GLOSSARY OF REINSURANCE TERMINOLOGY Term Definition
Accident Year Experience Reinsurance experience calculated by matching the total value of all losses occurring during a 12-month period with premiums earned for the same period.
Acquisition Costs All expenses directly related to acquiring insurance or reinsurance
accounts; normally the commission paid to the reinsurance company as an
offset against its agent’s commission, premium taxes and other costs of
doing business; includes reinsurance brokers commission where applicable.
Admitted Reinsurance (Authorized Reinsurance) Reinsurance for which credit is given for the unearned premiums and unpaid claims in a ceding company’s Annual Statement because the reinsurance is placed in an admitted reinsurance company and is licensed to transact business in the jurisdiction in question.
Admitted Assets Assets recognized and accepted by state departments of insurance when
determining the solvency of insurers or reinsurers.
Adverse Selection (Anti-Selection, Selection of Risk) The conscious and deliberate cession of those risks, segments of risk, or coverages that appear less attractive for retention by the ceding company; the practice of ceding poorer business to the reinsurer while retaining the better business.
Aggregate The dollar amount of reinsurance coverage during one specified period,
usually 12 months, for all reinsurance losses sustained under a treaty
during such period.
Aggregate Excess Reinsurance Treaty (Stop Loss Treaty, Aggregate Excess of Loss Reinsurance or Excess of Loss Ratio Reinsurance) A form of reinsurance where the reinsurer indemnifies the ceding company for the amount by which the ceding company’s aggregate losses of a specified class of business exceed a specified loss ratio or a specified dollar amount; used primarily in classes of insurance with wide fluctuation in losses from year to year, such as hail insurance.
Aggregate Extension Clause Stipulates that all aggregate original policies will attach on a “risk incepting during the period” basis, and describes a manner in which attachment date of a policy or policies is determined; determines how the aggregate is calculated in the event that one loss affects more than one policy or more than one insured; applies to casualty excess of loss business only.
Aggregate Working Excess (Aggregate Annual Deductible) A form of per risk excess reinsurance under which the primary company retains its normal retention on each risk and additionally retains an aggregate amount of the losses which exceeds normal retention.
Alien Company An insurer or reinsurer domiciled outside the U.S. but who is conducting
insurance or reinsurance business in the U.S.
Alternative Risk Mechanism A method of financing primary property and/or casualty losses without using traditional insurers to assume risk in the primary layer; two principal types of alternative risk mechanisms are self-insurance and captive insurance companies.
Annual Aggregate Deductible A provision in excess of loss reinsurance contracts stipulating that the ceding company will retain, in addition to its retention per risk or per occurrence, an annual aggregate amount of loss that would otherwise be recoverable from the reinsurer; expressed as a dollar amount or a percentage of the ceding company’s subject premium for the annual period; caps the amount of loss the insured may be required to pay before the insurance responds.
Annual Statement (Statutory Annual Statement, Convention Blank) The annual report format prescribed by the NAIC and the state departments of insurance; provides a summary of the company’s financial operations for a calendar year, including a balance sheet supported by detailed exhibits and schedules; is filed with the state insurance department of each jurisdiction in which the company is licensed to conduct business.
Term Definition
Arbitration Clause Language providing an alternative dispute resolution forum to resolve
differences between the reinsurer and the ceding company without
litigation.
As If A term used to describe the recalculation of prior years of loss experience
to demonstrate what the underwriting results of a particular program would
have been as if the proposed program had been inforce during that period.
Assumed Portfolio (Return Portfolio) The transfer of in-force insurance liability by an insurer to a reinsurer by the payment of the unearned premiums reserve on those policies alone, or by the concurrent transfer of liability for outstanding losses under those policies by the payment of the outstanding loss reserve by the insurer to the reinsurer; the former is a premium portfolio, the latter a loss portfolio.
Assumption Certification (Cut Through Clause, Strike-Through Clause) Type of insolvency clause providing that in the event of insolvency of a ceding company, reinsurer will be liable for his share of the loss, but loss will be payable to the direct insured rather than liquidator.
Attachment Point The loss level specified in the terms of the reinsurance contract between
the primary insurer and reinsurer; the amount at which excess reinsurance
protection comes into effect; the retention under an excess reinsurance
contract.
Authorization A quotation made by a reinsurer that is valid for a specified period of time;
the insurer may bind coverage to be effective at any date within that
period, provided the reinsurer is notified during that period.
Automatic Reinsurance Reinsurance of individual risks where the reinsurer assumes liability based
entirely on the acceptance of the ceding company; a reinsurance contract
that is a combination of treaty and individual facultative reinsurance;
reinsures a group of policies and often applies per policy, rather than per
occurrence.
Backup Security (Collateral) Makes acceptable a reinsurer that would otherwise not meet the security criteria of the primary insurer.
