Intergovernmental risk pool

To use a simplified example: an insurance company with many policies in hurricane-prone Florida might form a risk pool with an insurance company in tornado-prone Kansas. Should a severe hurricane season occur, the Kansas company will share some of the loss with the Florida company, allowing the Florida company to avoid unbearable deficit; and the Kansas company gets the same benefit if a severe tornado season occurs.

Insurance law

Insurance law is the name given to practices of law surrounding insurance, including insurance policies and claims. It can be broadly broken into two categories - regulation of the business of insurance and regulation of claim handling.

Insurance Hall of Fame

The Insurance Hall of Fame is an international list of business leaders in the insurance field. It was founded in 1957 and now has more than 100 inductees; it is kept by the University of Alabama in the United States. Its first inductee was Benjamin Franklin presumably for his efforts in establishing fire insurance companies in Philadelphia.

Global assets under management

Global asset allocation or Global assets under management consists of pension funds, insurance companies and mutual funds. Other funds under management include private wealth and alternative assets such as hedge funds and private equity. Institutional clients generate the majority of funds.

Assets of the global fund management industry increased 14% in 2007 and doubled from 2002, to reach a record $74.3 trillion [1]. Growth in recent years has largely been due to rising net flow of investment and strong performance of equity markets. Part of the reason for the increase, in dollar terms, has also been the decline in the value of the dollar against a number of currencies.

Financial services

Financial services refer to services provided by the finance industry. The finance industry encompasses a broad range of organizations that deal with the management of money. Among these organizations are banks, credit card companies, insurance companies, consumer finance companies, stock brokerages, investment funds and some government sponsored enterprises.

Earthquake Loss

Earthquake loss estimation is usually performed in terms of a Damage Ratio (DR) which is a ratio of the earthquake damage dollar amount to total value of a building[1]. For a long time, it was associated with a collection of mass inventory data and was based, mostly, on experts' opinions.

Another method is the use of HAZUS, a computerized procedure for loss estimation.

ACORD

ACORD, the Association for Cooperative Operations Research and Development, is the insurance industry's nonprofit standards developer, a resource for information about object technology, EDI, XML and electronic commerce in the United States and abroad.

ACORD's most widely known accomplishment is the publication and maintenance of a huge library of standardized forms for the insurance industry. Most claims in the U.S. are recorded or transmitted on ACORD forms.