The Institutes Glossary


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A chart that shows the reinsurance agreement, including the exposure limitations agreeable to the parties.
The investment return embedded in certain life, annuity, and health insurance benefit reserves.
A case reserving method that establishes an average amount for all claims that have similar characteristics in terms of the claimant's age, health, and marital status.
A form of account, which resembles the letter T, used to analyze financial transactions.
The specific actions required by the organization to implement its strategy.
In markup languages, a note with instructions that is usually contained within brackets.
The assumption of control by one corporation over another through merger, acquisition, or some other type of transaction.
The consignee's making of written note, on the delivery receipt or bill of lading, of any damage or shortage of the cargo observed by the consignee at the time of delivery.
The ligament that connects the talus and fibula.
The anklebone.
An exclusion that applies to losses occurring when two or more cranes are used together to perform a single lift.
The towing of two or more barges on an ocean voyage.
The value of all tangible (physical) assets of a firm minus its liabilities. By omitting intangible assets, tangible net worth provides a more accurate measure of liquidation value.
Property that has a physical form.
A hybrid qualified retirement plan that is technically a defined-contribution (DC) plan. However, an employer’s annual contributions to the plan are based on a target benefit formula with given actuarial assumptions that are the same kind of formula that would be used in a defined-benefit (DB) plan.
Items shipped that are especially susceptible to theft.
A market conduct examination of one or only a few facets of an insurer’s market conduct operations.
A homogeneous market segment to which a unique product is directed or with which a unique approach is used.
A collection of customers with similar characteristics that an organization identifies in order to meet their needs.
Focusing marketing efforts on a specific group of consumers.
The predefined attribute whose value is being predicted in a data analytical model.
A tax that shields domestic producers from foreign competition.
A description of the steps a competent person takes to perform a sequential task.
Limited assignments with target completion dates.
The use of legal methods to reduce or eliminate taxes.
A classification of bonds that guarantee the proper accounting for and remitting of taxes or fees collected.
A tax-planning strategy that enables a taxpayer to delay the recognition of income for tax purposes.
A country whose regulations offer financial and business incentives encouraging organizations from other countries to do business there.
An agreement in which two countries consent to exchange information relevant to the enforcement of the countries’ domestic tax laws.
A type of lien held by local, state, and federal governments through operation of law in the amount of unpaid taxes and interest.
An element of the retrospective rating insurance premium formula that covers the insurer’s cost for state premium taxes, licenses fees, insurance organization assessments, and residual market loadings that the insurer must pay on all written and collected premiums.
A classification of bonds that guarantee the proper accounting for and remitting of taxes or fees collected.
The amount of tentative tax reduced by any applicable credits.
An investment that provides some tax savings.
The amount of income taxes saved because of the deductibility of interest expense.
The value of an estate to which the federal estate tax will apply.
The value assigned to a property for the purpose of tax assessment.
Plans that receive favorable income-tax treatment, such as employer-sponsored Section 401(k) plans.
Costs incurred by an insurer for premium taxes, insurer and agent licensing expenses, and miscellaneous fees.
Funds whose dividends paid to shareholders are generally excluded from those shareholders’ gross income for federal income tax purposes and may also be excluded for state and local income tax purposes. These funds may be national tax-exempt money market funds or state tax-exempt money market funds.
Funds that operate with the objective of minimizing the effect of income taxes on the investment returns to their shareholders.
An endorsement for modifying the Taylor Hull Form's collision liability coverage to make it appropriate for insuring barge-towing operations.
A hull form widely used to insure towboats, barges, and other vessels that operate on the inland and coastal waters of the U.S.
See Treasury bill.
A team’s mission, vision, values, goals, and objectives.
A method of determining stock prices by trying to detect patterns in market activity statistics, past prices, and market volume.
Accounts with larger and more complex commercial-type exposures.
An insurer’s inability to pay its bills when due.
An analysis that subdivides a particular person/machine activity into specific tasks, identifies the probability of error for each task an employee performs, and applies fault tree or failure mode and effect analysis to determine the likelihood that the error will cause a system failure.
An approach to accident causation that views the cause of accidents to be a result of management’s shortcomings.
The use of technological devices in vehicles with wireless communication and GPS tracking that transmit data to businesses or government agencies; some return information for the driver.
