Index

References are by chapter and section number.

"As if" required underlying limit — 16.2
"Do not quote what you cannot see" — 39.3
"growth is easy, underwriting is hard" — 34.5, 34.6
"Right on every risk, wrong on the book" — 29.1, 29.3
"Underwriters who use AI will replace underwriters who don't" — 36.2
"we'll make it up on volume" — 38.5
"We'll make it up on volume" (trap) — 3.5
"whose balance sheet carries the loss" (the three questions) — 34.1
"your product" / "your work" business-risk exclusions — 21.1
$q_x$ (probability of death within a year) — 17.1
5% named-windstorm deductible (capstone use) — 40.4

A

A failed rescission (bad-faith exposure) — 33.4
Absence of a finding is not a finding of absence — 9.3
Absolute exclusion — 5.5
ACA rating factors (allowed vs. forbidden) — 18.2
Accelerated underwriting — 17.7
accept (and binding) — 13.2
Account rounding — 16.7
Account rounding (personal lines) — The Underwriting File
Accountability (you sign the quote, not the model) — 36.2
Accumulation (peril-zone, industry/class, counterparty, clash) — 29.3
Accumulation / peril-zone concentration — 15.5
accumulation management — 30.5
accumulation vs. total exposure — 6.4
Accuracy vs. interpretability trade-off — 32.3
ACORD application — 8.1
Acquisition expense (commission) — 3.4
Actual cash value (ACV) — 19.2, 19.4
actual cash value roof endorsement — 12.5
actuarial fairness — 35.7
Actuarial fairness vs. social fairness (life/genetics) — 17.7
Actuarial vs. social fairness (auto) — 14.3, 14.5
Actuarial vs. social fairness (catastrophe rates) — 15.7
actuarial vs. social fairness (health) — 18.7
actuarial-justification test — 35.2
actuary vs. underwriter — 2.4
Actuary–underwriter–data-scientist triangle — 32.7
ACV roof endorsement — 15.2
ACV roof endorsement (capstone use) — 40.4
additional insured — 21.5
additional insured (broadening) — 12.5
Additional insured endorsement — 5.6
additional-insured endorsement editions — 21.5
adjusted working capital — 25.5
admitted (licensed) insurer — 4.5, 4.7
Admitted market — 3.7
Admitted vs. surplus-lines market (distribution view) — 39.2
Advanced driver-assistance systems (ADAS) and repair severity — 14.2, 14.7
adverse selection — 1.4
Adverse selection at the class level — 20.3
adverse selection in surety — 25.4
adverse-action notice — 8.6
adverse-action notice (declination) — 13.3
adverse-selection death spiral — 1.4
adverse-selection death spiral (in health) — 18.2
advisory / loss-cost data — 4.6
aerial/satellite imagery vs. on-site inspection — 8.4
Age (the master variable) — 17.4
agency distribution, American origins — 2.5
Agent (vs. broker) — 3.2
Agent vs. broker (whom each represents) — 39.1
aggregate deductible — 12.1
Aggregate exposure cap by zone/class — 29.3, 29.7
aggregate limit — 12.3
aggregate stop-loss — 18.4
Agreed value — 19.2, 19.4
agreed value (and coinsurance) — 12.4
Agreed value (personal articles) — 16.6
AI and fairness regulation (NAIC AI guidance; Colorado SB21-169) — 36.2
AI-augmented underwriting — 36.2
AINS (Associate in General Insurance) — 37.4
aircraft hull — 26.2
aleatory contract — 4.1
algorithmic bias — 35.4
aligned incentives (profit-share / retained risk) — 26.6
all-other-perils (AOP) deductible — 12.1
Alternative data sources — 31.2
AM Best — 3.3
ambiguity construed against the drafter — 4.1
analytic path (underwriting → data science) — 37.3
Anchoring on the loud fact (assessment error) — 9.1
Anomaly detection — 33.7
Anti-rebating / inducement line — 39.4
Anti-selection through distribution — 17.6
API distribution — 34.4
appeal / supersedeas bond — 25.3
appetite as adverse-selection filter — 38.2
appetite drift (unstated expansion) — 38.2
appetite tiers (target/acceptable/restricted/prohibited) — 7.4
Application (life; representations and utmost good faith) — 17.2
application (submission) — 8.1
Application fraud vs. claim fraud — 33.1
ARM (Associate in Risk Management) — 37.4
Armstrong investigation — 2.6
artificial intelligence / algorithmic liability — 24.7
As-is grade vs. as-proposed grade — 9.7
asbestos (latent long-tail hazard) — 6.2, 6.3
asbestos and pollution as long-tail catastrophes — 21.2
assessment (risk grade) — 7.1
Assessment as frequency/severity estimation — 9.1, 9.6
Attachment point — 16.1, 16.2
attachment point (specific / aggregate) — 18.4
Attachment point / priority — 27.4
Attending physician statement (APS) — 17.2
Attorney-in-fact — 3.1
AU (Associate in Commercial Underwriting) — 37.4
audit leakage — 22.4
audit sampling (random + targeted) — 38.4
audit scorecard — 38.4
audit vs. premium audit vs. market conduct exam — 38.4
Automated / algorithmic underwriting — 20.4
automated underwriting audit — 38.4
Automatic sprinklers as severity control — 9.5
Automation bias (pre-filled field) — 31.3
Automation frontier — 31.5, 31.6
automation of routine risks — 34.7
Availability and affordability failure — 36.4
average annual loss (AAL) — 30.3
aviation insurance — 26.2
aviation liability — 26.2
aviation market segments — 26.2
aviation war / terrorism risk — 26.2

B

backlog — 25.5, 25.6
Backtesting — 32.6
bad faith (claims handling) — 4.1
bailee coverage — 26.1
Balance sheet (insurer assets, liabilities, surplus) — 28.1
bank line — 25.5
Banned/restricted rating factors (credit, gender, occupation, education) — 14.5
Base rate — 11.2
basis risk — 26.5, 34.3
Basis risk — 36.5
Behavior management (telematics) — 23.7
Bespoke vs. class underwriting — 16.5
Bias in, bias out — 32.5
biased training data — 35.4
bid bond — 25.2
bills of mortality — 2.4
Bind-without-a-human pipeline — 20.4
binder — 12.7
binder, as effective coverage — 13.2
Binding — 40.7
Binding authority — 3.2
binding authority — 7.3
binding authority (delegated) — 26.6
binding authority (first grant) — 37.1
binding authority and the carrier — 38.3
binding authority error (apparent vs. actual authority) — Case Study 2
Binding sequence — 40.7
binding within authority — 13.2, 13.6
blank/vague answer as a red flag — 8.1
Blanket scheduled coverage (collections) — 16.6
Blood pressure (treated and controlled vs. untreated) — 17.4
board-approved appetite — 38.7
Bodily-injury and property-damage liability — 14.1
bond called / default — 25.7
bond premium / bond fee — 25.1
bonding program (single-job / aggregate limit) — 25.2, 25.6
Book of business (concept; unit of management) — 29.1
BOP coverage (property / business income / general liability) — 20.2
BOP eligibility (class and size) — 20.2
BOP exclusions and omissions — 20.2
bottomry (maritime loan) — 2.1
Bound coverage — 40.7
Broadening vs. restricting endorsements — 5.6
Broader coverage (umbrella job 2) — 16.3
Broker (vs. agent) — 3.2
Broker, role in distribution — 39.1
broker-underwriter separation, origin of — 2.3
Build — 17.4, 17.5
Build chart — 17.5
builders' risk — 26.1
building an underwriting team — 38.6
Building and Personal Property Coverage Form (ISO) — 19.1
Building valuation — 19.2
Burden of proof (named vs. open perils) — 5.3
Business auto policy (BAP) — 23.1
Business income / business interruption (BI) — 19.3
Business income worksheet — 19.3
Business owners policy (BOP) — 20.1, 20.2
business-interruption waiting period (cyber) — 24.5
Business/professional activities exclusion — 16.3
Bühlmann (greatest-accuracy) credibility — 10.7

