Search Results for: blog what is an insurance actuary

What Is Specialty Lines Insurance?

Have you ever wondered how someone might insure their home made airplane, or the private island they own someplace not even listed on a map? What about celebrity insurance, and Betty Grables million dollar legs? There are always going to be some people who create, or posses something of unusual value. There will always be a few people so daring that they become an unusual Risk. Not everyone will have legs with a value of a million dollars, but for those who do they will need to find insurance in the “Specialty Lines” market. Specialty lines insurance markets are a … Continue reading →

Insurance Terms: A

A | B | C | D | E | F | G | H | I | J-K | L | M | N | O | P | Q-R | S | T | U-V | W-Z AAA Insurance: Help on the Road and Beyond, AAA is well known for their roadside services including towing as well as their trip planning tools. Today AAA offers a wide range of insurance products. Accident: Is an unforeseen, unexpected, or unintended event. Accidental Bodily Injury: Is the physical injury caused to someone resulting from an accident. Accidental Death Benefit: For a … Continue reading →

What is Insurance Fraud?

Do you know what insurance Fraud is? This seems like a silly question, most of us should know what the word Fraud means–after all it was one of the basic skills we learned way back in grade school. Only at that time we called it cheating, or lying. The standard dictionary definitions all say just about the same things, fraud is the intentional perversion of truth (a lie) to induce another to part with something of value or to surrender a legal right. (To get something we want which usually has some value) In the business of insurance fraud falls … Continue reading →

Underwrite, Underwriting and Insurance Underwriter–Who Are These People?

I once told a very wonderful editor that an Insurance Underwriter was just about the same job description as the editor of a bunch of Bloggers. When I first started in the Business of Insurance my best boss ever used to kindly refer to underwriters as “people from a different planet.” Of course, we did our very best to make sure we kept our underwriters happy, because they had an amazing skill of causing extra work when we didn’t do our end of things correctly. An Underwriter is an intermediary between the insurance company who offers to accept the liability … Continue reading →

What is an Insurance Adjuster?

Adjusters are the insurance experts who negotiate and settle insurance claims. Adjusters make the authorize payments to appraisers and assess to value of the loss. Adjusters may work with insurance investigators to address any issues a claim may have when there’s a question of liability or possible insurance fraud. Adjusters work with Insurance Agents, and companies in order to determine the extent of loss when a customer has a claim. Agents and companies report the policyholder’s claim to the company claims department, where an adjuster is assigned. Adjusters then work directly with the insured policyholder. They inform the insured which … Continue reading →

Insurance Blog Week In Review March 1- 5, 2007

Insurance Term Of The Week: The Insurance Application I am surviving surgery and getting back to the keyboard. It’s amazing how much control insurance companies have over the amount and type of medical treatment and care a person receives. I have always been confused when my doctors tell me they would like me to stay another day in the hospital, but because I am doing so well insurance won’t approve another day. The better a patient does, the less time they should need in the care of the hospital. There are of course always, exceptions to the rules and ways … Continue reading →

What is an Insurance Actuary?

Life is filled with uncertainty. We all face events that are unexpected and happen. “Risk” what is possible–those things that could be horrible–but, might actually happen to us. An Actuary is a person who is an expert in the following skills: Evaluates of the possibility that something horrible might happen in the future. Looks for simple, and creative ways to control, eliminate or reduce the odds of something horrible happening in the future. Finds methods to decrease the impact when something horrible does actually happen. Insurance serves one major function and that’s to help decrease the impact when something horrible … Continue reading →

Viewpoint: Health Insurance Dictates Treatment Options.

I may have been an insurance agent in my past, and I might even understand all the reasons, actuary calculations, and claims adjustment issues involved from the companies point of view. But, I am also a consumer of the very products I seem to understand from the other point of view. As a consumer most often my understanding of insurance has helped me make better risk management decisions, deal with limitations of claims and all the other insurance ins and outs. There is one area however, I have faced problems and confusion over and that is when health insurance dictates … Continue reading →

Anthem Blue Cross Rate Hike “Unreasonable”

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Anthem Blue Cross of California is going ahead with a rate hike that has been declared “unreasonable” by a California regulator. State regulators can review proposed insurance rate increases, but can do nothing to prevent them from happening. This increase has got to be frustrating and problematic for Anthem’s policyholders. In April of 2011, Anthem Blue Cross of California announced that they were planning on increasing the premiums on several of their individual health insurance policies. The policies that are about to become more expensive are ones that were specifically named in such a way as to emphasize the amount … Continue reading →

Evaluating Risks

Determining risk plays a huge role in money management. From selecting insurance, setting aside an emergency fund, to investing – you have to evaluate your personal financial risk. Usually, the more risk you take the more money you potential have, but then if your good luck runs out… risky choices can quickly ruin your finances. Ultimately you have to derive a comfortable balance. Being too risky can cost you money, but so can being too safe. The key is in finding the right balance given your unique situation. How do you do exactly that? There is no set answer that … Continue reading →