Glossary

ASOP No. 5 Revision – Incurred Health and Disability Claims

The application of a factor to a volume measure (for example, number of individual claims) based on prior experience, in order to estimate unpaid claims liabilities for reported claims (commonly used for long-term claims). (ASOP No. 5 Revision – Incurred Health and Disability Claims)

Incurred Health and Disability Claims

The seriatim application of factors to a volume measure (for example, number of individual claims) based on prior experience, in order to estimate unpaid claims liabilities for reported claims (commonly used for long-term products).

Proposed Revision of ASOP No. 29 – Expense Provisions for Future Cost Estimates for Prospective Property/Casualty Risk Transfer and Risk Retention (Exposure Draft)

Taxes, license costs, and miscellaneous fees except federal and foreign income taxes.

Expense Provisions for Prospective Property/Casualty Risk Transfer and Risk Retention

Taxes, license costs, and miscellaneous fees except federal and foreign income taxes.

ASOP No. 3 – Continuing Care Retirement Communities (Proposed Revision)

A move from one level of care to another level of care with the expectation of returning to the former level of care.

Proposed Revision of ASOP No. 3 – Continuing Care Retirement Communities and At Home Programs (Exposure Draft)

A move from one level of care to another level of care with the expectation of returning to the former level of care.

Continuing Care Retirement Communities and At Home Programs

A move from one level of care to another level of care with the expectation of returning to the former level of care.

Revision of Actuarial Standard of Practice No. 17 (Exposure Draft)

Communication of opinions or findings presented in the capacity of an expert witness at trial, in hearing or dispute resolution, in deposition, by declaration or affidavit, or by any other means through which testimony may be received. Such testimony may be oral or written.

Expert Testimony by Actuaries

Communication of opinions or findings presented in the capacity of an expert witness at trial, in hearing or dispute resolution, in deposition, by declaration or affidavit or by any other means through which testimony may be received. Such testimony may be oral or written.

Enterprise Risk Management (Exposure Draft)

A common model for governance of an organization’s ERM framework. The “first line” refers to business and process owners within the organization. The “second line” identifies where there is separate oversight of risk-taking activities, with some independence from the first line. The “third line” is the role undertaken by auditors, which includes reviewing the effectiveness of the second line and the ERM framework.

Regulatory Filings for Health Benefits, Accident and Health Insurance, and Entities Providing Health Benefits

The principle that an amount of money available at an earlier point in time has different usefulness and value than the same amount of money has at a later point in time.

ASOP No. 8 – Regulatory Filings for Health Benefits, Health Insurance, and Entities Providing Health Benefits (Revision)

The principle that an amount of money available at an earlier point in time has different usefulness and value than the same amount of money has at a later point in time.

Revision of Actuarial Standard of Practice No. 8, Regulatory Filings for Health Plan Entities, to Include Specific Issues Related to the Accountable Care Act and Additional Guidance on Rating

The principle that an amount of money available at an earlier point in time has different usefulness and value than the same amount of money has at a later point in time.

ASOP No. 5 Revision – Incurred Health and Disability Claims

The principle that an amount of money available at an earlier point in time has different usefulness and value than the same amount of money has at a later point in time.

Incurred Health and Disability Claims

The principle that an amount of money available at an earlier point in time has different usefulness and value than the same amount of money has at a later point in time.

Health and Disability Actuarial Assets and Liabilities Other Than Liabilities for Incurred Claims

The principle that an amount of money available at an earlier point in time has different usefulness and value than the same amount of money has at a later point in time.

Incurred Health and Disability Claims

Measures of rates of change, over time, of the elements, such as cost, incidence, and severity, affecting the estimation of incurred claims.

Health and Disability Actuarial Assets and Liabilities Other Than Liabilities for Incurred Claims

Measures of rates of change, over time, of the elements, such as cost, incidence, and severity, affecting the estimation of certain assets or liabilities.

