Drop Down
Definition of "Drop down"
In reinsurance contracts, clause that requires the re-insurer to provide coverage if an underlying carrier is unable to fulfill its obligations under the policy ceded to the re-insurer.
Popular Insurance Terms
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Acknowledgment by the policyowner that he or she has received the policy loan requested. ...
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Legal document setting out the rules to be followed by a trustee in administering assets of a trust. The trust agreement may limit investment of trust assets to specified types of ...
Organization that develops and publishes educational material and administers national examinations in supervisory management, general insurance, claims, management, risk management, ...
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Losses paid plus positive or negative changes in the year-end loss reserves during that particular year. The total amount includes payments for any old claims as well as new claims, plus ...
Legal right of a passenger in an automobile involved in an accident to bring a liability suit against the driver. It is deemed that a special standard of care is owed by an automobile ...
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