Tag: insurance

Incurred But Not Reported definition explanation

What is Incurred But Not Reported?
A type of account frequently used in the insurance industry to refer to reserves that are established for claims and/or events that have transpired, but have not yet been reported to an insurance company. In these instances, an actuary will estimate the potential damages to a region; the insurance company may decide to set up reserves to allocate funds to those expected losses. To an actuary, these types of events and losses are said to have been incurred, but not reported. Read more for examples and further explanation including related video clips and also comments
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Finite Reinsurance definition explanation

What is Finite Reinsurance?
A type of reinsurance that transfers over only a finite or limited amount of risk. Risk is reduced through accounting or financial methods, along with the actual transfer of economic risk. By transferring less risk to the reinsurer, the insurer receives coverage on its potential claims at a lower cost than traditional reinsurance. Read more for examples and further explanation including related video clips and also comments
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Certificate Of Insurance definition explanation

What is Certificate Of Insurance?
A document issued by an insurance company/broker that is used to verify the existence of insurance coverage under specific conditions granted to listed individuals. More specifically, the document lists the effective date of the policy, the type of insurance coverage purchased, and the types and dollar amount of applicable liability. Read more for examples and further explanation including related video clips and also comments
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Admitted Assets definition explanation

What is Admitted Assets?
Assets of an insurance company that are permitted by state law to be included in the company’s financial statements. Although each state has discretion over its own insurance laws, there is a general consensus over which assets are suitable to use when determining the insurance company’s solvency. Read more for examples and further explanation including related video clips and also comments
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Unrecorded Deed definition explanation

What is Unrecorded Deed?
A deed for a tangible piece of property that is not filed with the appropriate governing body. The deed will transfer ownership of the property from one party to another. The seller of the deed is known as the grantor, and the recipient of the deed is known as the grantee. Read more for examples and further explanation including related video clips and also comments
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Joint Life With Last Survivor Annuity definition explanation

What is Joint Life With Last Survivor Annuity?
An insurance product that, when annuitized, makes payments to the annuitant, the annuitant and his/her spouse, or the annuitant and another beneficial party until both the annuitant and his/her spouse have passed away. These annuities are not term certain, so they continue paying out to the annuitant, and whoever he or she designates to receive payments, until the death of the annuitant and the designated third party. The annuitant may also designate a beneficiary, who can, but doesn’t have to be the same person as the designated third party. Read more for examples and further explanation including related video clips and also comments
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Shared Equity Finance Agreements definition explanation

What is Shared Equity Finance Agreements?
When two parties purchase a primary residence because one party is unable to purchase the residence on its own. In a shared equity finance agreement, the financially stronger party acts as the investing owner, while the other party is the occupying owner. These agreements are usually charitable in nature, and state that the latter party must pay a proportional share of the mortgage payment as well as expenses, such as insurance and property taxes. Read more for examples and further explanation including related video clips and also comments
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Tangible Book Value Per Share – TBVPS definition explanation

What is Tangible Book Value Per Share – TBVPS?
A method of valuing a company on a per-share basis by measuring its equity after removing any intangible assets.

The tangible book value per share is calculated as follows: Read more for examples and further explanation including related video clips and also comments
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