Life Reinsurance
System whereby a life insurance company (the reinsured) reduces its possible maximum loss on either an individual life insurance policy (facultative reinsurance) or a large number of life insurance policies (automatic reinsurance) by giving (ceding) a portion of its liability to another insurance company (the reinsurer).
Popular Insurance Terms
Analytical procedure to predict the failure rate of a system still in the design stage. ...
Attachment to a general liability policy thereby eliminating the exclusion of property under the care, custody, and/or control of an insured. Without this endorsement there would be no ...
Proportion of losses incurred to premiums earned. This ratio indicates the amount of a premium dollar that is being consumed by losses. ...
Transfer of property from a bailor to a bailee; for example, transferring a suit to be cleaned from the bailor (owner) to the bailee (cleaners). ...
Coinsurance requirement such that if a loss is less than $10,000 and also less than 5% of the total of insurance to cover a loss, then the insurance company will not require that the ...
Funds paid by an insurance company associated with the normal costs of doing business other than the costs of claims payments. ...
Relinquishment of rights to benefits when an employee withdraws previous contributions to a plan. An employee who had not withdrawn these contributions would have been entitled to full ...
Same as term Expiration: termination date of coverage as indicated on the insurance policy. ...
Five primary sectors of insurance coverage. Their purposes are: LIFE INSURANCE provides income to a beneficiary in the event of the death of the insured. HEALTH INSURANCE provides two types ...
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