Alternative Risk Financing Facilities
Provide mainstream coverage to their members that include corporations, public entities, and professionals. These facilities were originally established and capitalized by organizations and individuals with common requirements for insurance who could not obtain coverage on the commercial markets; could not obtain coverage at an acceptable price; could not effectively act as a captive insurance company; or could not act as a self-insurer. Coverages written include property insurance, workers COMPENSATION INSURANCE, DIRECTORS AND OFFICERS LIABILITY INSURANCE, medical malpractice liability insurance, and primary and excess liability insurance. Insureds include a broad range of organizations and individuals: medical personnel, banks, manufacturers, public entities, nonprofit entities, contractors, and transportation companies and systems. The major portion of the facilities is domiciled in Bermuda.
Popular Insurance Terms
Form of excess of loss reinsurance under which each year's reinsurance premium is determined by the amount of the cedent's excess losses for a given period of time, usually three or five ...
Private, not-for-profit-group that develops and publishes safety codes and standards relating to protection of people and property against fire. The NFPA is financed by fees for technical ...
Provision in many property insurance policies that allows an insured to pick coverage for selected perils. The choices are explosion; explosion, riot and civil commotion; explosion, riot ...
Disability in which a wage earner is forever prevented from working because of injury or illness suffered. ...
Reinsurance: surplus reinsurance contracts under which the agreement between an insurer and a re insurer is based on the ceding company's line guide, such that the amount re insured is ...
Policy owner rights under a life insurance policy, including the right to name a new beneficiary at any time and to surrender the policy for its cash value. ...
Policy that remains in full force and effect for the life of the insured, with premium payments being made for the same period. ...
Type of accounting method, in life insurance, designed to match revenues and expenses of an insurer according to principles designed by the Financial Accounting Standards Board and the ...
Federal law comparable to state workers compensation statutes setting out liability of railroads for work-related injuries or death of their employees. Railroad employees are not covered by ...
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