Balance The relationship of the written premium of the treaty to the maximum limit
of liability to which the reinsurer is exposed; when the ratio desired is
achieved, the treaty is considered “balanced.”
Banking Plan (Advance Deposit Premium Plan) An agreement in which the ceding company pays the reinsurer a premium over a specified number of years which is intended to fully fund a specific limit of liability; if the premium is not fully expended by payment of losses within the contract period, the unused portion is returnable, less a reinsurance expense.
Base Premium (Subject Premium, Premium Base, Underlying Premium) The ceding company’s premium (written or earned) to which the reinsurance premium rate is applied to produce the reinsurance premium.
Basic Limits The minimum amounts of insurance for which it is the practice to quote
premiums in liability insurance; additional amounts are charged for by the
addition of certain percentages of the premium for the minimum (basic)
limits.
Best’s Capital Adequacy Relativity
(BCAR) Measures a company’s relative capital strength compared to its industry peer composite.
Best’s Rating A quantitative and qualitative evaluation of a company’s financial condition
and operating performance performed by the rating agency of A.M. Best’s
Company.
Binding Agreement A reinsurance contract under which the reinsurer allows itself to be bound,
within a specified grace period, on any risk that meets the criteria outlined
in the contract.
Blended Covers Prospective reinsurance that combines elements of both traditional and
financial reinsurance to limit risk transfer, while allowing reinsurance
accounting treatment under both GAAP and Statutory bases.
Bordereau A report or list, furnished to the reinsurer by the ceding company, detailing
Term Definition
(Bordereaux) the reinsurance premiums and/or reinsurance losses with respect to specific
risks ceded in agreement.
Buffer Layer Used primarily in facultative reinsurance to describe a reinsured layer of
coverage between the maximum retention within the primary policy limit
that the ceding company issues and the minimum limit(s) or deductible
over which the excess or umbrella insurer will provided coverage.
Burning Cost A term most frequently used in spread loss property reinsurance to express
pure loss cost or the ratio of incurred losses within a specified amount in
excess of the ceding company’s retention to its gross premiums over a
stipulated number of years.
Calendar Year Experience Reinsurance experience calculated by matching total value of all losses incurred during a given 12 month period with the premiums earned for same period.
Cancellation Run-off Cancellation means that the liability of the reinsurer under policies,
which became effective under the treaty prior to the cancellation date of
such treaty, shall continue until the expiration date of each policy; Cut-off
Cancellation means that the liability of the reinsurer under policies, which
became effective under the treaty prior to the cancellation date of such
treaty, shall cease with respect to losses resulting from accidents taking
place on and after said cancellation date.
Capacity (Underwriting Capacity) The largest amount of insurance or reinsurance available from a company on a given risk; the maximum volume of business a company is prepared to accept; a measure of an insurer’s or reinsurer’s financial strength to issue contracts of insurance or reinsurance; may be imposed by law or regulatory authority.
Captive Insurance Company A reinsurance company, often located offshore, which is owned by a corporation or association and provides reinsurance of direct insurance written to insure the corporation or the association’s members; a stock insurance company that insures the risk of its owners; often involves the use of a domestic Fronting Company.
Carveout A type of reinsurance that reinsures a cedent’s exposure for a discrete
exposure that is normally part of a broader coverage or line of business
reinsurance contract; normally written facultatively; may be related to a
line of business, e.g. cancer or transplants with respect to medical benefits.
Catastrophe Accumulation The amount of potential loss an insurance or reinsurance company may be exposed to in a single catastrophic loss event, such as an earthquake or a hurricane.
Catastrophe Number Whenever a catastrophe occurs which produces losses within a prescribed
period of time in excess of a certain amount, the amount of such losses is
recorded separately from non-catastrophe losses, is numbered, and may be
treated differently in the statistical experience records of the state used in
setting rate levels.
Catastrophe Reinsurance A form of excess of loss reinsurance, subject to a specific limit, which indemnifies the ceding company in excess of a specified retention for accumulation of losses from catastrophic occurrence.
Cede To transfer to a reinsurer all or part of the insurance risk written by a
ceding company; the laying off of all or part of the risk relating to a policy,
or group of policies to a reinsurer.
Ceding Commission An amount allowed by reinsurer for part or all of ceding company’s
acquisition costs, overhead costs and taxes; usually a percentage of the
reinsurance premium; ceding commission may also include a profit factor
for the reinsured.
Ceding Company
(Cedent, Reinsured,
Reassured)
The insurer which cedes all or part of insurance risk written to another.
Certificate A short form documentation of a reinsurance transaction usually
incorporating complete terms and conditions by reference.
Term Definition
Cession The amount of insurance risk transferred to a reinsurer by a ceding
company; may be the whole or a portion of a single risk, defined policy or
defined division of a policy as agreed.
