- capinasia

Workers Compensation and Employers Liability Policy:

Workers Compensation and Employers Liability Policy:

An insurance policy that provides coverage for an employer’s two…

Why have a Captive 2

Why have a Captive 2

Reduced insuranced costs:Lower costs and premiumAccumulation of investment income to…

Why have a captive

Why have a captive

Control • Design of more effective claims handling, loss control…

Trailer Interchange Insurance:

Trailer Interchange Insurance:

Trailer interchange insurance is a type of trucking auto liability…

Tail:

Tail:

The Period of time which elapses between the writing of…

Short Tail Losses:

Short Tail Losses:

Losses or Claims that pay out very quickly. These are…

Risk Retention Groups(RRG):

Risk Retention Groups(RRG):

RRGS are state chartered and are exempt from having to…

Risk Gap:

Risk Gap:

The difference between the premium of all the policies and…

Reinsurance:

Reinsurance:

Reinsurance is the transfer of risk from a ceding insurer…

Proportional Treaty:

Proportional Treaty:

Example: > Quota share treaty is a purest form of…

Profit commission:

Profit commission:

Profit commissions are provisions found in some reinsurance agreements that…

Professional liability:

Professional liability:

This type of insurance coverage designed to protect traditional professionalse.g.,…

Physical Damage Insurance

Physical Damage Insurance

Physical damage insurance is a type of insurance policy that…

Property Damage and Business Interruption(PDBI):

Property Damage and Business Interruption(PDBI):

First party insurance that indemnifies the owner or user of…

Property and Casualty(P&C):

Property and Casualty(P&C):

P & C insurance is a type of insurance that…

Non-Trucking Liability Insurance:

Non-Trucking Liability Insurance:

Non-trucking liability is a policy that covers you if you…

Non-Admitted-Insurance:

Non-Admitted-Insurance:

Insurance written by an insurance company not licensed to do…

Non – Proportional Treaty:

Non – Proportional Treaty:

Motor Truck Cargo Insurance:

Motor Truck Cargo Insurance:

Motor truck cargo insurance is a type of insurance that…

Managing General Agency:

Managing General Agency:

A Managing General Agency(MGA) is a type of insurance agent…

Loss Ratio:

Loss Ratio:

Loss ratios are calculated by dividing the total losses paid…

Long Tail Losses:

Long Tail Losses:

Losses or Claims that pay out very slowly, with Loss…

Liability – Motor Policy:

Liability – Motor Policy:

Insurance taken on the vehicles used in business. Example., Trucks,…

Homogenous Group Captive:

Homogenous Group Captive:

A homogenous group captive is a type of group captive…

Heterogenous Group Captive:

Heterogenous Group Captive:

A heterogenous group captive is a type of group captive…

General liability:

General liability:

This type of insurance covers the risk of being sued…

General Liability Insurance:

General Liability Insurance:

General liability is a type of insurance that covers claims…

Fronting commission:

Fronting commission:

Commission paid to the fronting insurer for fronting the insurance…

Escrow Account:

Escrow Account:

Bank Account maintained with the third party to meet the…

Commercial Auto Insurance:

Commercial Auto Insurance:

It is designed to protect business from financial losses that…

Acquisition costs:

Acquisition costs:

Costs incurred for acquiring the insurance and reinsurance accounts such…

Contractors All Risks (CAR):

Contractors All Risks (CAR):

Written in connection with construction projects outside the United States,…

Brokerage:

Brokerage:

Fees paid to an intermediary for facilitating the transaction between…

Captive:

Captive:

A captive Insurance company is a legal entity formed primarily…

Bordereaux(Bord):

Bordereaux(Bord):

List of all incurred claims which includes payment and (OSLR)…

Admitted Insurance:

Admitted Insurance:

insurance written by an insurer licensed to do business in…

Subrogation:

Subrogation:

Subrogation refers to the proceeds of negotiation or legal actions…

Re – Insurance Premium Written:

Re – Insurance Premium Written:

Re-Insurance premium written is the amount of reinsurance premium thata…

Non-Admitted-Insurance:

Non-Admitted-Insurance:

Insurance written by an insurance company not licensed to do…

Losses paid

Losses paid

Losses paid, or claims paid are the amounts that a…