Insurance Glossary | ||||||
Actuarial departmentThe department in a life and health insurance company responsible for seeing that the company's operations are conducted on a mathematically sound basis. In conjunction with other departments, it designs and revises a company's life and health insurance products. The actuarial department calculates premium and dividend rates, determines what a company's reserve liabilities should be, and establishes nonforfeiture, surrender, and loan values. It also does the research needed to predict mortality and morbidity rates, to establish guidelines for selecting risks, and to determine the profitability of the company's products.Copyright © 2001-2005 Free Online Insurance Quotes. All Rights Reserved. | Insurance Quotes Auto Insurance Boat Insurance Burial Insurance Business Insurance Dental Insurance Disability Insurance Health Insurance Homeowners Insurance Long Term Care Motorcycle Insurance Renters Insurance Survivorship Life Term Life Insurance Travel Insurance Universal Life Insurance Variable Life Insurance Whole Life Insurance | |||||