Cessions Limit The capped amount of catastrophe-exposed business ceded to the
reinsurance contract.
Claims Cooperation Clause A clause found in many reinsurance contracts that stipulates that the ceding company agrees to consult and cooperate with the reinsurer on claims handling and settlement.
Claims-Made Basis The provision in a contract of insurance or reinsurance that coverage
applies only to losses which occur and claims that are made during the
term of the contract; once the policy period is over, the approximate extent
of the underwriter’s liability is known; with claims-made covers which are
renewed, losses which occurred during any period when the policy was
inforce are covered if reported during the renewal term.
Claims-Made Reinsurance
(Loss Sustained Cover) A type of reinsurance contract covering claims that are first made to the reinsurer during the term of contract, regardless of when they were sustained; a blend of retroactive and prospective reinsurance.
Clash Cover (Casualty Catastrophe Cover, Contingency Cover, Conflagration Cover, Excess Cover) A form of per-occurrence casualty excess of loss reinsurance in which the ceding company’s retention is higher than the limits on any one reinsured policy; the agreement is only exposed to loss when two or more casualty policies are involved in a common occurrence in an amount greater than the clash cover retention.
Coinsurance A form of life reinsurance where the amount in excess of the ceding
company’s retention is reinsured on the same plan as that of the original
policy the reinsurer receives the gross premium charged the policyholder
on the reinsured part of the policy less expense allowances granted the
ceding company by the reinsurer; the reinsurer must maintain regular
policy reserves and is liable not only for its share of death claims, but also
for cash surrender values and other nonforfeiture benefits and loan
privileges.
Combination Plan Reinsurance A form of combined reinsurance which provides that in consideration of a premium at a fixed percent of the ceding company’s subject premium on the business covered, the reinsurer will indemnify the ceding company against the amount of loss on each risk in excess of a specified retention subject to a specified limit; after deducting the excess recoveries on each risk, the reinsurer will indemnify the ceding company against a fixed quota share percent of all remaining losses.
Combined Ratio
(Operating Ratio, Trade
Ratio)
The total of the Incurred Loss Ratio and the Expense Ratio.
Commutation Agreement (Commutation Clause) An agreement between the ceding company and the reinsurer providing for the valuation, payment and complete discharge of all future obligation between parties under reinsurance contract regardless of the continuing nature of certain losses; the process of settling current outstanding and expected future obligations under a reinsurance contract.
Concurrent Policies Where a ceding company buys more than one policy covering the same
interest and the total amount insured is not in excess of the insurance
value of the risk; the policies may be placed with the same or different
companies; losses are pro-rated among the policies.
Conflagration A massive fire which destroys many contiguous properties.
Conflagration Area A geographic territory in which many properties are subject to damage by a
sweeping fire.
Contingent Commission (Profit Commission) A commission payable to the ceding company in addition to the normal ceding commission allowance; predetermined percentage of the reinsurer’s net profits, less overhead.
Continuous Contract A reinsurance contract that remains in effect until both parties mutually
agree to terminate it or one of the parties sends the other a notice of
Term Definition
cancellation.
Contributing Excess Where there is more than one reinsurer sharing a line of insurance on a
risk in excess of a specified retention, each such reinsurer shall contribute
towards any excess loss in proportion to his original participation in such
risk.
Co-Reinsurance Where the ceding company has a participation in the reinsurance cover or
where there are several reinsurers on the same reinsurance program. Corridor Deductible An arrangement where the reinsurer pays a portion of the loss, up to a
certain amount, then the ceding company pays the losses in excess
thereof, up to a certain amount, and the reinsurer pays in excess of that.
Cover Note (Binder) A document issued by an intermediary, temporarily recording the provisions of a reinsurance agreement pending execution of the formal reinsurance contract; outlines terms and conditions and indicates that coverage has been effected.
Credit Carry-Forward The transfer of credit or profit from one accounting period under a spread
loss or other form of long-term reinsurance treaty to the succeeding
accounting period.
Credit For Reinsurance A statutory accounting procedure permitting ceding company to treat
amounts due from reinsurers as assets or reductions from liability based on
status of reinsurer.
Cumulative Collusive Excess Cover A form of reinsurance contract by the terms of which a ceding company may further reduce its net exposure on multiple recovery bonds which have been share reinsured.
Cumulative Exposure (Multi-Year Stacking of Coverage) The liability potential for multiple policies issued over multiple years by a single insurance company to a single insured being held to apply to continuing injury or damage.
Cumulative Liability The risk of a reinsurer accumulating liability when many reinsurance
policies issued to different reinsureds covering different lines of insurance
are involved in a common event or disaster.
