Asset An investment that does not correlate with an index or market results.

A bond under which no coupon payments are made. A single redemption payment is made at the end of the term.

A process whereby an adjustment is made in the actuarial valuation of long-term business to take credit for the future recovery of the costs of acquiring new business.

System developed by the National Association for Insurance Commissioners in the US for the triennial examination of insurers. Teams of examiners are formed from the staffs of several states in each of the geographical zones. The results of their examinations are then accepted by all states in which an insurer is licensed, without the necessity of each state having to conduct its own examinations.
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Developed by the NAIC for the triennial examination of insurers. Under the system, teams of examiners are formed from the staffs of several states in each of the geographical zones. The results of their examinations are then accepted by all states in which an insurer is licensed without the necessity of each state having to conduct its own examinations.
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US MEDICAL: Method developed by the National Association of Insurance Commissioners (NAIC) to examine the solvency of insurers. The examination is conducted every 3 years by teams of examiners. These teams are formed by four geographical areas. Results of NAIC examinations are usually accepted by states where insurers are licensed so that each state does not have to conduct its own examinations.