C

Calendar-year vs. accident-year ratio — 3.5
Calibrated referral (under- vs. over-referring) — 33.6
calibration sessions — 38.6
California Proposition 103 — 14.5
Cancellation and nonrenewal — 5.4
Capacity (and reinsurance) — 3.3
Capacity (as a job of reinsurance) — 27.1
capacity (surety) — 25.4, 25.6
capital (surety) — 25.4, 25.5
capital efficiency of the MGA model — 34.2
Captive (exclusive) agent — 3.2
career grid (complexity vs. responsibility) — 37.2
Cargo and driving risk — 23.4
cargo insurance (ocean) — 26.1
Catastrophe accumulation (property) — 19.1, 19.7
Catastrophe accumulation across multiple homes — 16.5
catastrophe and independence — 1.3, 1.6
Catastrophe loss control (terms + reinsurance) — 9.5, 9.6
catastrophe model — 30.2
catastrophe models, post-Andrew adoption — 2.6
Catastrophe peril — 15.5
Catastrophe protection (as a job of reinsurance) — 27.1, 27.4
catastrophe pure premium (cat load) — 30.3
catastrophe risk and the failure of independence — 30.1
Catastrophe stress test — 28.5
Catastrophe XOL (cat XOL) — 27.4
causation vs. correlation (rating factors) — 35.2, 35.3
cause-of-loss field — 8.2
Causes of Loss forms (Basic / Broad / Special) — 19.1
Caving on price under deadline pressure (trap) — 39.5
Cedent (ceding company, preview) — 3.3
Ceding commission — 27.3
Ceding company (cedent) — 27.1
censored loss history — 12.2
Cession of catastrophe exposure (capstone) — 40.6
CGL major exclusions (auto, pollution, professional, employees) — 21.1
character (surety) — 25.4, 25.6
Chief risk officer — 28.5
chief underwriting officer (CUO) — 38.7
chief underwriting officer (CUO), as career peak — 37.2
Claims history / CLUE report — 15.3
claims-made regulatory disclosure — 24.6
claims-made trigger — 21.2, 24.6
Class rate — 11.2
Class rate vs. individual experience rating — 20.3
class underwriting at scale (embedded) — 34.2
classical (limited-fluctuation) credibility — 10.5
classification and class codes (general liability) — 21.3
clearance — 7.1
Climate change and property repricing — 36.3
climate change and the moving cat baseline — 30.6
Climate perils (hurricane, wildfire, flood, severe convective storm) — 36.3
climate-conditioned event catalog — 30.6
Closed-loop coaching program — 23.7
CLUE (Comprehensive Loss Underwriting Exchange) — 8.3
Cluster across families (question vs. referral) — 33.5
Co-pilot, not autopilot — 36.2
Coinsurance (as a condition) — 5.4
coinsurance clause — 12.4
Coinsurance clause — 19.4
Coinsurance clause / replacement-cost condition — 15.4
coinsurance penalty — 12.4
Coinsurance penalty — 19.4
Coinsurance penalty (partial loss) — 15.4
collateral (large-deductible) — 12.2
Collectability / credit for reinsurance — 27.6
Collision coverage — 14.1
Colorado SB21-169 — 35.6
colorblindness, insufficiency of — 35.3, 35.4
combined ratio — 1.6
Combined ratio — 3.5
Combined ratio (in the premium build-up) — 11.1
Combined ratio (net) and reinsurance — 27.5
Combined ratio (personal auto) — 14.7
Combined ratio and automation — 31.6
Commercial auto — 23.1
commercial general liability (CGL), definition of — 21.1
Commercial Package Policy (CPP) — 19.1
Commercial property insurance — 19.1
commercial surety — 25.3
Commercial umbrella underlying-limit requirements — The Underwriting File
communication (coverage recommendation, decline letter) — 37.6
community rating (adjusted/modified) — 18.2
community rating / residual markets / rate caps (social mechanisms) — 35.7
Comparative vs. absolute assessment — 9.1
compensation arc (underwriting) — 37.5
Competing on price vs. coverage vs. service — 39.6
competitive state fund — 22.6
compiled / reviewed / audited statements — 25.5
complete recommendation (referral) — 13.6
Complete underwriting file (assembly) — 40.1
compliance of automated rates (filed rates, proxies) — 34.4
Composite rating — 11.6
Comprehensive / other-than-collision coverage — 14.1
Computer vision (roof condition) — 31.2
concealment — 4.3
Concealment (material silence; knowledge requirement) — 33.3
Concealment, misrepresentation, or fraud condition — 5.4
Concentration and the cost of capital — 29.3
Concentration risk — 29.3
conditional contract — 4.1
Conditions — 5.4
conditions of the policy vs. conditions precedent — 13.2, 13.4
conduct-driven reform / redlining (historical) — 2.6
confidence to say no — 37.6
Consistency (relationship pillar) — 39.4
Consistency vs. context (automation) — 31.6
Construction and catastrophe resilience (roof, straps, defensible space) — 15.2, 15.5
Construction class — 19.5
Construction class (frame to fire-resistive) — 9.2
construction class, origins of (timber vs. brick) — 2.2
constructive decline — 13.3
consumer report / consumer-reporting agency — 8.6
contemporaneous documentation — 13.5
Contingent business interruption (CBI) — 19.3
Continuous underwriting — 36.1
Contra proferentem (ambiguity against the drafter) — 5.3, 5.7
contra proferentem (drafting) — 12.6
contract basis (12/12, 12/15, 12/18) — 18.4
contract of adhesion — 4.1
contract surety — 25.2
contractor character and capacity — 25.6
Contractors' equipment — 19.6
contractors' equipment floater — 26.1
contractual liability / hold-harmless / indemnity — 21.5
contribution / other-insurance — 4.2
Controllable risk grade — 40.2
controls and the residual risk — 6.6
Controls as a condition of coverage — 9.5, 9.7
convergence of the 2010s (data, capital, frustration) — 34.1
COPE (commercial application) — 19.5
COPE (construction, occupancy, protection, exposure) — 9.2
COPE for the dwelling — 15.2
COPE on Harbor Steel (Figure 9.1) — 9.2
correlated catastrophe / independence failure — 26.2, 26.4
correlated loss — 30.1, 30.5
Correlation vs. independence (portfolio scale) — 29.2, 29.3
correlation-based class factor — 8.3
Corroboration (independent data sources) — 31.3, 31.7
Cost of capital — 28.6
Cost of capital (account earns it) — 40.6
Cost of fraud (who pays; the honest pool) — 33.1
counter-offer — 13.4
Counter-offer the broker can sell — 39.5
court bonds (judicial / fiduciary) — 25.3
Covariance ("square-root") adjustment — 28.3
Coverage A / B / C / D (dwelling, other structures, personal property, loss of use) — 15.1
Coverage E / F (personal liability, medical payments) — 15.1
coverage gap-spotting — 21.7
coverage letter / quotation letter — 12.7
Coverage recommendation memo — 40.5
coverage structuring — 12.1, 12.2, 12.3, 12.4, 12.5, 12.6
Coverage symbols (business auto) — 23.1
Coverage-narrowing exclusions and endorsements — 15.7
CPCU (Chartered Property Casualty Underwriter) — 37.4
Credibility (applied to small commercial) — 20.3
credibility (Z) — 10.5
credibility blend (group health) — 18.3
credibility in experience rating — 22.3
Credibility of the loss history (capstone) — 40.3
credibility weighting — 10.6
Credibility weighting (in pricing) — 11.4
credit-based insurance score — 8.3
Credit-based insurance score — 14.3
credit-based insurance score (fairness debate) — 35.3
credit-based insurance score (legal status) — 4.7
Credit-based insurance score (property) — 15.3
Critical path (recovery) — 19.4
crop insurance / MPCI — 26.4
crop-hail insurance — 26.4
culture of the disciplined decline — 38.6
currently-valued loss runs — 8.2
cyber as a catastrophe / aggregation peril — 24.4, 24.7
cyber controls checklist — 24.5
cyber liability — 24.4
cyber liability (preview) — 21.7

