Syndicate
Definition of "Syndicate"
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 reinsurance than in primary insurance, are formed to cover major risks that are beyond the capacity of a single underwriter.
Popular Insurance Terms
Recording and presentation of financial statements, such as the annual statement, by the insurance company. Financial reporting statements are used by the State Insurance Commissioner in ...
Provision of a treaty reinsurance contract stating that if an insurer fails to report a risk that would normally be covered, the re insurer is still liable for the risk. ...
Method of setting a dollar value on loss suffered by an insured. In some cases, a loss is straightforward, such as the cost of gallbladder surgery. But with burglary of a home or a traffic ...
Employee benefit plan that does not have the federal tax advantages of a qualified pension plan, in which employers receive a federal tax deduction for contributions paid into the plan on ...
Excuses raised by a defendant in a negligent suit (unintentional tort). There are three basic defenses to unintentional torts or negligence. ASSUMPTION OF RISK an individual (plaintiff), by ...
Will written totally in the handwriting of that individual whose name appears on the will. ...
Prior to 1988, right to withdraw retirement assets before age 59 1/2 without having to pay a 10% penalty under the following circumstances: medical expenses are incurred. the plan ...
Percentage return appropriated by the insurer for an immediate variable annuity when the insurer calculates the initial income payment to the annuitant. If the variable annuity's underlying ...
Clause added to an insurance policy providing waiver of premium (WP) if the premium payer dies or becomes disabled. For example, this option is available on insurance policies on a child's ...
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