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Once known as the "Medical Information Bureau" MIB was founded in 1902 by a group of life insurance companies with a desire to create an industry wide database of life insurance and other products. The goal was to share information as a way to protect applicants, insurers, and policyholders from omissions and fraud that prevented the sound and ...
The Association for Cooperative Operations Research and Development (ACORD) is a non-profit organization in the insurance industry. [1] ACORD publishes and maintains an archive of standardized forms. ACORD has also developed a comprehensive library of electronic data standards with more than 1200 standardized transaction types to support ...
The following are fundamental terms that are commonly used in rate making. A rate "is the price per unit of insurance for each exposure unit, which is the unit of measurement used in insurance pricing". The exposure unit is used to establish insurance premiums by examining parallel groups. [1]
The mere addition paradox (also known as the repugnant conclusion) is a problem in ethics identified by Derek Parfit and discussed in his book Reasons and Persons (1984). The paradox identifies the mutual incompatibility of four intuitively compelling assertions about the relative value of populations.
An intriguing aspect of life insurance, especially within whole life policies, is the concept of limited-pay life insurance. This variation allows for a more accelerated premium payment schedule ...
Reasons and Persons is a 1984 book by the philosopher Derek Parfit, in which the author discusses ethics, rationality and personal identity.. It is divided into four parts, dedicated to self-defeating theories, rationality and time, personal identity and responsibility toward future generations.
For some, a term life insurance policy, which offers coverage for a set period, like 10, 20 or 30 years, might be the best fit due to its affordability and straightforward nature.
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