The Institutes Glossary


BROWSE BY LETTER:

A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z | ALL | SPECIAL

Page:  1  2  3  4  (Next)
  VIEW ALL

R

A statistical programming language used for data handling, calculation, analysis, and display.
Steel shelving of any height, on which goods are stored.
A statute that permits prosecution under federal law of two or more acts of racketeering activity, including arson, mail fraud, wire fraud, bank fraud, interstate transportation of stolen vehicles or property, and theft from interstate shipments.
An electromagnetic phenomenon that transfers heat by moving particles equally in all directions from the source.
Disorder of a spinal nerve root resulting in radiating symptoms associated with that nerve root’s pathways.
A technology that uses radio frequency to identify objects.
A transponder that communicates with an antenna and transceiver (together called the reader) using radio frequency identification.
A commercial property endorsement for organizations that have a radioactive contamination exposure on their premises, other than a nuclear reactor or fuel for a nuclear reactor; covers physical loss to covered property caused by sudden and accidental radioactive contamination.
A bone located on the thumb side of the forearm that fits into the distal end of the humerus and the side of the ulna.
Based on the distance from the point of principal garaging to the farthest point to which the vehicle regularly operates.
A measurement of road exposure used to classify commercial vehicles. It is measured on a straight line from the street address of the vehicle's principal place of garaging to the furthest point the vehicle operates.
The sloping supports of a roofing frame.
Form that covers a railroad against claims arising out of a contractor’s work on or adjacent to a railroad property and that is purchased by the contractor.
Insurance purchased by a contractor performing operations on or adjacent to railroad property to cover the owner of the property against liability claims or physical damage arising out of the contractor’s work.
A measure of dispersion; the difference between the largest and smallest observations in a data set.
A combustibility classification for occupancies that contain merchandise or materials representing an extreme fire hazard to the structure.
The price per exposure unit for insurance coverage.
Documentation filed by an insurer with a state requesting a change in existing rates.
A resource for classifying accounts and developing premiums for given types of insurance; includes necessary rules, factors, and guidelines to apply those rates.
An asset's or activity's annual profit or surplus, expressed as a percentage of its original cost.
A measure of the appropriateness of the reinsurance premium relative to the reinsurance limit.
A number by which a base rate may be multiplied to reflect the relatively higher or lower loss exposure of one homogeneous group compared to that of another.
Procedures and principles reflecting an insurer’s underwriting approach to a line of insurance.
The process insurers use to calculate insurance rates, which are a premium component.
Creation of an agency relationship resulting when a principal adopts the act of another who has purported to act for the principal and has neither power nor authority to perform the act for the principal.
The process of applying an applicable rate and rating plan to a particular exposure and performing any other necessary calculations to determine the policy premium for that exposure.
An organization that prepares all or parts of rate filings and submits them to regulators on behalf of its members.
A set of directions that specify criteria of the exposure base, the exposure unit, and rate per exposure unit to determine premiums for a particular line of insurance.
The town, city, county, or other designated area where the vehicle is principally garaged.
A measure of loss exposure used in garage liability pricing determined by multiplying the class of operators by the number of persons in the class.
A financial analysis tool used to study the financial condition of an account; two or more data items from accounting records of a company are related to one another and the result is compared to results for prior accounting periods or for similar businesses.
Expression of a value’s position on a continuum with other values relative to zero.
Data that have not been transformed into meaningful information.
The reactive methods of listening to the voice of the customer happen only when the customer initiates the communication.
To obtain data and place that data into the computer's memory.
In computing, to obtain data and place that data into the computer's memory.
An amount provided to survivors to allow a transition from the current income level to a reduced income level.
A defense of an obligor of a negotiable instrument that may be asserted even against a holder in due course.
Animate or inanimate physical and tangible items that are related to the original litigated occurrence. This includes mechanical parts, weapons, scars on a person’s body, and similar physical items directly related to the claim.
Tangible property consisting of land, all structures permanently attached to the land, and whatever is growing on the land.
Any of a variety of ownership interests in real property.
The rate of return adjusted for the effects of inflation.
A gain or loss from an economic transaction.
The profit earned by an insurer when an asset, such as a bond or stock, is sold for more than its cost.
Modifications to the work environment for any employees with disabilities, without causing significant hardship for the employer
A legal doctrine that provides for an ambiguous insurance policy clause to be interpreted in the way that an insured would reasonably expect.
An imaginary person who is used as a standard in determining the amount of care that a person must use in any given situation.
A standard for the degree of care exercised in a situation that is measured by what a reasonably cautious person would or would not do under similar circumstances.
A standard for the degree of care exercised in a situation that is measured by what a reasonably cautious person would or would not do under similar circumstances.
Temporary repairs to prevent further damage to the property. The amount spent should bear a reasonable relationship to the value of the property.
The practice of giving a portion of the producer's commission or some other financial advantage to an individual as an inducement to purchase the policy.
The process of creating an organization’s marketing identity with a product or service.
