Insurance Concepts
Concept of Enterprise analysis of Actuarial Science
With Static Analysis, each component of the insurer’s operations were examined separately. Reserving actuaries produced reserve indications, and financial analysts estimated investment returns. Read more
Concept of dynamic financial analysis of actuarial science
Dynamic Financial Analysis is nowadays gaining popularity across insurance sectors, replacing the traditional notions of surplus adequacy with sophisticated models of financial performance. It is being regularly used for reserving, ratemaking, and valuation. Read more
Concept of Credibility theory of actuarial science
Credibility theory is the adaptation of theoretical statistics to a variety of daily business problems.It illustrates the actuarial perspective. Read more
Distinguishing attributes of actuarial science
There are several distinguishing attributes of actuarial science : Read more
Objective of reinsurance accounting
The objective of the reinsurance accounting is to record the business, control the funds and maintain proper books and records for the benefit and information of all stakeholders both internal and external. Read more
Process of reinstatement value fire policies.
This is a policy issued on the fire policy form with a Reinstatement Value Memorandum. The salient features are: Read more
Procedure of filing an application for compensation in Motor Accident Claims Tribunal
An application for compensation arising out of an accident U/S 166 of Motor Vehicles Act, 1988 may be made:- Read more
International practices of Motor insurance and world scenario of settling motor third party liability
There are different practices of dealing with motor third party liability across the world. Some practices are defined here as follow: Read more
Functioning of Motor Accident Claims Tribunal(MACT)
For the speedy disposal of third party claims and at a minimum cost, the Claims Tribunal has been constituted by different State Governments, under Sec. 110 of Motor Vehicles Act, 1939. Read more