social security benefits.
Method used to determine an adequate amount of life insurance based on the survivors’ needs and the amount of existing life insurance, financial assets, and expected Social Security benefits.
An association between variables; values that move in opposite directions.
A statement taken from a person who was near the accident scene, even if he or she indicates that he or she did not actually see the accident and cannot comment specifically as to the cause. Such a statement can be used to discourage or refute later testimony that contradicts it.
The failure to exercise the degree of care that a reasonable person in a similar situation would exercise to avoid harming others.
An act that is considered inherently negligent because of a violation of a law or an ordinance.
A behavior that breaches the standard of care required by society.
The act of leaving a dangerous article with a person who the lender knows, or should know, is likely to use it in an unreasonably risky manner.
A legal doctrine stating that when a vehicle owner or another person in control of an auto entrusts the vehicle to one who is unskilled or otherwise incompetent to operate it, the person who transferred control remains legally liable for any resulting damage.
This occurs when an employer fails to use due diligence in checking the background of employees.
An unintentional act causing mental anguish that results in physical injury.
This occurs when an employer fails to discharge an employee who is known to be a danger to others.
A parent’s failure to exercise reasonable control and supervision over his or her child to prevent harm to others.
The process of discussing an issue between two or more parties and considering alternatives to reach mutual agreement.
A study that documents the velocity of the nerve impulse compared with a normal impulse.
A person's motion or posture suggesting a tension level that is not conducive to effective communication.
The effective amount of insurance equal to the difference between the death benefit and the cash value.
The market value of a fund share, calculated by dividing the mutual fund’s net worth by the number of mutual fund shares outstanding.
The measurement of the amount of assets a corporation has working for each share of common stock. It is calculated by taking the net balance sheet values of corporate assets, subtracting the face value of creditors’ and preferred stockholders’ claims, and dividing the remainder by the average number of outstanding common shares.
The amount of the estimated gross case loss reserve, minus the amount of the contract balance payable by the obligee at the time of default.
Cash receipts minus cash disbursements over a given period.
A liquidity ratio that measures the amount of cash flow from operations as a percentage of total liabilities.
The difference between the cash amount on the accounting records and the cash available at the bank.
The difference between revenues (such as money received for goods or services) and expenses (such as money paid for merchandise, rent, and insurance).
An income statement value that reflects net income or loss after taxes have been deducted.
An income statement value that reflects items that are miscellaneous, nonrecurring, or unrelated to the primary operations of the organization; the item is added or subtracted from operating income.
An indirect loss caused by a reduction in revenue, an increase in expenses, or both during a given time period.
A condition that presents the possibility of loss caused by a reduction in net income.
A ratio of net income to sales that measures a firm's rate of profit compared to sales.
An insurer's gains or losses from the sale of invested assets plus net investment income.
Fixed premium paid over time to fund policy benefits net of expenses, based on an assumed interest rate and mortality table.
A ratio that measures an insurer's loss exposure to both pricing errors and errors in estimating liabilities, after reinsurance, in relation to policyholders' surplus.
A ratio that determines an insurer's loss exposure to unpaid obligations, unearned premiums, and reserving errors.
The amount of coverage an insurer is willing to retain exclusive of treaty reinsurance.
Net income that results when expenses exceed revenues.
The amount of the estimated gross case loss reserve, minus the amount of the contract balance payable by the obligee at the time of default.
A basis of treaty application in which the treaty recoveries apply to losses after all other reinsurance recoveries apply.
A basis of treaty application in which the treaty recoveries apply to losses after other pro rata reinsurance recoveries apply.
Actual loss payments in the current accounting period made to, or for, the beneficiaries of the bonds, minus contract balances and collateral collected and processed.
Necessary amounts based on interest rates and mortality to cover the cost of benefits promised under insurance policies.
A ratio that measures leverage resulting from current premium writings.
The present value of all future net cash flows (including salvage value) discounted at the cost of capital, minus the cost of the initial investment, also discounted at the cost of capital.
The percentage of sales remaining after deducting all expenses.
A profitability ratio that measures the percentage of sales remaining after deducting all expenses that indicates how effective an insurer is at cost control, uses income statement data, and is calculated by dividing net income after taxes by sales.
A reinsurance treaty clause that specifies that the reinsurance coverage applies only to the primary insurer's net retention.
The amount of risk an insurer will retain instead of reinsuring.
A specified amount above which the ceding company is indemnified for a part of the loss.
A reinsurance treaty clause that defines the primary insurer's net retention.
An income statement value that represents the gross sales of the period less all sales discounts, returns, and allowances.
The selling price of goods the insured would have produced had no loss occurred.
A vessel's gross tonnage minus the spaces used for crew quarters and navigation and propulsion machinery; a better measure than gross tonnage of the volume of the vessel used for holding cargo.
An insurer's earned premiums minus its incurred losses and underwriting expenses for a specific period.
The balance sheet value that represents the difference between total assets and total liabilities as of the balance sheet date and that represents the value of the owners’ interest in the business.
Gross premiums charged to policyholders minus premiums paid to reinsurers plus reinsurance premiums assumed.
The study of the connections and relationships among people in a network.
The study of the nodes (vertices) and edges (lines) in a network.
In a social network analysis, an attribute that relates to the node's connections within the network.
An organizational structure that involves small, autonomous units loosely joined.
A data analysis technique composed of three layers, including an input layer, a hidden layer with nonlinear functions, and an output layer, that is used for complex problems.
A medical doctor who performs neurodiagnostic testing and provides medical treatment.
Medical specialties that focus on treatment of the nervous system and affect treatment of and rehabilitation from neurological injuries.
The mathematical function in a neural network that receives input.
An abnormality of the nervous system or nerves.
A medical doctor who performs surgery on the brain, spinal cord, and other nerve-related structures.
An impartial expert who analyzes a specific issue in question.

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