Commuted Value

Technique for expressing limits of liability coverage under a particular insurance policy, stating separate limits for different types of claims growing out of a single event or combination ...

To accept by a reinsurer, part or all of a risk transferred to it by a primary insurer or another reinsurer. ...

Organization that develops and publishes educational material and administers national examinations in supervisory management, general insurance, claims, management, risk management, ...

Group of insurers or re insurers involved in joint underwriting. Members typically take predetermined shares of premiums, losses, expenses, and profits. Syndicates, more common in ...

Provision of federal legislation that prohibits an employer from making contributions (premium payments) directly to a union for the purchase of employee benefits; instead the contributions ...

Rating method for commercial fire insurance according to a predetermined schedule. Published by A. F. Dean in 1902, this method was the first comprehensive qualitative analysis procedure to ...

Combination of whole life and level term that provides income to a beneficiary for a selected period of time (e.g., 20 years) if an insured dies during that period. At the end of the ...

Clause in a bond that permits a principal who was formerly insured by the bond to report a loss to the surety company that occurred while the bond was in force. The period of time for ...

Present value of a future sum of money to be paid at a stipulated future date. ...