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What is the capacity of the person in an insurance company that calculates premiums?
Wiki User
∙ 9y ago
An actuary is a highly skilled mathematician. He/she is employed by insurance companies to calculate insurance rates. Rates are the cost of insurance per $1000 of coverage. Premiums derive from rates such that multiplying the rate times the amount of insurance (in thousands of dollars) results in the premium.
An actuary calculates insurance rates. A rate is the cost per $1000 of coverage. Therefore, the premium is calculated by multiplying the amount of coverage times the rate. Accordingly, indirectly, an actuary calculates the premium.
Wiki User
∙ 9y ago
Wiki User
∙ 9y agoAn actuary is a highly skilled mathematician. He/she is employed by insurance companies to calculate insurance rates. Rates are the cost of insurance per $1000 of coverage. Premiums derive from rates such that multiplying the rate times the amount of insurance (in thousands of dollars) results in the premium.
Wiki User
∙ 9y agoAn actuary calculates insurance rates. A rate is the cost per $1000 of coverage. Therefore, the premium is calculated by multiplying the amount of coverage times the rate. Accordingly, indirectly, an actuary calculates the premium.
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What is the title of a person in an insurance company who calculates the premium?
An Actuary is the person in an insurance company who calculates the premium
What is The dollar amount you have to pay before an insurance plan takes effect and the insurance company starts paying called?
deductible
Which type of insurance contract requires a lump sum or periodic payment in exchange for receiving periodic payments from the insurance company?
As you have described it, this sounds very similar to an annuity.
What is the meaning of variable annuities?
A Variable Annuity is an insurance contract in which at the end of the accumulation stage, the insurance company guarantees a minimum payment. The remaining income payments can vary depending on the performance of the managed portfolio.
Which of the following is a description of an annuity?
the insured agrees to make a lump-sum payment or series of payments to an insurance company...
What does the term actuaries actually mean?
The term actuaries refers to a person who calculates the insurance risks and and premiums. They have to judge the risks regarding life insurance to work out the premiums they should give to that person or company.
What is the title of a person in an insurance company who calculates the premium?
An Actuary is the person in an insurance company who calculates the premium
What rights do an employee have if their company deducted insurance premiums from their pay but failed to pay the insurance premiums to the insurance company and the insurance was canceled?
Seek an Attorney.
What is paid to the insurance company?
premiums
Where can I find information on life insurance premiums?
You can find information of life insurance premiums, and what their purposes are by asking your current insurance company provider for information on it.
Why does the insurance company get paid back the money Isn't that why we pay our premiums?
You pay premiums because insurance companies are a business and they are there to make a profit. Also, the premiums you pay go into a pool of money so the insurance company can pay out claims when necessary.
Can insurance company increase your premiums retroactive?
No, Insurance Company cannot increase premiums retroactive. It has to declare before hand from which date the increased rate of premium would be operational.
How do the premiums for The Hartford insurance compare to premiums for other providers?
Buying insurance can be a stressful activity. Comparing premiums is a great start to finding what is the righ company for you. The Hartford has much higher premiums compared to both State Farm and AAA. This is based on car insurance figures.
By how many ways I can pay my Insurance Premiums?
You can pay your insurance premiums in many ways. Usually, you can pay it with a company plan (if you work), through cash, or credit card.
Which insurance company offers the best motorcycle insurance and why?
Progressive Insurance Company is considered to be the best company from which to purchase motorcycle insurance. Progressive offers fast quotes and their premiums are considered to be very competitive.
What is uncollected premium?
Premiums not yet received by the insurance company. However, to carry the uncollected premiums as an asset on the insurance company's books, the premium must also be due. The due and uncollected premium asset can include premiums that are unpaid for upto 90 days (3 months).
How long does an insurance company bill you for an accident on your insurance policy?
Generally your premiums are increased for 5-7 years.