D

D&O loss correlation (economic cycle) — 24.2
D&O Side A / Side B / Side C — 24.2
Dashcam as evidence — 23.7
Data governance (outsourced data, kept risk) — 31.7
Data quality (dimensions) — 31.7
Data revolution in underwriting — 31.1
data scientist (insurance) — 37.3
David Okafor (borderline life applicant, introduced) — 6.5
David Okafor (borderline life applicant, worked in full) — 17.5, The Underwriting File
David Okafor (genetics, life) — The Underwriting File
David Okafor (mortality, zero own-credibility) — 10.6
debit mod vs. credit mod — 22.3
Debit-rated premium (indicated) — 40.3
Debit-rated vs. credit-rated risk — 11.5
Debits and credits (building to a class) — 17.3
decision file, contents of — 13.5
decision framework (appetite, price, terms) — 13.1
decision journal (career development) — 37.1
decision rationale (documentation) — 7.5
Declarations page (the dec page) — 5.2
declination, business/legal/file directions — 13.3
decline / declination — 13.3
decline / rate-up / exclude / waiting period (the four moves) — 18.1
Declining a sound risk for portfolio reasons — 29.7
Declining without burning the relationship — 39.5
deductible — 12.1
deductible credit (pricing of) — 12.1
deductibles and incentives — 1.5
deepening vs. thinning lines — 37.2
defending the decision — 13.7
Defending the decision (committee/auditor/broker) — 40.7
defense-inclusive (eroding) limits — 24.1, 24.3
Defined terms / the policy's dialect — 5.1
Delayed-loss problem (pricing) — 11.7
delegated authority (MGA) — 38.3
Delegated underwriting authority — 3.2
delegated underwriting authority (InsurTech context) — 34.2
delegated-authority moral hazard — 26.6
Demand surge — 15.4
demand surge (loss amplification) — 30.2
Department of Transportation (DOT) — 23.4
deposit (estimated) premium — 22.4
Depreciation and roof valuation — 15.2
Description of operations (use) — 23.2
Designated-operations exclusion (endorsement) — 5.6
designation sequence (career strategy) — 37.4
development (loss development factor) — 10.4
diagnosis coding completeness — 18.6
digital MGA — 34.2
Diligent search / diligent effort requirement — 3.7
Diligent search requirement — 39.2
Direct / captive / independent agency channels — 39.1
Direct writer — 3.2
directors & officers (D&O) — 21.7, 24.2
discrimination, fair vs. unfair (insurance sense) — 35.1, 35.2
disparate impact — 4.7
disparate impact (definition) — 35.4
disparate-impact test — 35.2, 35.4
Distribution channel — 3.2, 39.1
distributor / digital agency — 34.1
Diversification (geography, industry, size, line) — 29.2
Diversification reduces volatility not expected loss — 29.2
Documented override (audit/regulator) — 32.7
Documenting credits and debits — 11.5
Documenting model–judgment divergence — 31.4
Dog-bite liability / breed underwriting — 16.4
Domestic staff exposure — 16.4
double extortion — 24.4
double recovery, prevention of — 4.4
Driver class — 14.2
Driver qualification file — 23.3
Driver selection — 23.3
Driver-qualification process (vs. roster) — 23.3
Driving record (as a rating factor) — 14.2
Drop-down (umbrella) — 16.3
dual operations (fabrication vs. erection) — 22.2
Duties in the event of loss (notice, cooperation, proof of loss) — 5.4
duties of care, loyalty, good faith — 24.2
duty to defend — 21.1
Duty to defend vs. duty to indemnify — 5.3
duty to disclose — 4.1, 4.3
Dwelling characteristics — 15.3

E

earned vs. written premium — 10.2
Earthquake (excluded; separate policy) — 15.5
Economic profit — 28.6
Economics of small commercial — 20.7
Edmond Halley (Breslau life table) — 2.4
Efficiency vs. profitability — 20.7
Eligible vs. ineligible classes — 20.2
embedded insurance — 34.2, 34.4
Embedded insurance — 36.5
emerging risks — 24.7
employer's liability (Part Two) — 22.5
employment practices liability (EPL) — 21.7, 24.3
enabler / SaaS InsurTech — 34.1, 34.5
encoded underwriting / referral rules — 34.4
Endorsement — 5.6
endorsements (restrictive vs. broadening) — 12.5
endpoint detection & response (EDR/MDR) — 24.5
energy insurance — 26.3
Enhancement endorsement — 5.6
enrollment windows (open / special) — 18.2, 18.5
Enterprise risk management (ERM) — 28.5
EPL exposure base (headcount and turnover) — 24.3
Equipment breakdown (boiler & machinery) — 19.6
Equitable Life (1762) — 2.4
errors & omissions (E&O) — 21.7
errors & omissions (E&O) / professional liability — 24.1
escalation — 13.6
exceedance probability — 30.4
exceedance-probability (EP) curve — 30.3
Exception within an exclusion (coverage restored) — 5.5
Excess and surplus lines (E&S) channel — 39.2
Excess liability (personal) — 16.1
Excess limits (umbrella job 1) — 16.1, 16.3
Excess of loss (XOL) — 27.4
Excess thinking — 16.1, 16.7
excess vs. umbrella liability — 21.6
excess workers' compensation / self-insurance — 22.6
excessive / inadequate / unfairly discriminatory (rate standard) — 4.6
Exclusions — 5.5
exclusive remedy — 22.1, 22.5
executive payroll minimums and maximums — 22.4
expected loss (frequency × severity) — 6.3, 10.1
expected process variance (EPV) — 10.7
expected vs. maximum (probable) severity — 6.3
Expense loading — 11.1
Expense ratio — 3.4, 3.5
Expense ratio (as the battleground) — 20.7
expense ratio vs. loss ratio (the InsurTech trap) — 34.5
experience modification factor (X-mod) — 22.3
Experience modification factor (X-mod) (preview) — 11.4
Experience rating — 11.4
exposure — 6.4
exposure base — 10.3, 21.3
exposure base by line (table) — 6.4
exposure base verification (revenue, payroll) — 8.5
exposure unit / exposure base — 6.4
Extended period of indemnity — 19.4
Extended vs. guaranteed replacement cost — 15.4
External exposure (neighbors + catastrophe) — 9.2
Extra expense coverage — 19.3
Extraordinary life event provision — 14.3

F

facultative cession to make zone room — 30.5
Facultative reinsurance — 27.2
Facultative-obligatory (fac-oblig) treaty — 27.2
failure to procure / E&O — Case Study 1
Fair Credit Reporting Act (FCRA) — 8.6
Fair Credit Reporting Act (FCRA) / adverse-action notice — 14.3
FAIR Plan / residual market / insurer of last resort — 15.7
fair vs. unfair discrimination — 1.4, 4.7
fair vs. unfair discrimination (preview) — 6.5
Fair vs. unfair discrimination (rating factors) — 15.3
fairness metrics (demographic parity, equalized odds, calibration) — 35.4
fairness-metric impossibility — 35.4
Family history (early disease in close relatives) — 17.4
fat-tailed severity — 6.3
Favorable self-selection (multi-line household) — 16.7
FCRA adverse-action in automated decline — 20.4
FCRA and adverse action (in life underwriting) — 17.2, 17.7
Feature (input variable) — 32.5
Feature engineering — 32.5
Federal Motor Carrier Safety Administration (FMCSA) — 23.4
feedback loops (pricing) — 35.4
fiduciary (probate) bond — 25.3
file documentation — 13.5
File skeleton (thirteen sections) — 40.1
file-and-use — 4.6
Filed rates and automated decisions (compliance) — 20.4
financial distress as a loss indicator — 8.5
financial module — 30.2
financial statements (underwriting use) — 8.5
Financial strength rating — 3.3
Financial-responsibility law — 14.1
Financial-strength rating (capital constraint) — 28.7
finding vs. loss-making account — 38.4
fire insurance, birth of — 2.2
fire mark — 2.2
Fire protection class — 19.5
Fire protection class (1–10 scale) — 9.2
Fire protection class (residential) — 15.2
First-party coverage — 19.1, 19.7
first-party vs. third-party cyber coverage — 24.4
Flat extra — 17.3
Fleet composition — 23.2
Fleet rating threshold — 23.2
Flood (excluded always) — 15.5, 15.6
Form number and edition date — 5.7
Forward-looking vs. backward-looking (loss-run) pricing — 36.3
Four corners of the contract — 5.1
Fraud analytics fairness (proxy/bias; preview) — 33.7
Fraud as a binary vs. a dimmer switch (calibration) — 33.2
Fraud score is a lead, not a verdict — 33.7
Fraud-investigation compliance (unfair claims, defamation, good-faith immunity, FCRA) — 33.6
Freedom of rate and form — 3.7, 39.2
freedom of rate and form — 4.7
Freedom of rate and form (surplus lines) — 5.7
freight insurance (marine) — 26.1
frequency — 6.3
frequency and severity as distributions — 10.1
frequency and severity in workers' comp — 22.1, 22.7
frequency distribution (Poisson, low-count) — 10.1
Frequency model (Poisson, log link) — 32.2
frequency problem vs. severity problem — 10.1
frequency vs. severity in liability — 21.4
frequency vs. severity in the loss run — 8.2
frequency vs. severity, same average different shape — 6.3
Frequency × severity read for a risk — 9.6
Friction as a competitive variable — 20.6
Friction cost of fraud (the tax of suspicion) — 33.1
from risk to insurability — 6.7
FTC study of credit-based insurance scores — 14.3
full credibility — 10.5
full-credibility standard — 10.5, 10.7
full-stack InsurTech carrier — 34.1, 34.5
fully insured plan — 18.4
Functional replacement cost — 19.2