In model performance evaluation, a model’s correct positive predictions divided by the sum of its correct positive predictions and incorrect negative predictions.
An asset classification that consists of the amounts owed to a company by customers and other outsiders.
An activity ratio that measures the relationship between credit sales made during the year and the average amount of accounts receivable over the same period; uses balance sheet and income statement data and is calculated by dividing credit sales by the average accounts receivable; to determine the average number of days an accounts receivable remains outstanding, divide 365 by the calculated ratio.
A disinterested person or business entity appointed to receive, protect, and account for money or other property due.
The person who chooses from the verbal and nonverbal symbols in the sender's message to interpret the message's meaning.
A court-appointed fiduciary who takes possession of the property in dispute, preserves it from waste or destruction, and, at the court’s direction, disposes of it.
A person appointed by a U.S. Trustee to temporarily take charge of a bankrupt person’s or entity’s property and protect creditors’ interests.
A type of bankruptcy an insurer enters into when a receiver is appointed to manage the insurer and its property.
A business that buys all or a large part of an insured’s products or services.
A business that buys all or a large part of another’s output.
An insurer owned by its policyholders, formed as an unincorporated association for the purpose of providing insurance coverage to its members (called subscribers), and managed by an attorney-in-fact. Members agree to mutually insure each other, and they share profits and losses in the same proportion as the amount of insurance purchased from the exchange by that member.
An insurer owned by its policyholders, formed as an unincorporated association for the purpose of providing insurance coverage to its members (called subscribers), and managed by an attorney-in-fact. Members agree to mutually insure each other, and they share profits and losses in the same proportion as the amount of insurance purchased from the exchange by that member.
An insurer owned by its policyholders, formed as an unincorporated association for the purpose of providing insurance coverage to its members (called subscribers), and managed by an attorney-in-fact. Members agree to mutually insure each other, and they share profits and losses in the same proportion as the amount of insurance purchased from the exchange by that member.
A deliberate performance or nonperformance of an act with knowledge or reason to know that harm to another will probably result.
The process that restores land to a condition as near as possible to the condition before a mining, drilling, or exploration operation began or to a prescribed condition.
A classification of bonds that guarantee restoration of land to its original state after completion of the principal’s operations.
The process of matching the net income and continuing expenses projections with the actual sales made and expenses incurred during the loss period.
The cutoff date before a stockholders’ meeting for determining which stockholders are entitled to vote.
A safe designed principally to protect money and valuable records from fire damage.
An occupational incident, illness, or injury that must be entered into a log by the employer to meet Occupational Safety and Health Act requirements.
A type of financing in which a lender can recover from a borrower and any parties secondarily responsible for the borrower’s bad debt.
A policy provision that clarifies the insured's options when a claim based on the loss of property has been settled but the property is later recovered.
Organizations achieve these when they handle complaints in such a way as to exceed customer expectations and gain customer loyalty.
The disaster recovery plan phase in which the insured restores a business from loss after a loss event occurs.
A provider who assists an injured person in selecting activities, hobbies, sports, and exercises that maximize his or her recreational opportunities.
A vehicle used for sports and recreational activities, such as a dune buggy, all-terrain vehicle, or dirt bike.
A return of symptoms as part of the natural progress of a disease.
Successively applying a model.
The return to the country of origin of goods that were imported illegally.
A corporation’s repurchase of previously issued securities.
A prohibited underwriting practice in which coverage is refused in areas where civil unrest seems likely.
A nonforfeiture option whereby the owner accepts a reduced paid-up amount of permanent insurance that requires no further premium payments.
In claims analysis, the degree to which losses have been over-reserved compared to amounts for which they are actually settled.
A reentry provision in a renewable term life insurance policy enables an insured to submit evidence of insurability at the time of renewal in order to obtain a lower premium rate and an increased renewal rate guarantee period.
An equitable remedy with which a court rewrites, or reforms, a contract to reflect the parties’ intentions.
A legal action that corrects the mistake and alters a principal's bid.
An annuity that pays beneficiaries the difference between the premiums paid for the annuity and the total benefit payments received by the annuitant before death.
A registered medical professional who specializes in hospital-based patient care.
A corporate share on which records are kept indicating the share’s owner and its selling and buying price.
A statistical technique that is used to estimate relationships between variables.
A pattern that is used by a computer program to match combinations of characters in strings.
Second phase of the National Flood Insurance Program in which the community agrees to adopt flood-control and land-use restrictions and in which property owners purchase higher amounts of flood insurance than under the emergency program.
A highly secure, liquid, and convenient investment that pays a fixed rate of interest and can be FDIC insured.
The supervision and control of an activity for a specific purpose by an entity that is not directly involved in, or party to, the activity.
A law that promotes credit availability for all creditworthy applicants.
Rules or orders that have the force of law; issued by state and federal administrative agencies.
A gesture used to aid the flow of conversation.
A government entity responsible, within a regulatory system, for regulating a designated activity.

Page:  1  2  3  4  (Next)
  VIEW ALL