Cut-Off The termination provision of a reinsurance contract that stipulates that the
reinsurer shall not be liable of losses resulting from occurrences that take
place after the date of termination or after an agreed-upon date following
termination; normally involves the return of unearned premium for policies
inforce at the cut-off date.
Cut-Through Endorsement (Assumption Endorsement, Assumption Certificate, Strike-Through Clause) A statement of coverage by the reinsurer (typically attached to the insurance policy) under which a direct payment obligation is created to a party not in privity with the reinsurer; the coverage is triggered by a specific event, such as the insurer’s insolvency; the claim payment “cuts through” the usual route of payment to the ceding company; effect is to revise the route of the claim payment with no intent to increase the risk to the reinsurer.
Declaratory Judgment Expense Expenses incurred by an insurer in a declaratory judgment action brought to determine whether there is coverage under a policy.
Deductible Buyback (Difference In Deductible Cover, DID) Reinsurance purchased by a ceding company within the deductible it requires the insured to hold.
Deficit Amounts by which losses, expenses and profit margin exceed premiums at
the end of any accounting period which become a charge in the
computation for the succeeding accounting period; a term used in formulas
for calculating adjustable features, such as retrospective rating plans and
contingent commission.
Deficit Carry-Forward or Carry Back The transfer of deficit or loss from one accounting period to the subsequent period.
Deposit Premium (Provisional Premium, Advance Premium, Premium Advance) A tentative premium payable either at the beginning of an annual term of a reinsurance contract or in quarterly or semi-annual payments during the annual term; actual premium is balanced against the deposit premium, and the difference due either the ceding company or the reinsurer is remitted
Term Definition
on those types of insurance or reinsurance subject to periodic premium
adjustment.
Direct Writing Reinsurance
(Direct Reinsurer, Direct Writer) A reinsurance company which develops its business, and deals with ceding companies directly, by using own personnel, without the use of a reinsurance intermediary.
Direct Written Premium The gross premium income (written instead of earned) of a ceding
company, adjusted for additional or return premiums but before deducting
any premiums for reinsurance ceded and not including any premiums for
reinsurance assumed.
Discounted Stop Loss Cover Prospective financial reinsurance where the premium is based upon discounted anticipated reinsurer’s outflow from the liabilities assumed under the contract.
Discovery Cover A type of reinsurance treaty covering losses which are discovered during
the term of the treaty regardless of when they were sustained.
Domestic Insurer An insurance company formed under the laws of a given state; an
insurance company conducting business in its domicilary state from which
it received its charter to write insurance.
Drop Down Clause A provision that specifies that the excess layer will “drop down” and attach
if the limits of the primary layer or the retention are exhausted.
Early Warning Tests Financial ratio and performance criteria designed by the NAIC to identify
insurance companies which may need close surveillance by state insurance
departments.
Earned Premium Part of premium applicable to expired portion of policies reinsured, or that
part earned under reinsurance contract; includes the short-rate premium
on cancellation, the entire premium on the amount of loss paid under some
contracts, and the entire premium on the contract on the expiration of the
policy; that portion of the reinsurance premium calculated on a monthly,
quarterly or annual basis which is to be retained by the reinsurer should
the cession be canceled; when a premium is paid in advance for a certain
time, the company is said to “earn” the premium as the time advances, for
example, a policy written for three years and paid for in advance would be
one-third “earned” at the end of the first year.
Equivalent Flat Rate In treaty reinsurance pricing, reinsurance charges are calculated for each
level of exposure above the selected retention; the sum of all excess
reinsurance charges, divided by the base premium, is the equivalent flat
rate.
Errors and Omissions Clause A clause usually included in an obligatory reinsurance contract to ensure that an error or omission in reporting a risk, which would otherwise fall within the automatic reinsurance coverage under such a contract, shall not relieve the reinsurer of liability on such omitted risk.
Evergreen Clause A term in a Letter of Credit providing for automatic renewal of the credit. Ex Gratia Payment A payment made by the ceding company, despite the fact that it may not
be liable under the terms of the policy; such payment may or may not be
covered under a reinsurance contract and is usually made in lieu of insuring
greater legal expenses in defending a claim; rarely encountered in
reinsurance as the reinsurer follows the fortunes of the ceding company. Excess Judgment Loss The amount paid by a liability insurer in excess of applicable policy limits
occasioned by the failure, on account of negligence or bad faith, to settle a
claim for an amount within such policy limits.
Excess Limits Premium In casualty insurance, premiums for limits of liability added to basic limits,
calculated as multiples of basic limits premium; the original and most
popular basis of premium paid for casualty excess of loss insurance.
Excess of Line Reinsurance A form of per risk excess agreement under which the indemnity is not a fixed dollar limit but a multiple of the primary company’s net retention.