G

Garbage in, garbage out — 31.7
general average — 2.1
general average (in ocean marine) — 26.1
General expense (overhead) — 3.4
General Indemnity Agreement (GIA) — 25.7
Generalized linear model (GLM) — 32.2
generalized linear model (historical placement) — 2.7
Genetic information and the genetics gap — 17.7
geocoding and data quality (cat modeling) — 30.2
GINA (Genetic Information Nondiscrimination Act) — 17.7
GINA gap (genetics and life insurance) — 35.6
Gini coefficient — 32.6
golden-handcuffs plateau — 37.5
governance and the cost of capital — 38.7
governing class — 22.2
governing the automated systems (underwriting at one remove) — 34.7
Graded death benefit — 17.6
Gradient boosting machine (GBM) — 32.3
Great Fire of London (1666) — 2.2
Grey-band referral — 20.5
group health / self-funded adjacency (Harbor Steel) — 18.7
Growth versus profitability — 29.5
guarantee vs. transfer of risk — 25.1
Guaranteed / extended replacement cost — 16.5
Guaranteed issue — 17.6
guaranteed issue — 18.2
guaranteed-issue situations (Medigap) — 18.5
Guaranty association / guaranty fund — case study 2
Guaranty fund (preview) — 3.3, 3.7
guidelines as institutional memory — 7.4
guidelines, limits of ("encode the past") — 7.4

H

Hallucination (confidently wrong output) — 36.2
Harbor Steel as a package (not BOP/STP) — 20.2, The Underwriting File
Harbor Steel catastrophe screen (PML/AAL contribution, Port Hadley zone) — 30, The Underwriting File
Harbor Steel coverage architecture (package DICE) — 5.x (The Underwriting File)
Harbor Steel cyber add-on — 24.4, The Underwriting File
Harbor Steel disclosure gap (2023-fire cause shaded; clarification, no rescission) — The Underwriting File
Harbor Steel disposition (bound, with conditions) — 40.7
Harbor Steel fairness analysis — The Underwriting File
Harbor Steel in 2035 (forward look) — The Underwriting File
Harbor Steel model score (7) and override (6) — 32.7
Harbor Steel portfolio fit (coastal/industry/broker concentration) — 29.7
Harbor Steel property rate build-up — 11.1, 11.3, 11.5
Harbor Steel risk inventory — 6.6, 6.7
Hard fraud (premeditated) — 33.2
Hard market — 3.6
Hard-market opportunity / leaning in — 29.6
Hardening market (homeowners) — 15.7
hazard — 6.2
hazard families and their tools — 6.2
hazard module — 30.2
heavy-tailed (fat-tailed) loss distribution — 30.1
High-net-worth (HNW) lines — 16.5
high-risk pools (state) — 18.1
High-target / litigation-target status — 16.4
Highly protected risk (HPR) — 9.2 (case study 1), 19.5, preview of 19
Hired & non-owned auto (HNOA) — 23.5
hiring for aptitude vs. knowledge — 38.6
Hit ratio / bind ratio — 39.1, 39.6
HNW as stepping stone to commercial lines — 16.5
HNW competing on expertise and service — 16.5
HO-3 (open-peril dwelling, named-peril contents) — 15.1
HO-4 (renter's/tenant's form) — 15.1
HO-5 (open-peril dwelling and contents) — 15.1
HO-6 (condominium unit-owner's form) — 15.1
HO-8 (modified form for older homes) — 15.1
HOLC residential security maps — 35.5
Homeowners forms (HO-3/HO-5/HO-6) — 15.1
Homeowners insurance (the package) — 15.1
Hot-work permit program — 9.5
Hours-of-service — 23.4
Housekeeping as a leading indicator — 9.3
How to read a policy (the reading order) — 5.1
hull insurance (marine) — 26.1
Hurricane / windstorm (covered wind, excluded surge) — 15.5, 15.6
Hurricane Andrew (1992) — 2.6
Hurricane Andrew (catastrophe severity) — 6.3, 6.7
Hurricane Katrina (2005) — 2.6

I

IBNR (incurred but not reported) — 10.2, 10.4
Image-based underwriting — 32.4
immature losses — 10.4
implementation (quote, bind, issue) — 7.1
incentive misalignment / fee income vs. underwriting profit — 34.2
incurred vs. paid losses — 10.2
indemnity — 4.2
indemnity (surety) — 25.7
indemnity tail / lost-wage cost — 22.7
indemnity vs. parametric — 26.5
Independent agent / independent agency system — 3.2
independent state rating bureau — 22.2
individual mandate / coverage incentive — 18.2
individual medical underwriting (pre-ACA) — 18.1
Individual vs. fleet rating — 23.2
Information gap, broker's position in — 39.1, 39.3
information gathering — 7.1
Infrared (thermographic) electrical scan — 9.3, 9.5
Inland marine — 19.6
inland marine — 26.1
inland marine for Harbor Steel (steel in transit, contractors' equipment) — 26.7, The Underwriting File
Innocent-explanation column (base-rate discipline) — 33.5
Inputs → analysis → decision (file order) — 40.1
inspection before acceptance, origins of — 2.2
Inspection read — 9.3
inspection report — 8.4
installation floater — 26.1
Insurability — 36.4
insurability as a function of risk plus machinery — 6.7
insurability as risk-plus-machinery — 2.2
insurable interest — 4.2
insurable interest (in parametric structures) — 26.5
insurable interest and indemnity (stripping the upside) — 6.1
insurable interest and parametric design — 34.3
insurable interest, historical origin — 2.4
insurable interest, timing (property vs. life) — 4.2
insurable risk, characteristics of — 1.3
insurance commissioner / department — 4.5
insurance contract, special features of — 4.1
Insurance fraud (definition; intent + materiality + gain) — 33.1
insurance reforms by catastrophe — 2.6
insurance to value (coinsurance) — 12.4
Insurance to value (ITV) — 15.4
insurance value chain — 1.6
insurance, definition of — 1.1
Insurance-linked securities (ILS) / catastrophe bonds — 27.6
Insurers exiting California / Florida homeowners markets — 36.4
Insuring agreement — 5.3
InsurTech landscape, taxonomy of — 34.1
InsurTech, definition of — 34.1
Integrated account — 16.5, 16.7
intent vs. effect standard — 35.6
Internal consistency of terms — 40.4
Internal model (capital) — 28.4
Interpretability methods (SHAP, partial dependence) — 32.3
Investment income / float — 3.4
IoT sensors — 31.2
IoT-based underwriting — 36.1
IPO D&O exposure — 24.2
ISO (Insurance Services Office / Verisk) — 5.7
ISO (Verisk) — 2.7
ISO / Verisk (advisory loss costs) — 11.2
ISO/Verisk, NCCI (advisory organizations) — 4.6

J

James Dodson / level premiums — 2.4
jettison — 2.1
job lock — 18.1
Judgment relocated upstream (into product/algorithm design) — 36.5

K

Key-person life and buy-sell (insurable interest) — The Underwriting File
Knockout rules (hard stops) — 20.5

