Communication from the Internal Revenue Service (IRS) stating whether the design of the pension plan meets the criteria to be a qualified plan.
Insurance Encyclopedia
Determination of Liabilities Rules
Set out in Chapter 5 of IPRU (INS). The liabilities, as calculated, are set against the assets as valued (Valuation of Assets Rules) for required minimum margin (RMM) purposes. Liabilities for general insurance business are calculated along the lines of general accounting principles and practices, but long-term business liabilities are subject to complex rules calculated by the appointed actuary guided by his professional body and the Government Actuary’s Department.
Detoxification
The process an individual goes through when withdrawing from alcohol. Usually is done under guidance of medical personnel.
Detoxification (Health Insurance)
The physical withdrawal from alcohol or drugs experienced by an individual, usually while under medical supervision.
Developed to Net Premiums Earned
The ratio of developed premiums through the year to net premiums earned. If premium growth was relatively steady, and the mix of business by line didn’t materially change, this ratio measures whether or not a company’s loss reserves are keeping pace with premium growth.
Development
Change in the value of a data element evaluated at successive valuation dates.
Development Factors
The factors emerging from a chain ladder calculation, which are the ratios of claims in successive development years. Sometimes, known as link ratios.
Development hazard
The loss development potential of a hazard. Risk surveyors are concerned not only with the likelihood of a loss (the inception hazard) but whether the development of a loss will be minimal or severe. Risk mapping correlates probability and severity.
Development needed procedures
See: questionable covered procedures .
Development Risks
Risks attaching to products which could not have been anticipated when the products were launched in the light of scientific or technical knowledge at that time.