Proposed Revision of ASOP No. 3 – Continuing Care Retirement Communities and At Home Programs (Exposure Draft)

Measure of rates of change, over time, that affects revenues, costs, or actuarial assumptions.

Continuing Care Retirement Communities and At Home Programs

Measure of rates of change, over time, that affects revenues, costs, or actuarial assumptions.

Measuring Retiree Group Benefits Obligations and Determining Retiree Group Benefits Program Periodic Costs or Actuarially Determined Contributions

A measure of the rate of change, over time, of the per capita benefit payments. (ASOP No. 6)

ASOP No. 6 – Second Exposure Draft

A measure of the rate of change, over time, of the per capita expected benefit payments. (2nd Draft Proposed Revision of ASOP No. 6)

ASOP No. 3 – Continuing Care Retirement Communities (Proposed Revision)

Measure of rates of change, over time, that affects revenues, costs, or actuarial assumptions. (Proposed Revision of ASOP No. 3)

ASOP No. 6 – Measuring Retiree Group Benefits Obligations and Determining Retiree Group Benefits Plan Costs or Contributions (Proposed Revision)

A measure of the rate of change, over time, of the per capita expected benefit payments. (Proposed Revision of ASOP No. 6)

Continuing Care Retirement Communities and At Home Programs

Measure of rates of change, over time, that affects revenues, costs, or actuarial assumptions.

ASOP No. 13 – Trending Procedures in Property/Casualty Insurance (Proposed Revisions, First Exposure Draft)

The time between the average date of the experience period and the corresponding date of the forecast period. (Proposed Revision to ASOP No. 13)

ASOP No. 13 – Trending Procedures in Property/Casualty Insurance (Proposed Revisions, First Exposure Draft)

A process by which the actuary evaluates how changes over time affect items such as claim costs, claim frequencies, expenses, exposures, premiums, retention rates, response rates, conversion/issue rates, and economic indices. Trending procedures estimate future values by analyzing historical data and other relevant information. (Proposed Revisions to ASOP No. 13)

Measuring Retiree Group Benefits Obligations and Determining Retiree Group Benefits Program Periodic Costs or Actuarially Determined Contributions

A measure of the rate of change, over time, of the per capita benefit payments.

ASOP No. 6 – Second Exposure Draft

A measure of the rate of change, over time, of the per capita expected benefit payments.

ASOP No. 3 – Continuing Care Retirement Communities (Proposed Revision)

Measure of rates of change, over time, that affects revenues, costs, or actuarial assumptions.

ASOP No. 6 – Measuring Retiree Group Benefits Obligations and Determining Retiree Group Benefits Plan Costs or Contributions (Proposed Revision)

A measure of the rate of change, over time, of the per capita expected benefit payments.

Measures of rates of change, over time, of the elements affecting incurred claims.

ASOP No. 5 Revision – Incurred Health and Disability Claims

Measures of rates of change, over time, of the elements affecting incurred claims.

Incurred Health and Disability Claims

Measures of rates of change, over time, of the elements, such as cost, incidence, and severity, affecting the estimation of incurred claims.

Health and Disability Actuarial Assets and Liabilities Other Than Liabilities for Incurred Claims

Measures of rates of change, over time, of the elements, such as cost, incidence, and severity, affecting the estimation of certain assets or liabilities.

Proposed Revision of ASOP No. 3 – Continuing Care Retirement Communities and At Home Programs (Exposure Draft)

Measure of rates of change, over time, that affects revenues, costs, or actuarial assumptions.

Proposed Revision of ASOP No. 32 – Social Insurance (October 2018)

An account to which income is credited and from which expenditures for benefits and often administrative or general expenses are deducted for a specified Program.

Proposed Revision of ASOP No. 32 – Social Insurance (Second Exposure Draft)

An account to which income is credited and from which expenditures for bene­fits and often administrative or general expenses are deducted for a specified Program.

Social Insurance

An account to which income is credited and from which expenditures for benefits and often administrative or general expenses are deducted for a specified Program.