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Term Life Insurance - Life insurance that provides protection for a specified period of time. Common policy periods are one year, five years, 10 years or until the insured reaches age 65 or 70. The policy doesn't build up any of the nonforfeiture values associated with whole life policies.
Tort - A private wrong, independent of contract and committed against an individual, which gives rise to a legal liability and is adjudicated in a civil court. A tort can be either intentional or unintentional, and liability insurance is mainly purchased to cover unintentional torts.
Total Admitted Assets - This item is the sum of all admitted assets, and are valued in accordance with state laws and regulations, as reported by the company in its financial statements filed with state insurance regulatory authorities. This item is reported net as to encumbrances on real estate (the amount of any encumbrances on real estate is deducted from the value of the real estate) and net as to amounts recoverable from reinsurers (which are deducted from the corresponding liabilities for unpaid losses and unearned premiums).
Total Loss - A loss of sufficient size that it can be said no value is left. The complete destruction of the property. The term also is used to mean a loss requiring the maximum amount a policy will pay.
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Unaffiliated Investments - These investments represent total unaffiliated investments as reported in the exhibit of admitted assets. It is cash, bonds, stocks, mortgages, real estate and accrued interest, excluding investment in affiliates and real estate properties occupied by the company.
Underwriter - The individual trained in evaluating risks and determining rates and coverages for them. Also, an insurer.
Underwriting - The process of selecting risks for insurance and classifying them according to their degrees of insurability so that the appropriate rates may be assigned. The process also includes rejection of those risks that do not quality.
Underwriting Expenses Incurred - Expenses, including net commissions, salaries and advertising costs, which are attributable to the production of net premiums written.
TOP Underwriting Expense Ratio - This represents the percentage of a company's net premiums written that went toward underwriting expenses, such as commissions to agents and brokers, state and municipal taxes, salaries, employee benefits and other operating costs. The ratio is computed by dividing underwriting expenses by net premiums written. The ratio is computed by dividing underwriting expenses by net premiums written. A company with an underwriting expense ratio of 31.3% is spending more than 31 cents of every dollar of net premiums written to pay underwriting costs. It should be noted that different lines of business have intrinsically differing expense ratios. For example, boiler and machinery insurance, which requires a corps of skilled inspectors, is a high expense ratio line. On the other hand, expense ratios are usually low on group health insurance.
Underwriting Guide - Details the underwriting practices of an insurance company and provides specific guidance as to how underwriters should analyze all of the various types of applicants they might encounter. Also called an underwriting manual, underwriting guidelines, or manual of underwriting policy.
Unearned Premiums - That part of the premium applicable to the unexpired part of the policy period.
Universal Life Insurance - A combination flexible premium, adjustable life insurance policy.
Utilization - How much a covered group uses a particular health plan or program .
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Valuation - A calculation of the policy reserve in life insurance. Also, a mathematical analysis of the financial condition of a pension plan.
Valuation Reserve - A reserve against the contingency that the valuation of assets, particularly investments, might be higher than what can be actually realized or that a liability may turn out to be greater than the valuation placed on it.
Variable Life Insurance - A form of life insurance whose face value fluctuates depending upon the value of the dollar, securities or other equity products supporting the policy at the time payment is due.
Variable Universal Life Insurance - A combination of the features of variable life insurance and universal life insurance under the same contract. Benefits are variable based on the value of underlying equity investments, and premiums and benefits are adjustable at the option of the policyholder.
Voluntary Reserve - An allocation of surplus not required by law. Insurers often accumulate such reserves to strengthen their financial structure.
Whole Life Insurance - Life insurance which might be kept in force for a person's whole life and which pays a benefit upon the person's death, whenever that might be.
Yield on Invested Assets (IRIS) - Annual net investment income after expenses, divided by the mean of cash and net invested assets. This ratio measures the average return on a company's invested assets. This ratio is before capital gains/losses and income taxes.