Telemediation is when the mediator works with the parties in dispute to help them facilitate a negotiation over the telephone. This is useful when only a few issues are in dispute.
An insurer employee who handles claims that can be settled by phone, mail, or email from inside the insurer's office.
A sensor that measures temperature through an electric signal.
Data related to time.
An impairment that is transitory and that, upon healing, will leave no lasting residual effects.
A situation in which an agency is currently the exclusive provider of a product/service that clients want/need. It is temporary because other agencies/companies will copy the idea, restoring competition to the market.
A disability caused by a work-related injury or disease that temporarily limits the extent to which a worker can perform job duties; the worker is eventually able to return to full duties and hours.
A transitory restriction, usually imposed by a doctor, that limits the impaired individual’s specific activities in order to allow healing, prevent a condition from worsening, or prevent reinjury.
An injunction that halts a detrimental act and provides immediate relief for the plaintiff awaiting a preliminary injunction.
A disability caused by a work-related injury or disease that temporarily renders an injured worker unable to perform any job duties for a period of time.
A temporary maintenance yard established at a construction site for the storage of material and equipment and the maintenance of equipment used on that site.
Standards that states use to regulate, rather than eliminate, surplus lines insurance.
A right to possession or ownership, or both, of property.
A landlord-tenant estate in which the tenant has permission to occupy a premises as a landlord desires.
A joint tenancy between husband and wife.
A concurrent ownership of property, in equal or unequal shares, by two or more joint tenants who lack survivorship rights.
A concurrent ownership by a partnership and its individual partners of personal property used by the partnership.
Someone who pays to use, possess, or occupy property belonging to another.
Demands that landlords make to insurers for payment for loss caused by renters who damaged the rental property through carelessness or neglect.
A tenant who has a lease for a number of years and, at the expiration of the lease, continues to occupy the premises, without the agreement of the landlord.
An offer to perform one’s duties under a contract.
A purchase offer made directly to the shareholders of the target, typically at an offer price greater than the current market price.
The phase of the estimating process that produces a detailed, comprehensive pricing estimate of the entire project.
A tough band of dense fibrous tissue that connects muscle to bone.
The tax imposed on an estate determined by applying the unified transfer tax rates to the taxable estate.
A reinsurance treaty clause that defines the term of the reinsurance treaty.
A reinsurance treaty that terminates on a specific date.
The exchange of a term life insurance policy for a permanent life insurance policy.
A measurement of how often a term appears in a document.
Life insurance that provides coverage for a specified period, such as ten or twenty years, with no cash value.
Equipment or real estate financing that is payable in monthly installments and secured by real estate.
The effect on a bond’s price of the length of time to maturity.
An individual's perceived credibility after interpersonal communication in a given situation has occurred.
An objective that describes the learner’s expected level of performance by the end of the training.
The cargo-handling activities associated with stevedoring operations.
An insurance policy that covers a terminal operator’s liability for damage to vessels and cargo of others at the terminal facility.
An insurer’s cancellation of a policy during the policy term or nonrenewal of coverage at the end of a policy term.
A contract provision that enables an owner to end a partially completed project, provided the owner pays for the work performed plus profit and overhead.
A contract provision that enables an owner to end a partially completed project, provided the owner pays for the work performed plus profit and overhead.
A number by which a base rate may be multiplied to reflect the relatively higher or lower claim frequency and severity in different geographic areas.
A revenue collection scheme that taxes all companies only on the economic activity that occurs within the country’s geographic boundaries, regardless of the location of the company’s incorporation or operations.
A reinsurance treaty clause that defines the geographic area within which loss exposures must be located to be covered by the treaty.
The unlawful use of violence, intimidation, or threats to influence governmental policy and/or incite public fear.
The use of violence, intimidation, or threats to influence others’ behavior, often for a political purpose.
A reinsurance treaty clause excludes loss or damage resulting from acts of terrorism.
Coverage for losses caused by a covered act of terror as defined in the policy.
The positive or negative consequences of a random event that affects an organization’s stakeholders, including third parties linked to the organization as well as society, the environment, and externalities.
An audit conducted by an insurance advisory organization or bureau to check the accuracy of insurers' premium audits.
Something designated by a will.

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