System Safety


Definition of "System safety"

Method of accident prevention whose objective is to detect system-component deficiencies that have the potential for causing accidents.

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Strike-through Clause (cut-through Clause)

Provision that holds a re-insurer liable for its share of losses even if the ceding company becomes insolvent before paying these losses. For example, ...

Section 401 (h) Pension Plan Trust

Trust established under the auspices of the Internal Revenue Code that permits the maintenance of a separate account within the employer's defined ben ...

Persistency

Percentage of life insurance or other insurance policies remaining in force; percentage of policies that have not lapsed. The higher the percentage, t ...

Fair Access To Insurance Requirements (fair) Plan

Insurance that grew out of the urban demonstrations and riots of the 1960s. Because of the deteriorated social and economic circumstances in these are ...

Average

Arithmetic mean; the sum of a series of numbers divided by the number of numbers comprising the sum. The arithmetic mean is the EXPECTED LOSS that the ...

Concurrency

In which at least two insurance policies provide identical coverage for the same risk. ...

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