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Whether you are looking into home owners insurance options, just bought a new home, are a first time home buyer, or are just looking to get a better understanding of homeowners insurance this newsletter will give you the information you need have before consulting with a homeowners insurance professional. You will learn about the following topics that affect your home insurance plan and much more as part of your FREE consumer newsletter:
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Senator Wants Review of Snow Investment (Reuters)
Reuters - The top Democrat on the Senate
Finance Committee, Max Baucus, asked the Justice Department on
Friday to review Treasury Secretary John Snow's holding of $10
million of Freddie Mac and Fannie Mae bonds.
Fannie Mae, Freddie Mac Met 2003 Goals (AP)
AP - Mortgage companies Fannie Mae and Freddie Mac last year met the government-set goals for making home ownership affordable, but only because three unusual multibillion-dollar deals were counted toward the targets, officials said Thursday.
Mortgages Rates Are Down This Week (AP)
AP - Mortgage rates fell this week, erasing most of last week's big increase, Freddie Mac reported Thursday.
Snag Ultra-Low Student Loan Rates (The Motley Fool)
The Motley Fool - Interest rates, still at levels close to all-time lows, are on the rise. But for many students and recent graduates, an opportunity exists (but not for much longer) to lock in record-low rates on student loans.
Cendant to spin off business (TheDeal.com)
TheDeal.com - The company has abandoned a sale of the mortgage and fleet operations, to be 50% owned by Cendant.
Home Mortgages (AP)
AP - Home Mortgages
Mortgage Refinancings Lose Steam (Reuters)
Reuters - The number of U.S. mortgage
refinancings fell sharply last week suggesting that the
refinancing boom may have run its course even as rates eased,
economists said.
Latin American Funds Strong but Risky (AP)
AP - Latin American mutual funds have wowed investors lately with stellar returns, but you might want to think twice before committing yourself heavily to the region: Analysts say a heavy concentration in two volatile markets makes them a risky gamble.
Cendant to Spin Off Mortgage Operations (AP)
AP - Cendant Corp. plans to spin off its mortgage and fleet-management operations to shareholders, ending speculation about the potential sale of the unit.
Fannie Mae Discloses Document Request (AP)
AP - Mortgage giant Fannie Mae, gripped by an accounting scandal and under investigation by the Justice Department, disclosed Tuesday that prosecutors had asked the company to preserve documents as part of the criminal probe.
Justice Dept. Probes Fannie Mae (Reuters)
Reuters - Fannie Mae , the largest U.S.
home funding company, on Tuesday said U.S. prosecutors have
opened a criminal investigation into its accounting, and that
it faces eight investor lawsuits alleging federal securities
law violations.
Finance: Losing the Right to Sue (Reuters)
Reuters - More and more businesses are
sticking mandatory arbitration clauses into their contracts,
forcing consumers to give up their right to sue if they want to
conduct business, and consumer groups have made the elimination
of these clauses a top priority.
Consumers Tighten Borrowing in August (AP)
AP - Consumers cut back on their borrowing in August by the largest amount since the end of 1990 as confidence in the economy fell and energy prices surged.
Ex-Fannie Mae Worker Discusses Harassment (AP)
AP - For accountant Roger Barnes, the final straw came when he was deliberately excluded last fall from Fannie Mae's preparation for a special review by federal regulators.
Fannie Mae Execs, Regulator Square Off (Reuters)
Reuters - Fannie Mae executives and their
regulator squared off on Wednesday, with executives denying any
accounting irregularity and the regulator saying the housing
finance company's management may have to go.
Camden defends price in Summit deal (TheDeal.com)
TheDeal.com - The REIT says the $1.9 billion price tag for Summit Properties is justified by the target's portfolio.
House OKs Bill to Shield GIs from Abusive Sales (Reuters)
Reuters - Legislation to protect U.S. soldiers
from predatory life insurance and mutual fund sales on military
bases was approved overwhelmingly on Tuesday by the U.S. House
of Representatives.