L

Laboratory tests (life; cholesterol, glucose/HbA1c, cotinine) — 17.2
large / complex industrial risk — 26.3
Large language model (LLM) co-pilot (drafting, summarizing) — 36.2
large-deductible plan — 22.6
large-deductible program — 12.2
large-group experience rating — 18.3
lasering (stop-loss) — 18.4
law of large numbers — 1.2
layered and shared program (the tower) — 26.3
Layered program — 19.7
Layers of precedence (specific over general; endorsement over base form) — 5.1, 5.6
lead vs. follow — 2.3
Leading indicators (rate change, retention, win rate, terms drift) — 29.6
leading indicators (rate, hit ratio, retention, mix) — 38.5
leading vs. lagging indicators — 38.1, 38.5
ledger to algorithm (the long arc) — 2.7
legal hazard — 6.2
lessons from the public stumbles — 34.6
Let the machine do what it does better; excel at what it cannot — 36.6
letter of authority — 38.3
Liability coverage (auto, Part A) — 14.1
license and permit bonds — 25.3
Lift (lift chart, deciles) — 32.6
Limit adequacy (set by judgment) — 16.4
limit structure (policy) — 12.3
Limits and attachment (auto) — 23.6
Limits of insurability (adequate vs. payable vs. regulated price) — 36.4
limits of insurability (risk plus machinery) — 30.7
Limits of insurance — 5.2
Limits of passing on risk — 27.7
limits of the frame (organizes but does not replace judgment) — 6.6
Limits on rescission (incontestability, innocent misrep, waiver, state standards, burden of proof) — 33.4
Lines (surplus-share capacity) — 27.3
Link analysis (rings) — 33.7
Lloyd's coffeehouse (Edward Lloyd) — 2.3
Lloyd's of London (as a marketplace) — 3.1
Lloyd's of London (origins) — 2.3
Log link (multiplicative relativities) — 32.2
Long-tail line (and loss development) — 3.6
Loss assessment coverage (condo) — 15.1
loss control — 1.5
loss control as the WC lever — 22.7
loss control, historical origin — 2.2
Loss control: frequency vs. severity controls — 9.5
loss cost — 10.3
Loss cost — 11.2
Loss cost multiplier (LCM) — 11.2
loss development on long-tail business — 21.4
loss ratio — 1.6
Loss ratio — 3.4, 3.5
loss ratio (incurred ÷ earned) — 10.2
Loss ratio by broker — 39.7
Loss ratio by segment — 29.4
loss ratio by segment (book analysis) — 37.3
Loss reserves vs. surplus — 28.1
loss run — 8.2
Loss runs as a story about management — 40.2
Loss-control recommendation (required vs. recommended) — 9.7
loss-control report and recommendations — 8.4
loss-cost multiplier — 4.6
loss-run trajectory — 8.2
Loss-sensitive rating plans — 11.6
loss-sensitive tail — 21.4
Losses (claims + loss adjustment expense) — 3.4
Low premium / high volume / thin margins — 20.7
Low-cost auto programs — 14.6
low-frequency, high-severity line — 26.2
lumpy / correlated surety losses — 25.7

M

machine learning in underwriting (historical arc) — 2.7
Major mortality factors — 17.4
Major violation (DUI / suspension / hit-and-run) — 23.3
make-whole rule — 4.4
Managed retreat / the hard limit of insurability — 36.4
Management as the uninspectable hazard — 9.3
management liability suite (D&O/EPL/fiduciary) — 24.2, 24.3
manager's combined ratio — 38.5
managing general agent (MGA / MGU) — 26.6
Managing general agent (MGA) — 3.2
Managing general agent (MGA), as wholesaler — 39.2
Managing general underwriter (MGU) — 3.2
managing the combined ratio forward — 38.5
Manual rate (class rate) — 11.2
manuscript forms (inland marine freedom) — 26.1
Manuscript vs. bureau (ISO) forms — 5.7
manuscripting — 12.6
marginal contribution to the portfolio PML — 30.5
market for lemons (Akerlof) — 1.4
market-conduct regulation — 4.5
Material misrepresentation (false fact, materiality, reliance) — 33.3
materiality (of a misrepresentation) — 4.3
Materiality test (prudent-underwriter standard) — 33.3
McCarran-Ferguson Act — 4.5
McCarran-Ferguson Act (1945) — 2.5
mean vs. median claim — 10.1
mechanic's lien (and payment bonds) — 25.2
medical payments (Coverage C) — 21.1
Medical payments / personal injury protection (PIP) — 14.1
Medical underwriting — 17.2
medical-loss-ratio (MLR) rule — 18.6
Medicare Supplement (Medigap) — 18.5
Medigap open-enrollment period — 18.5
Memo as legal/regulatory document — 40.5
Metabolic cluster vs. independent strikes — 17.5
MIB (Medical Information Bureau) — 17.2
Michigan no-fault reform (2019–2020) — 14.5
Mid-1980s liability insurance crisis — 3.6
middle-market commercial underwriter — 37.2, Underwriting File
Miller Act / Little Miller Acts — 25.2
Minimum Capital Requirement (MCR) — 28.4
Minimum premium — 11.6
Missing rationale for a judgment call (file defect) — 40.1
Mitigation and resilience (lowering the adequate price) — 36.4
mitigation crediting (vulnerability) — 30.7
Mix shift — 29.4
mod portability and contractor bid requirements — 22.3
Model override (when to override) — 32.7
Model override, disclosure in memo — 40.5, 40.7
Model override, documented for audit — 40.7
Model validation — 32.6
Modelable vs. writable risk — 36.4
modify (counter-offer) — 13.4
Monitored-period vs. continuous UBI — 14.4
Monitoring is not mitigation (the trap) — 36.1
monopolistic state fund — 22.6
moral hazard — 1.5
moral hazard (as a hazard family) — 6.2
Moral hazard at the assessment stage — 9.4
Moral-hazard signals (over-insurance, distress, timing) — 9.4
morale hazard — 1.5
morale hazard (as a hazard family) — 6.2
Morale hazard / deferred maintenance — 9.4
Mortality — 17.1
Mortality rate vs. mortality ratio — 17.1
Mortality table — 17.1
mortality table / life table — 2.4
Most referrals come back cleared — 33.6
Motor truck cargo — 23.4
motor truck cargo / transit floater — 26.1
Motor vehicle record (MVR) — 23.3
motor vehicle report (MVR) — 8.3
multi-factor authentication (MFA) — 24.5
Multivariate estimation (disentangling correlated factors) — 32.1, 32.2
Multivariate rating — 14.2
mutual aid / fraternal societies — 2.5
Mutual insurer — 3.1
mutual vs. stock insurer (historical) — 2.5

N

NAIC — 2.5, 28.3
NAIC (model laws) — 4.5
NAIC AI model bulletin — 35.6
Named insured — 5.2
Named-peril coverage — 15.1
Named-perils form — 5.3
Named-storm/wind deductible (percentage) — 15.7
named-windstorm deductible — 12.1
National Council on Compensation Insurance (NCCI) — 22.2
NCCI — 2.7
NCCI (workers'-comp loss costs) — 11.2
NCCI class code — 22.2
NCCI forms — 5.7
negotiation (broker terms) — 37.6
Negotiation (broker-underwriter) — 39.5
Net retention — 27.5
Net vs. gross underwriting — 27.5
net worth (contractor) — 25.5
network (internal and professional) — 37.7
Neural network — 32.4
New-business quality / new-business penalty — 29.4
NFIP (National Flood Insurance Program) — 15.6
Nicholas Barbon / the Fire Office — 2.2
No-fault system — 14.1, 14.5
no-laser / no-new-laser guarantee — 18.4
non-admitted insurer — 4.7
Non-combustible vs. fire-resistive (steel buckling) — 9.2
Non-HPR (ordinary) risk — 19.5
Non-proportional reinsurance — 27.4
Non-renewal and market withdrawal — 15.7
Non-renewing professionally — 39.7
non-stationarity (backward-looking model) — 30.6
Non-stationary catastrophe baseline — 36.3
non-stationary peril (cyber) — 24.4
Nonstandard auto — 14.6
Nuclear verdict — 23.6
nuclear verdicts and the excess layers — 21.6

O

obligee (surety) — 25.1
Occupancy (hot-work) — 19.5
Occupancy as frequency driver — 9.2
Occupancy hazard factor — 11.3
occurrence trigger — 21.2
ocean marine — 26.1
offline / immutable backups (tested) — 24.5
On-demand insurance — 36.5
open claim and reserves — 8.2
open competition (competitive rating) — 4.6
Open-peril (special form / all-risk) coverage — 15.1, 15.2
Open-peril / mysterious disappearance — 16.6
Open-perils ("all-risk") form — 5.3
Operating ratio — 3.5
ordinance or law coverage — 12.5
ORSA (Own Risk and Solvency Assessment) — 28.5
Other-insurance condition — 5.4
Out-of-sample testing (holdout, test set) — 32.6
outside-in security ratings — 24.4, 24.5
over-insurance and moral hazard — 4.2
over-reacting to own experience (error) — 10.6
over-specialization trap — 37.2
Overfitting — 32.3, 32.6
overreach (contractor) — 25.4, 25.6
override accountability / documented reasoning — 7.7
Override log (feedback to the model) — 32.7
override, defensible — 13.7
overtime payroll (straight-time portion) — 22.4
Ownership and appetite — 3.1