Excess of Loss Reinsurance Reinsurance which indemnifies the ceding company against loss in excess of specific retention including catastrophe reinsurance, risk reinsurance, per
Term Definition
(Non-Proportional
Reinsurance)
occurrence and aggregate excess of loss reinsurance.
Excess Per Risk Reinsurance A form of excess of loss reinsurance which, subject to a specified limit, indemnifies the ceding company against the amount of loss in excess of a specified retention with respect to each risk involved in each occurrence.
Exclusions Those risks, perils, classes of insurance or other insurance company
liabilities on which the reinsurer will not pay losses or provide reinsurance,
notwithstanding the other terms and condition of reinsurance.
Expense Ratio (Operating Ratio) The ratio of expenses incurred expressed as a percentage of written premium; the portion of premium used to pay all the cost of acquiring, writing and servicing insurance and reinsurance.
Experience The loss record of an insured or of a class of coverage; classified statistics
of events connected with insurance; the out-go or income, actual or
estimated of what happened in the past; figures may be compiled on
accident year basis, calendar year basis or policy year basis; for
underwriting purposes, the comparison of earned premium to incurred
losses.
Experience Balance A feature of a reinsurance contract that keeps track of the revenues and
costs between the parties.
Experience Rating (Loss Rating) A rating method in which the prospective premium is based on the past losses on the account.
Experience Refund In life reinsurance, a predetermined percentage of the net reinsurance
profit which the reinsurer returns to the ceding company as a form of profit
sharing at year end.
Exposure Rating (Manual Rating, Tariff Rating) A system for premium development and risk classification where filed rates, rules and classifications are applied against premium exposures, as determined by the manuals of insurance developed independently by insurance companies or by independent rating organizations, such as the Insurance Services Office, Inc. (ISO).
Extra-Contractual Obligations Clause (ECO, Extra-Contractual Damages, Loss In Excess of Policy Limits) Monetary damages awarded to the insured by a court of law for negligence on the part of the ceding company; such payments are beyond the scope of insurance provided by the ceding company to its insureds; a reinsurance contract may cover these damages and protect the ceding company against all or part of its liability arising from claim settlement activities and falling outside policy provisions.
Extraction Factor A fraction or percentage of a reinsured company’s subject premium
deducted from the reinsurance premium to recognize and measure that
portion of any policies not covered by reinsurance when the policies are
written by the reinsured on an indivisible premium basis.
Facultative Certificate of Reinsurance A contract formalizing a reinsurance cession on a specific risk; contains a declarations page, reinsurance terms and conditions and, except to the extent to which it is non-concurrent, incorporates by reference the terms and conditions of the ceding company’s policy form.
Facultative Obligatory Contract A reinsurance contract with characteristics of both facultative and treaty reinsurance; a treaty under which the ceding company may cede risks of a defined class that the reinsurer must accept.
Facultative Reinsurance Reinsurance of individual risks by offer and acceptance for each cession;
both ceding company and reinsurer have the faculty, or option, to engage
in negotiations over individual submissions.
Facultative Treaty (Facultative Binding Authority) A reinsurance contract under which the ceding company must cede and the reinsurer must accept exposure or risks of a defined class.
Financial Quota Share A quota share reinsurance transaction that elicits significant financial
benefits over risk transfer benefits through the use of ceding commissions,
potential investment income sharing and liability limits.
Financial Reinsurance (Finite-Risk A specialized form of limited liability reinsurance whereby the financial and strategic motivations of the ceding company to affect the transaction take
Term Definition
Reinsurance, Limited-
Risk Reinsurance, Non-
Traditional Reinsurance)
precedence over the risk transfer motivation.
Financing Function One purpose of reinsurance; whenever the reinsurer relieves the ceding
company of all or part of the company’s responsibility for carrying an
unearned premium reserve and the reinsurer allows a ceding commission
to the ceding company; because the cash or other statutorily recognized
assets being transferred are less than the unearned premium reserve
change, the ceding company’s policyholder surplus is increased by the
amount of the reinsurance commission allowance.
Finite Reinsurance (Nontraditional Reinsurance, Limited Risk Reinsurance, Financial Reinsurance) Used to describe a broad spectrum of treaty reinsurance arrangements providing coverage at lower margins; often multi-year and financially oriented.
Finite Risk Reinsurance Agreements which transfer a limited amount of risk to the reinsurer, with
the objective of improving the primary insurer’s financial results; loss
portfolio reinsurance is a common kind of finite risk reinsurance.
First Surplus Treaty A contract where the reinsurer shares the risk with the ceding company on
a pro-rata basis, and where the proportion is sometimes fixed and
sometimes varied according to different classes of risks, as are the net
retentions the ceding company keeps for its own accounts.
