The Rantings of the barely human.
Insurance under which each loss payment is dependent upon the collection of assessments from Policyholders. Assessable Insurance is usually associated with a fraternity, society or association that increase the required payments from all Insureds whenever necessary to meet claims.
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A policy under which a first premium is assessed and a second premium may be assessed later if the insurance company’s losses exceed their premium income.
The value assigned to property by a government entity. This is done to establish the amount of taxes due on this property.
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A value set upon real estate by Government assessors for the purpose of assessing taxes.
Systematic collection and review of data (test results, signs, symptoms) pertaining to an individual for either receiving health care services or to enter a health care setting.
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A value set upon real estate by Government assessors for the purpose of assessing taxes.
An insurer who may charge insured parties extra if the premiums already paid are not enough to cover their operating costs.
A system of insurance whereby premiums are not fixed in advance but are calculated each year on the basis of the sum needed to maintain the insurer’s solvency in the light of the claims payable and the insurer’s expenses.
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A policy wherein extra costs can be assessed to the policyholder should the insurer’s loss experience be worse than expected.
An insurance company owned by its policyholders that issues policies under which the policyholders may be assessed for losses and expenses.
Alternative term for ‘pay as you go’, a method of calculating life insurance risk premiums on a year-byyear basis. Each premium reflects the chance that the policyholder will die in the following year plus an allowance for expenses. It is suitable where term (temporary) insurance is purchased on a year-by-year basis, e.g. as group life cover. The influx of new members helps to stabilise the overall annual cost. The level annual premium system is more appropriate for individual lives.
an independent professional who advises and negotiates on behalf of policyholders on the settlement of their claims.
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Person who estimates the value of goods for the purpose of apportioning the sum payable by the underwriters to settle the claims. Also called as Surveyor.
An item of value listed on the balance sheet of an insurance company, for example, “property” or “office furniture.”
The way in which the assets of a pension fund are distributed across a range of alternative investments, such as equities, fixed interest securities or cash. The strategy is based on the fund’s long-term needs but shifts towards particular assets may occur to take advantage of short-term opportunities.