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
Modification of the charitable remainder uni-trust through which the beneficiaries receive a specified percentage of the assets' value in the trust usually paid out on a quarterly basis. If ...
Mathematical premise stating that the greater the number of exposures, (1) the more accurate the prediction; (2) the less the deviation of the actual losses from the expected losses (X - x ...
Property valued according to its earnings potential. However, property insurance contracts generally indemnify an insured on a replacement cost less physical depreciation and obsolescence ...
Insurer's total payments resulting from a claim, including all related expenses, less any recoveries from salvage, reinsurance, and the exercise of subrogation rights or other rights ...
Standard for insurance regulation in New York State and a model for insurance regulation elsewhere. For example, the standard fire policy was first adopted in New York State. Similarly, ...
Section of the code that qualifies that the death benefit paid under a life insurance policy is received by the beneficiary income-tax free. These tax consequences apply regardless of the ...
Health and medical insurance that excludes coverage for job-related injuries and illnesses. Most medical insurance policies do not provide benefits for job-related claims, which are covered ...
Combination of property insurance on the hull of an airplane and liability insurance in the following manner: property coverage provided on an ALL RISKS basis or on a specified perils ...
Portion of company profits allocated by an employer, in good years, to an employee's trust. Contributions on behalf of each employee are expressed as a percentage of salary with 5% being ...
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