Following the Fortunes (Follow the Settlements, Pay As May Be Paid) A concept in reinsurance indicating that once a risk has been ceded by the reinsured, the reinsurer is bound by the same fate thereon as experienced by the ceding company; clauses to ensure that the reinsurer will follow, abide by or be subject to the fortunes, settlement, liabilities, decisions or adjustments of the reinsured.
Foreign Reinsurer A U.S. reinsurer conducting business in a state other than its domiciliary
state; formed under the laws of state other than the state in which the risk
is located.
Franchise Covers A deductible that does not apply if the loss exceeds the deductible amount;
when that amount is exceeded, then the whole loss is paid.
Fronting Arrangement (Fronting Company, Issuing Carrier Arrangement) An arrangement whereby one insurer issues a policy on a risk for and at the request of one or more other insurers with the intent of passing the entire risk by way of reinsurance to the other insurer(s); the issuance of a policy by one insurer on behalf of a second insurer because the second insurer is not licensed or admitted in the state of jurisdiction for the line of business being written; the first insurer issues the policy to the insured, and is reinsured for its liability by the second insurer; such arrangements may be illegal if the purpose is to frustrate regulatory requirements.
Funding Cover A multi-year reinsurance contract that allows the cedent to bank a
relatively stable premium over time and access the bank when
unanticipated insurance liabilities arise.
Funding of Reserve (Outstanding Claims Account) An arrangement sometimes used in the case of non-admitted reinsurers whereby the ceding company retains funds of the reinsurer equivalent to outstanding loss reserves.
Funds Withheld (Funds Held Account) Provision in a treaty under which premium due the reinsurer, usually unauthorized, is withheld to enable ceding company to reduce the provision for unauthorized reinsurance in its Annual Statement.
Generally Accepted Accounting Principles (GAAP) A method of reporting the financial results of an insurer more in accordance with the going-concern basis used by other businesses; assigns income and disbursements to their proper period, as distinguished from the more conservative requirements of statutory accounting affecting insurers.
GNEPI Gross Net Earned Premium Income.
GNWPI Gross Net Written Premium Income.
Gross Line The total limit of liability accepted by insurer on an individual risk, including
the amount it has reinsured; net line plus reinsurance ceded.
Term Definition
Gross Net Premium A ceding company’s total gross premium before the deduction of any
commissions or costs, but after the deduction of reinsurance costs. Ground-Up Loss The total amount of loss sustained before deductions are applied for
reinsurance covers which inure to the benefit of the cover being considered
and before the application of a deductible.
Guaranteed Cost Premium charged on a prospective basis which may be fixed or adjustable
on a specified rating basis but never on a basis of loss experience.
Hazard Refers to the possible causes of loss in casualty insurance.
Honorable Undertaking This self-explanatory clause is in most reinsurance treaties, and reads as
follows: “This agreement is considered by the parties hereto as an
honorable undertaking, the purpose of which is not to be defeated by a
strict or narrow interpretation of the language thereof.”
Hourly Clauses Clauses used to set time parameters for losses to be included within the
single event; catastrophe reinsurance treaties respond to losses incurred by
an insurance company in a single event and it is often difficult to defined
precisely which losses were caused by a certain event.
Incurred But Not Reported (IBNR) The loss reserve value established in recognition of liability for future payments on losses which have occurred but have not yet been reported either to the ceding company or to the reinsurer; expected future development on claims already reported.
Incurred Loss Ratio The ratio of losses incurred to premiums earned.
Incurred Losses An amount representing the losses paid plus the change in outstanding loss
reserves within a given period of time; losses which have happened and
which will result in a claim under the terms of an insurance policy or a
reinsurance agreement.
Indexing A procedure which adjusts retention and limit provisions of excess of loss
reinsurance agreements in accordance with the fluctuations of a published
economic index such as wage, price, cost-of-living, etc.
Industry Loss Warranty A clause requiring that the industry loss must be of a certain size for the
catastrophe reinsurance cover to respond.
Inflation Factor A loading to provide for increased expense costs and loss payments in the
future due to inflation.
Insolvency Clause The clause (often required by state law) which may hold the reinsurer liable
for its share of loss assumed under the treaty even though the ceding
company has become insolvent; specifies to whom payment shall be made;
proceeds are usually paid to the liquidator of an insolvent insurer on valid
claims and not reduced.
Insurance Regulatory Information System (IRIS) A series of tests developed by the NAIC to assist states in overseeing the financial condition of insurance companies.
Insurance Risk The concept of uncertainty about the ultimate amount of net cash flow from
premiums, commissions, claims and claims-settlement expenses emanating
from a cession of contractually-defined liabilities and the timing of the
receipt and payment of those cash flows.
Interests and Liabilities Agreement A reinsurance contract between multiple reinsurers and a single ceding company that establishes the responsibilities of each reinsurer.