P

Package policy / commercial package policy (CPP) — 20.2
Package-vs-BOP routing decision — 20.2
Paid-in capital and retained earnings — 28.1
Paramedical exam — 17.2
parametric insurance — 26.5
parametric insurance (InsurTech application) — 34.3
Parametric insurance (trigger-based) — 36.5
parametric wind supplement (Harbor Steel) — 34.3, The Underwriting File
Parametric wind supplement on Harbor Steel — The Underwriting File
Paranoia vs. gullibility trap — 9.4
Part One vs. Part Two — 22.5
partial credibility — 10.5
payment bond — 25.2
payroll as exposure base — 22.4
payroll vs. gross sales vs. area as bases — 21.3
peer review — 13.6
penal sum — 25.2
penal sum is not the exposure — 25.3
per member per month (PMPM) — 18.3
per-occurrence deductible — 12.1
per-occurrence limit — 12.3
Per-occurrence retention — 27.4
percentage (catastrophe) deductible — 12.1
percentage wind deductible, origin — 2.6
percentage-of-completion method — 25.5
performance bond — 25.2
peril — 6.2
peril zone (CRESTA zone) — 30.5
Period of indemnity — 19.4
permissible (target) loss ratio — 10.2
Permissible loss ratio — 11.1
permissible purpose — 8.6
personal & advertising injury (Coverage B) — 21.1, 21.7
Personal injury offenses (libel, slander, defamation, invasion of privacy) — 16.3
personal lines, as career starting point — 37.2
Personal medical history (diagnosis, severity, time-since, stability) — 17.4
Personal umbrella — 16.1
Personal vs. commercial umbrella (kept separate) — The Underwriting File
Personal-articles floater — 16.6
Personal-auto policy (PAP) — 14.1
Philadelphia Contributionship (1752) — 2.5
Physical damage (collision / other than collision) — 23.1
Physical damage coverage (auto) — 14.1
physical hazard — 6.2
Physical hazard themes (roof, electrical, hot work, housekeeping) — 9.3
physical hazard verification — 8.4
pilot experience (aviation factor) — 26.2
pivot to MGA / enabler / reinsurance — 34.6
Plan versus actual (variance review) — 29.5
Policy period — 5.2
Policyholder surplus — 28.1
Pollution exclusion — 5.5
Portfolio appetite — 29.7
Portfolio discipline as fiduciary obligation — 29.7
Portfolio management vs. risk selection — 29.1, 29.7
Portfolio optimization (model vs. judgment) — 29.2
Portfolio referral triggers — 29.7
Portfolio segmentation — 29.4
Portfolio sign-off protects other policyholders — 40.6
Post-claim underwriting (the trap) — 33.4
pre-existing condition exclusion — 18.1, 18.2
Pre-fill (data enrichment) — 31.3
Pre-fill and data enrichment (in STP) — 20.4
Pre-fill failure modes (wrong match, stale data, false precision) — 31.3
Predictive fraud models (triage) — 33.7
Predictive model (vs. rating table) — 32.1
Preferred plus / preferred / standard plus / standard — 17.3
premises/operations — 21.1, 21.4
premium audit — 22.4
premium audit (liability) — 21.3
Premium build-up waterfall — 40.3
Premium components (pure premium + expense load + profit/contingencies) — 11.1
premium subsidies — 18.2
premium, ancient origins of — 2.1
Premium-build waterfall — 3.4
Premium-to-surplus ratio (leverage) — 28.2
prequalification function of a bond — 25.1
Prescription (Rx) history check — 17.2
Price adequacy vs. ranking — 32.6
price optimization — 35.7
Price optimization and segmentation limits — 20.7
pricing / actuarial analyst — 37.3
pricing on unchosen misfortune — 18.7
Pricing rationale (documenting the build) — 40.3
pricing the uncertainty, not the loss — 6.1
Primary vs. excess coverage — 16.1
Primary vs. excess layer — 19.7
primary vs. excess loss (split point) — 22.3
principal (surety) — 25.1
prior-acts coverage — 24.6
prior-approval — 4.6
Prior-insurance history and lapse — 14.2
Privacy (telematics data) — 14.4
privacy and data ethics — 8.6
privacy beyond breach (tracking, biometric) — 24.7
privacy liability — 24.4
Private flood market — 15.6
Privity (reinsurer and original insured) — 27.1, 27.6
probable maximum loss (PML) — 30.3
probable maximum loss (PML), in large-risk pricing — 26.3
process vs. outcome (audit) — 13.5, 13.7
Producer (catch-all term) — 39.1
product / strategy role — 37.3
products-completed operations — 21.1, 21.4
products-completed operations aggregate — 21.4
professional brand — 37.7
professional designations — 37.4
Profit and contingencies loading — 11.1
profit, growth, social responsibility (the three forces) — 7.2
profitable growth vs. growth — 38.5
program business — 26.6
properties of a good exposure base — 6.4
Property in transit — 19.6
property vs. inland marine (the rule of thumb) — 26.1
Proportional reinsurance — 27.3
prospective loss costs — 4.6
Prospective vs. retrospective rating — 11.6
protected characteristics / classes — 4.7
protected classes (universally vs. variably prohibited) — 35.6
protected-class matrix (factor status by line/state) — 35.6
protected-class test — 35.2
protection and indemnity (P&I) — 26.1
protection gap — 1.3
Protection gap — 15.6
protection gap (social-fairness angle) — 35.7
Protection: public vs. private — 9.2
Protective safeguards condition — 5.4
protective safeguards endorsement — 4.3
proxy discrimination — 4.7, 35.3
Proxy discrimination (credit, territory) — 14.3, 14.4, 14.5
proxy discrimination (information) — 8.6
proxy discrimination (preview) — 6.5
Proxy variable (preview) — 32.5, 32.7
proxy variables (machine learning) — 35.4
Public catastrophe programs (NFIP) — 36.4
public official bonds — 25.3
public records (OSHA, liens, news) — 8.5
Public records (pre-fill) — 31.2
public-company vs. private-company D&O — 24.2
Public-private response (FAIR plans, residual markets) — 36.4
public–private partnership (insurance) — 26.4
pure premium — 1.2, 10.3
Pure premium (as price component) — 11.1
pure risk — 6.1

