A systematic classification method to classify the type and degree of a peril, for a specific industry, to a specific occupation. An insurance company does the system of classification.
Identifying the CustomerUnderstanding who the prospect is and the cycle of the sales process.
IBNR (Incurred but not Reported)Claims that have been incurred but have not been reported to the insurer as of some specific date. Often a disputed figure since carriers must estimate this liability for accounting purposes based on their experience with claims lags.
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Common Compensation Terms and Formulas