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Industry Glossary
Data Dictionary Services
Industry Glossaries:
 
Insurance
                 
 Combined Ratio
Category
 

 

Insurance
 Reinsurance Premiums
Category
 

An amount paid by the ceding insurer to the reinsurer in consideration for the liability assumed by the insurer.

 

Insurance
 Reinsurance
Category
 

Coverage that a primary insurer purchases from another company to protect itself from losses beyond a dollar amount it feels it can safely carry. Reinsurance is an arrangement whereby one or more companies (the reinsurer(s), agrees to indemnify another insurance company, the ceding company, for all or part of the insurance risks underwrittten by the ceding company. It reduces net liability on individual risks which enables the ceding company to underwrite more business than its own resources can support.

 

Insurance
 Reserves
Category
 

Funds that an insurer sets aside to cover obligations to policyholders. The amount may represent both actual and potential liabilities.

 

Insurance
 Rider
Category
 

A special provision or group of provisions that may be added to a policy to expand or limit the benefits otherwise payable.

 

Insurance
 Producer
Category
 

A person or company that sells insurance.

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Insurance
 Primary Insurer
Category
 

An insurance company that either through an independent insurance agent or broker, that provides coverage in the market. The buyers of primary insurance are consumers.

 

Insurance
 Policy Reserves
Category
 

The funds that an insurer holds specifically for the fulfillment of its policy obligations.

 

Insurance
 Premium
Category
 

The payment o policyholder agrees to make for an insurance policy.

 

Insurance
 Surplus Line
Category
 

A risk for which no normal insurance market exists.

 

Insurance
 Captive Insurance
Category
 

An insurance organization established by an entity to insure its own risk.

 

Insurance
 Capacity
Category
 

The level of underwriting business an insurer can support based on its ability or willingness to accept risks with certain protection limits.

 

Insurance
 Insurance in Force
Category
 

The potential maximum claim against an insurer.

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Insurance
 Net Premiums Written
Category
 

Premium income generated by insurance companies directly through reinsurance less payments made for business reinsured.

 

Insurance
 Earned Premiums
Category
 

A portion of a premium for which the insurer has already provided protection to the policyholder.

 

Insurance
 Actuary
Category
 

An insurance professional whose job is to estimate statistical risks, set premium levels, and analyze other technical aspects of insurance.

 

Insurance
 Catastrophe
Category
 

An incident or series of related incidents causing insured losses of $25 million or more.

 

Insurance
 Total Admitted Assets
Category
 

The sum of all admitted assets that are valued in accordance with state laws and regulations as reported by the company in its financial statements filed with state insurance regulatory authorities.

 

Insurance
 War Risks Insurance
Category
 

Coverage on ships or cargoagainst loss or damage by enemy action and against damages sustained in fighting such action.

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Insurance