Category: E

1. Time spent learning a skill or field of knowledge. Superior understanding or mastery gained by actual practice acquired over months or years. 2. Known also as tenure (Definition 3).

(1) An account established for future debits and credits related to a FINITE INSURANCE contract. (2) The specific history of loss experience an INSURER has with a given INSURED, which is often used to help formulate future PREMIUM rates for a broader class of insureds. (2) See also EXPERIENCE RATING.

A fixed amount added to the premium amount. The cost of servicing certain policies is more than what premiums alone cover. This is a service charge most often applied to low premiums found in workers compensation policies, or other small policies.

Depicts the increases in productivity by graph. Uses both fixed and variable costs shown as reduced average and marginal costs. Contrast to a learning curve.

Costs or expenses of the suit which are generally allowed to thesuccessful party.

Group insurance premium percentage returned to a group policy holder. Occurs when a time-based claim experience is better than predictions calculated for the premium. Known also as experience rating refund, experience refund, or retroactive rate reduction.

Expenses are covered by this amount and is typically added to the rate.

Using an experience rating plan to increase or decrease a premium.

A total of fees paid periodically to a mutual fund divided by the total investment that shareholders or unit holders has. These fees are management fees, administrative fees, and operating expenses of a mutual fund. This amount must be reported in its annual report. It is deducted from the fund’s income. It typically totals from one percent to two percent of the income. This number appears as a ratio.

Post-purchase and consumption evaluation of the way a service was provided. Points of courtesy, attention, and satisfaction are weighed.