Loma 280 - Study guides, Class notes & Summaries

Loma 280 Chapter 4 latest update graded A+ actuarial assumption The assumed values used in the financial design of a product actuary An expert in financial risk management and the mathematics and model-ing of insurance, annuities, and financial instruments block of policies A group of policies issued to insureds who are all the same age, the same sex, and in the same risk classification compound interest Interest on both the principal and the accrued interest compounding Calculating an inter...

LOMA 280 EXAM

Speculative Risk Loss, gain, or no change; cannot be insured Pure risk Can be insured; the risk of loss w/o the possibility of a gain Risk Management The process of eliminating reducing risk; includes: avoiding, controlling, transferring, or accepting. Insurer A company that accepts risk and makes a promise to pay a policy if loss occurs. Policy Benefit Amount of money insurer agrees to pay under policy. Personal Risk Associated w/ economic loss of death, health, injury, outliving resources...

Unilateral contract - Only one party makes the legally enforceable promises Bargaining contract - Both parties as equals set terms and conditions of the agreement. Commutative contract - The parties specify values in advance that they would exchange, moreover items and services are exchanged between parties are of relatively equal values

USMLE STEP 1 L AN G E Q &A™ SIXTH EDITIONMichael W. King, PhD Professor Department of Biochemistry and Molecular Biology Center for Regenerative Biology and Medicine Indiana University School of Medicine Terre Haute, Indiana USMLE STEP 1 L AN G E Q &A™ SIXTH EDITION New York Chicago San Francisco Lisbon London Madrid Mexico City Milan New Delhi San Juan Seoul Singapore Sydney Toronto Copyright © 2008 by The McGraw-Hill Companies, Inc. All rights reserved. Manufactured in the Un...