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Traditional Insurance
What is Insurance?
What is an Insurer, Insured, Insurance Rate, Premium?
What is Risk Management?
What is Traditional Insurance Company?
What are Standard Lines of Insurance?
What are Excess Lines of Insurance?
What is a Pricing Analysis?
What is a Loss Portfolio Transfer?
What is a Loss Reserve Analysis?
What is Insurance?
Insurance, in law and economics, is a form of risk management primarily used to hedge against the risk of a contingent loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for a premium, and can be thought of as a guaranteed and known small loss to prevent a large, possibly devastating loss.
Definition from Wikipedia
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What is an Insurer, Insured, Insurance Rate, Premium?
An insurer is a company selling the insurance; an insured or policyholder is the person or entity buying the insurance. The insurance rate is a factor used to determine the amount to be charged for a certain amount of insurance coverage, called the premium.
Definition from Wikipedia
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What is Risk Management?
Risk management is the practice of appraising and controlling risk. It has evolved as a discrete field of study and practice. Definition from Wikipedia
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What is Traditional Insurance Company?
A traditional insurance program is an arrangement under which the insured pays a premium to the insurance company in exchange for the transfer of risk to that company. Insurance companies may be classified into two groups:
- Life insurance companies, which sell life insurance, annuities and pensions products.
- Non-life, General, or Property/Casualty insurance companies, which sell other types of insurance.
General insurance companies can be further divided into these sub categories.
- Standard Lines
- Excess Lines
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What are Standard Lines of Insurance?
In the United States, standard line insurance companies are "mainstream" insurers. These are the companies that typically insure autos, homes or businesses. They use pattern or "cookie-cutter" policies without variation from one person to the next. They usually have lower premiums than excess lines and can sell directly to individuals. They are regulated by state laws that can restrict the amount they can charge for insurance policies.
Definition from Wikipedia
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What are Excess Lines of Insurance?
Excess line insurance companies (aka Excess and Surplus) typically insure risks not covered by the standard lines market. They are broadly referred as being all insurance placed with non-admitted insurers. Non-admitted insurers are not licensed in the states where the risks are located. These companies have more flexibility and can react faster than standard insurance companies because they are not required to file rates and forms as the "admitted" carriers do. However, they still have substantial regulatory requirements placed upon them. State laws generally require insurance placed with surplus line agents and brokers not to be available through standard licensed insurers.
Definition from Wikipedia
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What is a Pricing Analysis?
As part of our commitment to improving your bottom line, Bartlett Actuarial Group will provide a pricing analysis specifically focused on determining the most equitable and profitable rates.
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What is a Loss Portfolio Transfer?
The complicated transaction of ceding an entire portfolio of loss reserves for previous occurrences to an assuming insurance entity has become more common in recent years. Bartlett Actuarial Group is there to help you with determining adequate ceding premiums. This determination usually involves estimating the timing of payments, the potential for further reserve development, and the possibility of additional claim emergence.
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What is a Loss Reserve Analysis?
Testing and certifying the adequacy of loss reserves is a large part of what we do at Bartlett Actuarial Group. This process encompasses estimating IBNR, which represents the estimated liability for all unreported losses, including deficiency in carried reserves. Our estimates are derived using techniques and procedures that satisfy guidelines promulgated by the Casualty Actuarial Society. In particular, the Statements of Opinion as to the adequacy of loss reserves must be completed by a "Qualified Actuary", which our chief actuary has been for over twenty years.
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