Fannie Mae CEO Facing Storm Over Lapses (AP)
AP - Franklin Raines is renowned for his political connections and his instincts for corporate survival. Those skills will be critical as the head of Fannie Mae fights to keep his job following an accounting scandal at the mortgage giant that finances one of every five home loans in America.
Bio Details on Fannie Mae Chairman (AP)
AP - NAME — Franklin Delano Raines.
Freddie Mac Announces Changes in Division (AP)
AP - Mortgage giant Freddie Mac announced Monday that it is shutting down some operations of its debt-securities sales division and transferring others — moves that experts said should tighten the company's internal controls after an accounting scandal.
Freddie Mac Shuts Bond Broker Business (Reuters)
Reuters - Freddie Mac , the No. 2 U.S.
mortgage finance company, said on Monday it will no longer
serve as a broker dealer in the multi-trillion-dollar mortgage
bond market, a move some said is designed to lower risk and
placate regulators.
The Non-REIT (Forbes.com)
Forbes.com - Low bond yields make real estate investment trusts look like a great income play. But Michael Winer, manager of the Third Avenue Real Estate Value Fund (assets: $1.3 billion), sees something better for investors: real estate operating companies.
Justice Dept Opens Fannie Mae Probe (Reuters)
Reuters - The Justice Department is
investigating possible accounting fraud at Fannie Mae, bringing
greater government scrutiny to bear on the mortgage finance
company, already facing a parallel inquiry by the SEC, a source
close to the matter said on Thursday.
Justice Dept. Opens Fannie Criminal Probe (Reuters)
Reuters - The Justice Department has opened an
investigation of possible accounting fraud at Fannie Mae, the
Wall Street Journal reported on Thursday, after a federal
regulator said the mortgage giant may have manipulated its
earnings targets.
Fannie Mae Discussed Restatement with SEC (Reuters)
Reuters - Embattled U.S. mortgage finance
giant Fannie Mae on Tuesday said it had discussed the
possibility of an earnings restatement with regulators,
reversing a top executive's comment.
All 50 States Post Personal Income Growth (Reuters)
Reuters - U.S. personal incomes rose 1.5
percent in the second quarter of 2004, the fastest pace of
growth in more than three years, as income gains sped up in 33
states, the Commerce Department said on Tuesday.
New Home Sales Jump 9.4 Pct in August (Reuters)
Reuters - U.S. new home sales jumped a
surprising 9.4 percent in August, the fastest acceleration of
sales in almost four years, as a fresh dip in mortgage interest
rates attracted buyers, a government report showed on Monday.
Fannie Mae Said Near Deal on Capital (Reuters)
Reuters - Embattled mortgage finance giant
Fannie Mae was close to a deal with regulators late on
Sunday that would force the company to keep billions of dollars
more in cash on hand while it corrects accounting problems, a
source familiar with the negotiations said.
Fannie CEO May Not Withstand Challenge (Reuters)
Reuters - The vaunted political and financial
skills of Fannie Mae Chief Executive Franklin Raines may not be
enough to save him professionally after a scathing regulatory
report last week detailed pervasive accounting lapses at the
mortgage finance company.
Lawsuits Besiege Fannie Mae on Accounting (Reuters)
Reuters - Fannie Mae , under fire from
regulators, is facing a groundswell of lawsuits from
class-action specialists for billions of dollars in stock
losses stemming from the company's faulty accounting.
Snow: Fannie Mae Needs Regulator (Reuters)
Reuters - The latest troubles at Fannie Mae
, the No. 1 U.S. home funding company, show the need for
a truly independent regulator to cover government-sponsored
enterprises, U.S. Treasury Secretary John Snow said on Friday.
Fannie Mae Slides on Accounting Issues (Reuters)
Reuters - Fannie Mae shares fell as much
as 3.5 percent on Friday, bringing losses for the week to about
16 percent, as investors grew wary of potential widespread
accounting problems at the No. 1 U.S. housing finance company.