Interlocking Clause Used only in conjunction with Aggregate Extension Clause; describes the
manner or calculation of attachment point and amount of liability in the
event that one aggregate loss affects more than one treaty year. Intermediary Clause A contractual provision, required by statute as a prerequisite to receiving
credit for reinsurance, in which parties agree to effect all transactions
through an intermediary and the credit risk of the intermediary is imposed
on the reinsurer.
Investment Income Money earned from invested assets; may include realized capital gains, or
be reduced by capital losses, over the same period.
Investment Income Sharing A contractual reinsurance feature (usually of financial reinsurance) whereby interest on the float generated by the contract is shared.
Term Definition
Kenney Rule The ratio of an insurer’s net premium writings to its policyholder surplus
which is considered safe; for multiple line companies, the ratio is 3:1. Large-Line Capacity Refers to an insurer’s ability to provide a high limit of insurance for a single
risk.
Law of Large Numbers A mathematical concept which postulates that the more times an event is
repeated the more predictable the outcome becomes.
Layer Rating The prediction of loss frequency and severity within a given layer.
Lead (Following) Reinsurer The Lead Reinsurer sets the terms and conditions of an insurance contract when two or more reinsurers participate; often also has the largest share, but not always; Following Reinsurers generally agree to be bound by the terms set by the Lead.
Letter of Credit (LOC) A banking instrument used to secure recoverables from non-admitted reinsurers to reduce the provision for unauthorized reinsurance in the Statutory Statement; stand-by credits in the event of non-performance by the obligor.
Leverage Ratio (Ceded Reinsurance Leverage) The ratio of the reinsurance premiums ceded, plus net ceded reinsurance balances from non-affiliates and foreign affiliates, for paid losses, unpaid losses, incurred but not reported losses, unearned premiums and commissions, less funds held from reinsurers, plus ceded reinsurance balances payable, to policyholder’ surplus; measures a company’s potential exposure to adjustments on such reinsurance and it dependence upon the security provided by its reinsurers; a ratio higher than 1.3 is considered above the accepted norm for this test.
Leveraged Effect The disproportionate result produced by inflation on a reinsurer’s liability in
excess of loss reinsurance compared with the ceding company’s liability. Licensed Primary
Insurer
(Admitted Primary
Insurer)
Insurer who has been granted a license to operate in a particular state.
Line An amount of risk or liability equal to that which the ceding company
retains for its own account; the limit of insurance fixed by the ceding
company on a class of risk (line limit) or the actual amount that it has
accepted on a single risk or other unit; a class or type of insurance or
reinsurance; line of business; a category of reinsurance; pertains to the
surplus reinsurance; the amount of the reinsurer’s retention per each risk.
Line Sheet (Line Guide) A schedule showing the limits of liability to be written by a ceding company for different classes of risk.
Lloyd’s of London An insurance marketplace headquartered in London, England where risks
are shared among individuals and corporations (Names) that are members
of underwriting syndicates, and who provide the financial backing to the
business; Lloyd’s can act as either a primary insurer or reinsurer; Syndicate
Underwriting Managers conduct the actual risk underwriting; Lloyd’s
Corporation provides service facilities for the underwriters.
Long-Tail Liability A term used to describe certain types of third-party liability exposures
where the incidence of loss and the determination of damages are
frequently subject to delays which extend beyond the term the insurance or
reinsurance was inforce; malpractice, products liability, errors and
omissions.
Loss Adjustment Expense
(LAE, Allocated Loss Adjustment Expense, ALAE, Unallocated Loss Adjustment Expense, ULAE) Allocated - expenses incurred by the ceding company to investigate, defend and settle claims under its policies and which it specifically allocates to claim; directly identifiable expenses distinct to a particular claim; Unallocated - includes the insurer’s overhead expenses and other costs of doing business such as payments to salaried employees ; cannot be specifically designated to a particular claim.
Loss Carry-Forward In life reinsurance, if in any calendar year, the claims and expenses exceed
the premiums, the resulting net reinsurance loss is carried forward to the
Term Definition
next year’s experience refund calculation.
Loss Cost The portion of the premium rate that is applicable solely to loss, without
provision for company expenses or profits.
Loss Development (Loss Lag) The difference between the estimated amount of loss initially reported and the amount of an evaluation of the same loss at a later date or the amount paid in final settlement.
Loss Development Factor
(LDF) Derived by mathematical analysis of the development of losses from initial reporting and reserving to final closure or settlement; used to project losses to their ultimate value; derived from line of business loss triangles; tool used by underwriters to set risk premium requirements.
Loss Distribution Scale Scales that suggest distribution of ground-up premium throughout the
layers in a risk.
Loss Event (Occurrence) The total losses to the ceding company or the reinsurer, resulting from a single cause.
