fieldunderwriting terms

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Across
  1. 2. Money that the insurance company sets aside to pay claims
  2. 6. An additional form added to a policy. A rider may add coverage to the policy or place limitations on coverage.
  3. 8. The Law of Large Numbers states that the larger the group, the more accurate the morbidity actuarial tables will be, making losses more predictable and manageable
  4. 9. Money that the insurance company sets aside to pay claims
  5. 10. Any individual for who the insurance company is responsible for paying covered expenses
Down
  1. 1. Statistical tables that predict how many people are likely to become sick or injured each year based on age and gender
  2. 3. Statistical tables that are used to calculate premiums and morbidity loss reserves. This helps an insurance company determine how many claims they are likely to have each year and what their expected loss is, allowing them to determine how much premium to charge each policy owner.
  3. 4. occurs when a policy is cancelled for non-payment of the required premiums
  4. 5. The individual or organization that applies for the policy and is responsible for payment of the premiums
  5. 7. an employee or contracted employee of the insurance company who reviews the application and all required information to decide whether the person applying is an acceptable risk . Also determines what the correct premium rate should be.