Describes a situation in which all of the possible outcomes of an event are known ahead of time. For example, when you throw a dice or flip a coin, you know all of the possible outcomes.
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A Rates or Judgment Rates
Rates based on what the underwriter believes is best for each risk, rather than on what has happened in the past (losses).
A.M. Best rating
An evaluation published by A.M. Best Company of all life, property, and casualty insurers domiciled in the United States and U.S. branches of foreign property insurer groups active in the United States. The ratings are frequently used to assess insurance companies’ claims-paying ability, suitability, service record, and financial stability. Standard & Poor’s, Conning & Company, Fitch, and Moody’s are some of the other rating agencies.