Clause in a reinsurance policy that excludes the reinsurer's liability for losses occurring after a stipulated date.
Popular Insurance Terms
Bankruptcy. If an insured business firm becomes bankrupt, the circumstance does not relieve an insurance company of its obligations under an insurance contract. ...
Tool of risk management used for risk financing by local governments. The technique is for many local governments to combine resources in order to self insure a particular line of business, ...
Required reserve to satisfy all life insurance policy obligations and expenses according to the appointed actuary's best estimate assumptions. Numerous interest rate scenarios are tested ...
In a mercantile open-stock burglary insurance policy, the dollar amount of coverage as required by the COINSURANCE clause. This dollar amount is the MAXIMUM PROBABLE LOSS (MPL) of ...
Contract under which an assessment insurance company can charge policyowners additional sums if the company's loss experience is worse than had been loaded for in the premium. This ...
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 ...
Same as term Excess of Loss Reinsurance: method whereby an insurer pays the amount of each claim for each risk up to a limit determined in advance and the re-insurer pays the amount of the ...
Difference between the earned premiums and the losses and expenses of an insurance company. ...
Actuarial evaluation of the assets of a pension plan according to the fair market value of the assets. ...
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