Page 276 - ic92 actuarial

The Insurance Times

The risk of loss up to a specified retention that is assumed by
the insured for which no commercial insurance coverage is
provided. Self-Insurer An individual, partnership or
corporation who retains all or part of the risk for its own
account.

Settlement Lag
The period between the date a loss is reported and the date the
claim is paid.

Severity
Average loss per claim; can be expressed on a pure loss basis,
excluding all loss adjustment expenses, or can include allocated
or total loss adjustment expenses.

Statutory Accounting Principles
Those principles required by state law which must be followed
by insurance companies in submitting their financial statements
to state insurance departments; expenses must be recorded
immediately and cannot be deferred to track with premiums as
they are eared and taken into revenue.

Surplus 276

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