Excess (nonproportional)reinsurance
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 reinsurer pays the amount of the claim above that limit up to a specific sum. For example, assume that an insurer issues automobile liability policies of $150,000 on any one risk and retains the first $50,000 of any risk. The insurer purchases excess loss reinsurance for $ 100,000 in excess of $50,000 on any one risk. The insurer pays the first $50,000 of all losses, and the reinsurer pays any excess amount up to a maximum of $100,000.
Popular Insurance Terms
Condition that results from injury or disease that is not job related. Workers compensation applies to employees disabled by on-the-job injuries or disease. In addition, five states require ...
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Designation earned by passing 10 national examinations on subjects including mathematics of life and health insurance, actuarial science, insurance, accounting, finance, and employee ...
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Statistical projection of future deaths. ...
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