Trailer interchange insurance is a type of trucking auto liability insurance that provides financial coverage…
Subrogation refers to the proceeds of negotiation or legal actions against negligent third parties and…
Losses or Claims that pay out very quickly. These are losses that arise from events…
RRGS are state chartered and are exempt from having to obtain a state license in…
The difference between the premium of all the policies and the aggregate loss of all…
Reinsurance is the transfer of risk from a ceding insurer to a reinsurer. Reinsurance is…
Re-Insurance premium written is the amount of reinsurance premium that a ceding company records on…
• The reinsurer agrees to take on a specific percentage share of policies, for which…
Profit commissions are provisions found in some reinsurance agreements that provides for profit sharing. Parties…
This type of insurance coverage designed to protect traditional professionals(e.g., physicians) and quasi professionalse.g., real…
Physical damage insurance is a type of insurance policy that provides coverage for damages to…
First party insurance that indemnifies the owner or user of property for its loss, or…
P & C insurance is a type of insurance that provides coverage for your assets,…
Non-trucking liability is a poilicy that covers you cause damage or injury to a thrid…
Insurance written by an insurance company not licensed to do business in a certain state…
Non – Proportional Treaty is loss – based recovery from reinsurers once the loss exceeds…
Motor truck cargo insurance is a type of insurance that covers cargo while it is…
A Managing General Agency(MGA) is a type of insurance agent or broker that has the…
Losses paid, or claims paid are the amounts that a captive insurance company pays to…
Loss ratios are calculated by dividing the total losses paid by the captive by the…
Losses or Claims that pay out very slowly, with Loss development. These are losses that…
Insurance taken on the vehicles used in business. Example., Trucks, Cars etc. The losses are…
These are taxes levied on Insurance premiums by various states in USA. They are included…
A homogenous group captive is a type of group captive insurance that involves multiple companies…
A heterogenous group captive is a type of group captive insurance that involves multiple companies…
Gross premium written is the total amount of premiums that a captive insurance company collects…
This type of insurance covers the risk of being sued by someone who is injured…
General liability is a type of insurance that covers claims related to bodily injury or…
Commission paid to the fronting insurer for fronting the insurance business. The fronting insurer is…
Bank Account maintained with the third party to meet the claims pavment requirement. EXAMPLE: •…
A clause in reinsurance agreement, which provides for estimation, payment and complete discharge of all…
It is designed to protect business from financial losses that may arise from accidents involving…
Written in connection with construction projects outside the United States, these nonstandard policies typically consist…
List of a incurred claims which includes payment and (OSLR) details. EXAMPLE: A loss Bordereaux…
insurance written by an insurer licensed to do business in the state or country in…
Costs incurred for acquiring the insurance and reinsurance accounts such as Insurance taxes, Fronting commission,…
Fees paid to an intermediary for facilitating the transaction between the insurer and the captive.…
A captive Insurance company is a legal entity formed primarily to ensure the risks of…
Control • Design of more effective claims handling, loss control and risk management programs Capture…
The Period of time which elapses between the writing of an Insurance policy and the…
An insurance policy that provides coverage for an employer’s two key exposures arising out of…
Incurred Losses refer to the total amount of losses that an insurer has experienced during…
A Treaty is a type of reinsurance agreement that is mandatory between a ceding company…
The underwriting year refers to the duration of time for which an insurance policy is…
An occurrence policy is a type of liability insurance policy that istriggered when the injury…
A claims – made policy is a type of liability insurance policy that is triggered…
A claims made policy is a type of liability insurance policy that is triggered when…
An estimate of the amount of an insurer’s (or self-insurer’s) liability for claim-generating events that…
Loss Adjustment Expenses (LAE) are expenses directly related to a claims. Allocated Loss Adjustment Expenses…
Assumed: An estimate of the amount of an insurer’s (or self-insurer’s) liability for claim-generating events…
