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Insurance

Vesting Bonus

One important term in the field of finance is bonus. This is a term used by insurers to refer to the additional amount that is given to the policyholder. It is calculated after assessing the company's assets and liabilities. This bonus is then added to the original sum assured stated in the policy.

Experience

A record of losses, also known as a loss register, is a crucial tool in the world of finance. It is a comprehensive log that tracks all financial losses incurred by a compan...

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Unfunded retention

One concept in finance that is important to understand is the idea of absorbing losses. This means that instead of planning ahead to cover any potential losses, they are dea...

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Loss costs

Insurance rates are composed of two main parts: the portion that covers claims and the costs of adjusting those claims. To determine these rates, insurance companies forecas...

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Noncancellable

A non-cancelable policy is a type of insurance that cannot be terminated by the insurer until a specific age is reached. In other words, the policy remains in force as long ...

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