US August Home Resales Fall 2.7 Percent (Reuters)
Reuters - Resales of U.S. homes fell 2.7
percent in August, decreasing more than expected as mortgage
interest rates picked up in the early summer, a trade
association report showed on Friday.
Some Debt Is OK (The Motley Fool)
The Motley Fool - Not all debt is alike -- and not all debt is bad. It's very reasonable to carry a mortgage, a car loan, etc. You simply need to pay attention to the cost of the debt. If you're carrying revolving debt on a credit card that's charging you 18% per year, you're in a bad situation. If your student loan is costing you 7% per year, that's much less worrisome.
Dentsply Is More Than a Mouthful (The Motley Fool)
The Motley Fool - Investing genius Peter Lynch liked to say that to find "tenbaggers," that is, stocks that will increase in value by 10 times or more, you should start by looking close to home. In his book One Up on Wall Street, he also noted he liked to seek out companies in dull, disagreeable industries because they were often overlooked or shunned, giving individual investors a chance to purchase them at a discount.
Stocks Sink on Oil Prices, Morgan Stanley (Reuters)
Reuters - Stocks fell sharply on Wednesday after
oil prices jumped more than a dollar to over $48 a barrel and
investment bank Morgan Stanley reported a drop in its
quarterly profit.
Surprise! Housing Starts in August Rise (Reuters)
Reuters - U.S. housing starts unexpectedly
rose 0.6 percent in August to their highest level in five
months as low mortgage rates encouraged construction, but
permits fell more than anticipated, a government report showed
on Tuesday.
Housing Starts Rise Unexpectedly (Reuters)
Reuters - U.S. housing starts rose
unexpectedly by 0.6 percent in August to their highest level in
five months as low mortgage rates encouraged residential
construction, but permits fell more than anticipated, a
government report showed on Tuesday.
Pound recovers against the dollar (AFP)
AFP - Sterling stabilised against the dollar in the wake of a series of data showing a slowing in mortgage lending in August -- further evidence that the housing market is cooling as higher interest rates take their toll.
Goldman: Rival bid for Takefuji? (TheDeal.com)
TheDeal.com - A report says Goldman Sachs has made a bid for the Japanese consumer finance giant, challenging Newbridge Capital.
Debt Wish (Forbes.com)
Forbes.com - If it were only so. Web sites are proliferating that promise they can wipe off your credit card debt, your mortgage and even your car loan. And if you're feeling guilty about doing it, they give you plenty of justification: The banking system is a fraud, they say, the Federal Reserve is a sham, and the American dollar is worthless paper.
Retirement Loans: Is the Interest Deductible? (The Motley Fool)
The Motley Fool - As you already know, interest expense isn't deductible simply because it's interest. Any of you who have paid interest on a credit card know that to be the case. In order to be deductible, interest must be defined as deductible in the Internal Revenue Code. For example, interest that you pay on your home is defined as mortgage interest. Interest that you pay on funds used to purchase investment assets would be deductible as investment interest. Interest that you pay on credit cards is completely nondeductible.
BBVA buys Hipotecaria Nacional (TheDeal.com)
TheDeal.com - The deal will give the Spanish bank a 26% share of Mexico's private mortgage market.
Goldman Sachs offers to buy stakes in Japan's Takefuji (AFP)
AFP - US investment banking giant Goldman Sachs has offered to buy stakes in Japan's biggest consumer finance firm Takefuji Corp. for more than 300 billion yen (2.8 billion dollars), a report said.
Goldman Sachs Enters Fray for Takefuji (Reuters)
Reuters - Goldman Sachs Group Inc. is in talks with
the founding family Takefuji Corp., the biggest player in
Japan's $100 billion consumer finance industry, that may result
in the U.S. firm buying about a third of the company for more
than $2.7 billion, a financial source said.
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