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
Plan that provides protection in the event of legal actions resulting from charges of harassment, discrimination, wrongful termination of employment, defamation, and invasion of privacy. ...
Clause in a reinsurance policy that excludes the reinsurer's liability for losses occurring after a stipulated date. ...
Right of a policyholder in life insurance with cash value to elect a smaller, fully paid-up policy, without any further premiums to pay. The amount of the paid-up policy is determined by ...
Requirement that a retired worker can have annual earnings of no more than a stipulated amount in order to receive a full retirement income under Social Security if under age 70. There is a ...
Resulting when all possible outcomes from all the events being studied have been considered. ...
Life insurance contract that pays its owner dividends, which can be: taken as cash; applied to reduce a premium; applied to purchase an increment of paid-up insurance; left on deposit ...
Agency formed as the result of bank failures in the 1930s to insure the deposits of customers of member banks. The FDIC, an agency of the federal government, is self-supporting in that it ...
Maximum amount that an insurance company is obligated to pay all injured parties seeking recourse as the result of the occurrence of an event covered under a liability insurance pol ...
Chart showing for a group of people: the number living at the beginning of a designated year; the number dying during that year. Yearly probabilities are used in calculating premium ...
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