Retrocession Catastrophe Cover
Reinsurance of & re insurer such that the re insurer protects itself from a catastrophe occurrence. Just as an insurer must decide to cede to the re insurer a portion of a risk it has underwritten, the re insurer must make the same decision as to which risks it can sustain within its resources, and what portion of the risks it must retrocede. Retrocession may be either proportional or non proportional.
Popular Insurance Terms
Legally binding unilateral agreement between an insured and an insurance company to indemnify the buyer of a contract under specified circumstances. In exchange for premium payment (s) the ...
Insurance company that restricts its underwriting of risks to one state. ...
Smallest premium necessary to keep the life insurance policy in force regardless of the current mortality, interest, and expense experience of the insurance company. This type of premium is ...
Total assets minus liabilities. It is used by underwriters to evaluate the financial standing of applicants for surety bonds. ...
Important 1944 U.S. Supreme Court ruling that the insurance business constituted interstate commerce and was thus subject to the SHERMAN antitrust act. This decision came in U.S. v. ...
Person who commits a tort, a type of wrongful act, that causes injury or damage. ...
Amount of reinsurance accepted by a second reinsurer which is in excess of the original insurer's retention limit and the first reinsurer's first surplus treaty's limit. ...
Total amount of insurance on an insurer's books at a particular time. ...
Coverage for automobiles used by a business when a liability judgment arises out of the use of the automobile, or the automobile is subject to damage or destruction. The business can select ...
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