Q

Quota share — 27.3

R

Radius classes (local / intermediate / long-haul) — 23.4
Radius of operations — 23.4
Random holdout exams and back-testing — 17.7
ransomware business interruption — 24.4, 24.5
ransomware sublimits and coinsurance — 24.5
Rate adequacy — 11.7
Rate adequacy (personal auto) — 14.7
Rate adequacy (preview; owned by Ch. 11) — 3.6
rate adequacy and documentation (audit focus) — 38.4
rate per \$100 of payroll — 22.4
rate regulation — 4.6
Rate regulation (personal auto) — 14.5
Rate-filing standard (inadequate / excessive / unfairly discriminatory) — 11.2
Rating agency — 3.3
rating bureau / manual — 2.7
rating by physical characteristics — 2.2
Rating factor (relativity) — 11.3
Rating factor / relativity (personal auto) — 14.2
Rating factors (homeowners) — 15.3
Rating territory — 14.2, 14.5
rating territory (fairness of) — 35.5
Rating territory (location) — 15.3
Rating threshold (A- or better) — 3.3
Rating-agency capital model — 28.7
rationale (the "why") — 13.5
RBC action levels — 28.3
RBC risk charges (asset, credit, reserve, premium) — 28.3
Re-pricing / non-renewal triggers — 40.7
Reading an MVR for pattern — 23.3
Reading language with legal precision — 5.7
reading the silences in a submission — 8.7
Real-time / live-data monitoring (sensors, satellites, telematics) — 36.1
Real-time risk scoring — 31.4
rebating / anti-rebating laws — 4.7
Rebuild cost vs. market/purchase value — 15.4
Reciprocal insurer (reciprocal exchange) — 3.1
Recommendation memo skeleton (nine parts) — 40.5
Reconciling contradictions in the file — 40.1
reconstruction test — 13.5
Red-flag families (timing, over-insurance, history, identity, distress, inconsistency) — 33.5
Red-flag indicators (prompt, not proof) — 33.5
redlining — 35.5
referral — 13.6
referral grid (referral matrix) — 38.3
Referral logic — 20.5
Referral logic (STP) — 31.5
Regulatory lag (rate approval) — 14.7
regulatory patchwork (state-by-state) — 35.6
reimbursement (in surety) — 25.1, 25.7
Reinstatement / reinstatement premium — 27.4
reinsurance — 1.6
Reinsurance (definition) — 27.1
Reinsurance (preview; owned by Ch. 27) — 3.3
Reinsurance and portfolio sign-off — 40.6
Reinsurance cost in pricing — 27.5
Reinsurance market (Lloyd's, Bermuda, major reinsurers) — 27.6
Reinsurance recoverables (credit-risk charge) — 28.3
Reinsurance tower (layers) — 27.4
Reinsurance underwriting cycle — 27.6
relative volatility (coefficient of variation) — 1.2
Relativity — 11.3
Relativity (as model coefficient) — 32.2
Renewal re-verification of underlying limits — 16.2
Renewal strategy — 39.7
Rental properties (landlord vs. business exposure) — 16.4
Replacement cost — 19.2
Replacement cost vs. actual cash value (ACV) — 15.2
representation — 4.3
representations on the application — 8.1
Representations on the declarations — 5.2
repricing vs. restructuring — 13.4
reputational / intangible-asset risk — 24.7
Required underlying limit as a deductible analog — 16.2
rescission (preview) — 4.3
Rescission (void from inception) — 33.4
Rescission vs. non-renewal vs. cancellation — 33.4
Reserve leverage — 28.2
reserving — 1.6
Residual market / assigned-risk plan — 14.6
residual market / FAIR Plan / insurer of last resort — 30.7
Residual risks (surviving the bind) — 40.7
Residual-risk line (memo) — 40.5
Respondeat superior — 23.5
respondentia — 2.1
Responsiveness (relationship pillar) — 39.4
Retail broker — 39.2
Retention and the expense ratio — 16.7
Retention ratio (and quality-weighted retention) — 29.4
Retention vs. new-business cost — 39.7
retroactive date — 24.6
Retrocession — 27.7
Retrospective rating (retro plan) — 11.6
retrospective rating (workers' comp) — 22.6
Return on capital / RAROC — 28.6
return period — 30.4
return period and the mortgage horizon — 30.4
return period for capital (1-in-250) — 30.4
return-of-fees exclusion — 24.1
return-to-work program — 22.7
Rhodian sea law — 2.1
risk adjustment — 18.6
risk appetite — 7.4
Risk appetite (enterprise level) — 28.5
risk appetite, operationalizing — 38.2
Risk assessment framework — 9.1
risk aversion — 1.1
Risk class (preferred/standard/substandard/decline) — 17.3
risk classification — 1.4, 4.7, 6.5
risk classification, origin in life insurance — 2.4
risk identification — 6.5
Risk Management Agency (RMA) / FCIC — 26.4
risk pooling — 1.2
risk pooling as a legal rule — 2.1
Risk quality / grade (four-band scale) — 9.7
risk score / risk-adjustment model — 18.6
Risk score and auto-bind tolerance — 20.4
risk, definition of (uncertainty of loss) — 6.1
risk-appetite statement — 38.2
Risk-assessment summary — 40.2
Risk-based basis (compliance, capstone) — 40.5
Risk-based capital (RBC) — 28.3
risk-based capital (RBC) (preview) — 4.5
Risk-based capital (RBC, preview; owned by Ch. 28) — 3.3
risk-based reason rule — 13.3
risk-engineering survey — 26.3
rotations (claims, loss control, pricing, distribution) — 37.1
run-in coverage — 18.4
run-out coverage — 18.4

S

SAFER / SMS safety data (USDOT number) — 23.4
salvage — 4.2, 4.4
salvage (surety) — 25.7
Satellite / aerial imagery scoring — 32.4
Satellite and aerial imagery (underwriting) — 31.2, 31.3
Schedule of forms and endorsements — 5.2, 5.6
Schedule of underlying insurance — 16.2
Schedule rating (credits and debits) — 11.5
Schedule-rating worksheet — 11.5
Scheduled personal property — 16.6
Score as input vs. decision — 31.4
securities class action — 24.2
self-funded (self-insured) health plan — 18.4
Self-insured retention (personal umbrella) — 16.3
self-insured retention (SIR) — 12.2
self-reported vs. verified information — 8.1
Self-selection (favorable, in telematics) — 14.4
September 11, 2001 (insurance impact) — 2.6
Service premium — 39.6
severity — 6.3
Severity discipline — 23.6
severity distribution (skew, long tail) — 10.1
Severity inflation (medical, repair, litigation) — 14.7
Severity model (gamma, log link) — 32.2
Severity tail (commercial auto) — 23.6
Severity vs. frequency (umbrella tail) — 16.4
Shared program — 19.7
shrinkage / partial pooling — 10.7
Side-A-only excess — 24.2
Signal vs. noise in loss history — 11.4
silent condition (binding trap) — 13.2
Silent cyber — 5.5
Silent default (data quality) — 31.7
Simplified issue — 17.6
Skills for 2035 (judgment, model literacy, climate fluency, data judgment, communication, ethics) — 36.6
Sliding-scale commission — 27.3
Small commercial (segment) — 20.1, 20.7
Small machine shop (BOP contrast) — The Underwriting File
Small-commercial class underwriting — 20.3
small-group vs. large-group line — 18.3
Small-sample loss history (cause vs. count) — 9.6
Snapshot model (annual policy) vs. continuous assessment — 36.1
social engineering / funds-transfer fraud — 24.5
social fairness — 35.7
Social inflation / nuclear verdict (personal severity) — 16.4
Social inflation / severity inflation — 23.6
Soft fraud (opportunistic) — 33.2
Soft market — 3.6
soft market, discipline in — 7.2
soft skills (underwriting career) — 37.6
Soft-market discipline / disciplined shrinkage — 29.6
Soft-market underpricing — 11.7
soft-market underpricing of the tail — 21.4
Solvency — 28.1, 28.3
Solvency Capital Requirement (SCR) — 28.4
Solvency II — 28.4
solvency regulation — 4.5
South-Eastern Underwriters (1944) — 2.5
sovereign catastrophe pool — 26.5
Special Flood Hazard Area / mandatory purchase — 15.6
Special form (all-risk) — 19.1
Special investigation unit (SIU) — 33.6
Special limits of liability (homeowners) — 16.6
Special sublimits and scheduled personal property — 15.1
specialty and excess-and-surplus (E&S) career — 37.2
specialty and niche lines, overview — 26.1, 26.7
specialty pay premium — 37.5
specialty underwriting careers — 26.7
specific (individual) stop-loss — 18.4
Specific, auditable loss-control requirements — 9.5
speculative risk — 6.1
speculative vs. pure risk — 1.3
Speed and the broker experience — 20.6
square-root rule — 10.5
Stale-appraisal / appreciating-property trap — 16.6
standalone marine insurance contract (Italian city-states) — 2.1
standard exception (clerical, drivers) — 22.2
standard of care (professional) — 24.1
Standard Reinsurance Agreement (SRA) — 26.4
state guaranty fund — 4.5, 4.7
state insurance regulation — 4.5
state restrictions on rating factors — 8.6
state-based regulation — 2.5
Statement of fact vs. opinion/expectation — 33.3
Statement of values (SOV) — 19.7
statutory coverage — 22.1
Steering through the underwriting cycle — 29.6
stochastic event set — 30.2
Stock insurer — 3.1
stop-gap employers' liability endorsement — 22.6
stop-loss insurance — 18.4
Straight-through processing (data view) — 31.5
straight-through processing (preview) — 7.1, 7.4
Straight-through processing (STP) — 20.4
subject-to binder — 12.7
Subjectivities (conditions precedent, capstone) — 40.7
subjectivities (recorded in the file) — 7.5
subjectivity (condition precedent to binding) — 13.4
subjectivity clearance and waiver — 13.4
sublimit — 12.3
submission — 7.1
Submission quality — 39.3
Submission quality checklist — 39.3
subrogation — 4.4
Subrogation / transfer of rights condition — 5.4
Subscription (sharing a risk across syndicates) — 3.1
subscription market — 2.3
Substandard classification — 17.3
supplemental products (critical illness, hospital indemnity) — 18.5
surety (the party) — 25.1
surety bond, definition of — 25.1
surety vs. insurance — 25.1
surety's options (finance/complete/tender/pay) — 25.7
Surplus lines (catastrophe property) — 19.7
surplus lines (excess & surplus, E&S) — 4.7
surplus lines (freedom of form) — 12.6
Surplus lines, routing of submissions — 39.2
Surplus share — 27.3
Surplus-lines / excess and surplus (E&S) / non-admitted market — 3.7
surplus-lines broker / diligent search — 4.7
Surplus-lines premium tax — 3.7
Surplus-lines tax — 39.2
Swimming pools / attractive nuisances — 16.4
Symbol 1 (any auto) — 23.1
Symbol 7 (specifically described autos) — 23.1
Symbols 8 and 9 (hired / non-owned) — 23.1
Syndicate (Lloyd's) — 3.1
syndicate / member / lead underwriter — 2.3
Synthesis (vs. a pile of analyses) — 40.1
systemic cyber aggregation (cloud concentration) — 24.7
Systemic risk — case study 1

