Yearly Renewable Term Plan Of Reinsurance
Type of proportional reinsurance under which the ceding company (primary insurer) cedes to a re-insurer its net amount at risk for the amount above its retention limit on a life insurance policy. In the event the insured dies, the re-insurer is obligated to pay that part of the death benefit which is equivalent to the net amount at risk.
Popular Insurance Terms
Table used in health insurance premium rate calculations that depicts the probability that a claim will continue by time and amount. ...
Circumstance that increases the likelihood or probable severity of a loss. For example, the storing of explosives in a home basement is a hazard that increases the probability of an ...
Federal act composed of amendments to the Product Liability Risk Retention Act of 1981 and enacted to make the procedures more efficient for creating risk retention groups (capitalized, ...
Same as term Contract Holder: in insurance, individual with rightful possession of an insurance policy, usually the policyowner. ...
Agents' records showing when clients' policies expire. ...
pool that contains various reinsurance companies with each sharing reinsurance contracts on a pro rata basis as they are submitted to the pool. market that operates much like the New York ...
Coverage on an all risks basis for fur garments belonging to customers of a furrier. ...
Difference in the amount of losses between the beginning and end of a time period. ...
Exception in general liability policies for all expenses associated with product recall. In recent years, there have been increasing instances of federal recalls. In addition, there have ...
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