T

Table rating — 17.3
tail / extended reporting period (ERP) — 24.6
target/accept/restrict/decline tiers — 38.2
technocrat's trap / advocate's trap — 35.7
technology augments, not replaces (theme) — 7.7
Telematics — 14.4
Telematics (as alternative data) — 31.2
Telematics (commercial fleet) — 23.7
Telematics as a coverage requirement — 23.7
Telematics limits and privacy — 23.7
Term life vs. permanent life — 17.1
Terms and conditions (assembled) — 40.4
Terms as a system of incentives — 40.4
Terms at a glance (by line) — 40.4
the "insured contract" exception — 21.5
the 1-in-100-year misconception — 30.4
the 1986 CGL form revision — 21.2
the Affordable Care Act (ACA), market reforms — 18.2
the art of the question — 8.7
the authority grid (dimensions) — 7.3
the authority ladder / referral hierarchy — 7.3, 7.6
The bilingual underwriter — 36.7
The career opportunity (model/climate/product/relationship seams) — 36.7
the combined ratio as scoreboard — 7.2
the credibility-weighted estimate — 10.6
The DICE structure — 5.1, 5.2, 5.3, 5.4, 5.5
the discrimination paradox — 35.1
the feedback loop (selection → claims → experience → rate) — 7.6
the file as legal record — 7.5
the four levers (appetite/authority/audit/team) — 38.1
The fraud spectrum (error → soft → hard → organized) — 33.2
The fraud-response chain (spot → refer → investigate → finding → action) — 33.6
The gap problem — 16.2
the grand bargain — 22.1
the honest reflex to refer — 7.3
the identification loop — 6.5
The Institutes — 37.4
The liability stack — 16.1
the liability tower / schedule of underlying insurance — 21.6
The life evidence stack — 17.2
The long game (career of relationships) — 39.7
The long promise (level premium and trajectory) — 17.1
the long-tail / incurred-but-not-reported problem — 21.2, 21.4
the machinery of employment (HR controls) — 24.3
The market relationship — 39.4, 39.7
the model-override preview — 7.7
The neutral documented question — 33.5
The new product frontier — 36.5
The novel / unanticipated risk (model blindness) — 20.5
the over-confident accept trap — 6.7
the post-breach applicant (adverse selection) — 24.5
The premium dollar — 3.4
The pricing-model lifecycle — 32.7
the protection gap — 30.7
the quote-in-seconds flow — 34.4
The reason a risk arrives (non-renewal vs. shopping) — 9.4
the rise of actuarial science — 2.4
The rule engine (eligibility + knockouts) — 20.4
The silent coverage gap (HNOA) — 23.5
the six themes — 1.7
the slip — 2.3
The spiral (LMX) — 27.7
the surety three C's — 25.4
the three insuring agreements (Coverage A/B/C) — 21.1
the tool advises, the underwriter decides — 2.7
the underwriter's duty (fairness) — 35.7
the underwriter's mindset (exposure → hazard → controls) — 6.6
the underwriter's role in an InsurTech world — 34.7
the underwriting decision (accept/decline/modify) — 7.1, 7.7
the underwriting file — 7.5
the Underwriting File (Harbor Steel GL / products tail) — 21.4
the Underwriting File (Harbor Steel terms) — 12.7
the Underwriting File (Harbor Steel triage & referral) — 7.1, 7.4
the Underwriting File (Harbor Steel) — 1.7
the Underwriting File (information order, Harbor Steel) — 8.x
the underwriting process (end to end) — 7.1
the X-mod as credibility (case study) — 10.6
third-party administrator (TPA) — 18.4
third-party coverage — 21.1
third-party data — 8.3
Third-party data aggregators — 31.2
Third-party litigation funding — 23.6
Third-party vs. first-party coverage — 14.1
third-party-over and dual-capacity actions — 22.5
Three axes of competition — 39.6
three gates — 13.1
three lines of defense — 38.7
Three reasons exclusions exist — 5.5
three-party relationship (principal/obligee/surety) — 25.1
Tindall Stores (post-breach cyber submission) — 24.5, The Underwriting File
Tobacco / nonsmoker–smoker class split — 17.3, 17.4
Tobacco and cotinine — 17.4
tontine / deferred-dividend policies — 2.6
Traceable price — 40.3
traditional vs. miscellaneous professional liability (misc E&O) — 24.1
trainee program, the — 37.1
transfer of risk — 1.1
transitional reinsurance program (ACA) — 18.6
Treaty reinsurance — 27.2
trend (severity / frequency) — 10.4
Trend vs. event — 36.3
trending and developing losses — 10.4
triage — 7.1
Triage (accelerate vs. route to full underwriting) — 17.7
trigger (parametric) — 26.5
Truckers / motor carrier form — 23.1
Trust (relationship pillar) — 39.4

U

Umbrella as anchor of the rounded account — 16.7
Umbrella attachment over auto — 23.5
Umbrella exclusions (business, intentional, aircraft, owned property) — 16.3
Umbrella exposure inventory — 16.4
umbrella over employer's liability — 22.5
unconscious drift (soft-market) — 7.2
under-delegation — 38.3
Under-valuation (insurance-to-value failure) — 19.2, 19.7
Underlying-limit requirement — 16.2
Underpricing-to-win trap — 40.3
undervaluation and coinsurance — 6.4
underwriter, etymology of — 2.3
underwriting analyst — 37.3
underwriting audit — 38.4
underwriting audit (of a program) — 26.6
underwriting authority — 7.3
underwriting career path — 37.2, 37.3
Underwriting cycle — 3.6
Underwriting cycle (and pricing through it) — 11.7
underwriting decision tree — 13.1
underwriting decision, the — 13.1
Underwriting file, assembly order — 40.1
underwriting governance — 38.7
underwriting guidelines — 7.4
underwriting is judgment (theme) — 7.7
underwriting leader, transition to — 38.1
underwriting manager — 37.2
underwriting philosophy — 7.2
Underwriting plan and budget — 29.5
Underwriting profit — 3.4, 3.5
Underwriting workflow, then vs. now — 31.1
Underwriting workstation — 31.4
underwriting, definition of — 7.1
underwriting, origin of the word (Lloyd's) — 7.1
underwriting, the selection gate — 1.7
Underwriting-depth spectrum — 17.6
underwriting–claims–actuarial triangle — 7.6
Underwriting–loss-control convergence — 36.1
unfair discrimination, operational tests — 35.2
unilateral contract — 4.1
uninsurable population — 18.1
Uninsured / underinsured motorist (UM/UIM) — 14.1
United States v. South-Eastern Underwriters Association (1944) — 4.5
Univariate vs. multivariate relativities — 11.3
usage-based insurance (InsurTech application) — 34.3
Usage-based insurance (UBI) — 14.4
Use and annual mileage (exposure) — 14.2, 14.4
use-and-file — 4.6
utmost good faith (uberrimae fidei) — 4.1, 4.3
Utmost good faith runs both ways (good application) — 33.3

V

valued policy — 4.2
variance of hypothetical means (VHM) — 10.7
variance vs. expected value — 1.1
Vehicle symbol — 14.2
Vehicle weight classes (severity) — 23.2
Virtuous / vicious loop (relationship and loss ratio) — 39.4
Volatility / earnings smoothing — 27.1
Volume amplifying pricing error — 20.7
vulnerability module (damage functions, fragility curves) — 30.2

W

waiver of subrogation — 4.4
warranty — 4.3
Watercraft and recreational-vehicle liability — 16.4
What a good fraud referral contains — 33.6
When automation helps vs. judgment irreplaceable — 31.6
When STP works vs. fails — 20.5
When to schedule vs. blanket (rule of thumb) — 16.6
where InsurTech stumbled (full-stack carriers) — 34.5
where InsurTech succeeded — 34.5
Whole-household economics — 16.7
whole-person classification (David Okafor) — 6.5
Whole-person judgment — 17.5
Wholesale broker — 39.2
Wholesaler / wholesale broker / surplus-lines broker — 3.2
Wildfire (covered fire) — 15.5
Wind-versus-water dispute — 15.5, 15.6
work-in-process schedule — 25.5, 25.7
workers' comp benefits (medical/indemnity/disability/death) — 22.1
workers' compensation — 22.1
working capital — 25.5

Y

Youthful / additional drivers (umbrella exposure) — 16.4

Z

zero expected loss (surety) — 25.1, 25.4
Zone aggregate (Port Hadley) — 40.6
zone limit / zone PML — 30.5