Loss In Excess of Policy Limits A loss sustained by a primary carrier that is greater than the policy limits issued by it, due to negligence or bad faith failure to settle the claim within the policy limits when it had the opportunity to do so; reinsurance treaties usually provide for partial payment of such losses.
Loss Multiplier Used in retrospective reinsurance rating plans to convert losses to premium
and provide for reinsurer’s loss adjustment expense, overhead and profit
margin, subject to established maximums and minimums.
Loss Portfolio Transfer Cession of a contractually-defined set of outstanding liabilities assumed by
the reinsurer for a consideration; liabilities are retroactive.
Loss Ratio Proportionate relationship of incurred losses to earned premiums expressed
as a percentage.
Loss Reserve An estimate of the amount of outstanding loss remaining to be paid for the
reported claim; estimated expected payments for reported and unreported
claims.
Loss Sustained Cover A type of reinsurance treaty covering only those losses which are sustained
during the term of the treaty.
Loss Trend Factor Project known or developed ultimate losses to future cost levels for a future
coverage period; primarily applied in lines of business that are adversely
affected by inflation, e.g. Automobile and General Liability.
Manual Excess The premium for excess amounts of insurance, as determined by tables of
factors for increased limits of liability, set forth in the manuals used by
casualty insurance companies; a logical basis for rating excess of loss
casualty reinsurance.
Master Certificate Provides coverage for risks that fall into certain specified parameters and
are added by periodic endorsements.
Maximum Foreseeable Loss
(MFL) The anticipated maximum property fire loss that could result given unusual or the worst circumstances with respect to the non-functioning of protective features.
Minimum Premium The least premium charge applicable, frequently used in excess of loss
reinsurance contracts or catastrophe covers which contain a provision that
the final adjusted premium may not be less than a stated amount. Modified Coinsurance In life insurance, coinsurance under which the ceding company retains and
maintains the total reserve; the annual reserve increase, adjusted for
interest on the previous year’s reserves, is transferred from the reinsurer to
the ceding company at year end.
Multi-Year Reinsurance Prospective reinsurance contracts covering occurrences in a period
exceeding one year and containing cancellation restrictions for the ceding
company and/or the reinsurer.
National Assoc. of
Insurance
Commissioners
(NAIC)
The chief insurance regulatory officials of the 50 states
Net Line The amount of insurance a ceding company (or reinsurer) has at risk after
Term Definition
deducting reinsurance (or retrocessional recoveries) from its gross line; the
maximum amount of loss on a particular risk to which an insurer or
reinsurer exposes itself without reinsurance.
Net Loss The amount of loss sustained by a ceding company after deducting all
recoveries, salvage, and reinsurance; may not include allocated loss
adjustment expenses.
Net Retention
(Net Retained Liability, First Loss Retention, Attachment Point) The amount of insurance which a ceding company keeps for its own account and does not reinsure in any way; the amount of loss sustained by the ceding company before the liability of the excess of loss reinsurer attaches.
Ninety Day Rule The Annual Statement requirement that insurer must establish liability
provision for balances when recoverables over ninety days past due.
Non-Admitted Reinsurance Reinsurance provided by a non-admitted reinsurance company, one which is not licensed in the state, and thereby not recognized by the insurance regulatory authority; such reinsurance may not be treated as an asset on the financial statements of the ceding company unless it is properly secured by a funds-withheld arrangement, letter of credit or trust agreement.
Non-Concurrent Reinsurance Applies to those hazard or risks of loss or damage that are specifically described in the reinsurance contract.
Non-Proportional Reinsurance Reinsurance under which the reinsurer’s participation in a loss depends on the size of the loss; claim payments are made to the ceding company when the ceding company’s claims exceed a predetermined loss limit.
Obligatory Treaty (Automatic Treaty, Obligatory Contract, Binding Agreement, Facultative Automatic) A reinsurance contract under which the subject business must be ceded by the ceding company in accordance with contract terms and must be accepted by the reinsurer.
Occurrence An incident, event or happening; in reinsurance, per-occurrence coverage
permits all losses arising out of one event to be aggregated, rather than
handled on a policy-by-policy or risk-by-risk basis; in casualty insurance
and reinsurance, this term may be defined as continual, gradual or
repeated exposure to an adverse condition that is neither intended nor
expected to result in injury or damage, as contrasted with an accident or
sudden happening; in property catastrophe reinsurance contracts,
occurrence is usually defined as all losses within a specified period of time
involving a particular peril.
Occurrence Basis Traditional method of coverage whereby coverage is provided for losses
from claims which occurred during the policy period, regardless of when the
claims are reported.
Occurrence Limit A provision in most per risk reinsurance contracts that limits the reinsurer’s
liability for all first involved in one occurrence.
Offset Clause (Setoff ) Reduction of the amount owed by one party to a second party by crediting first party with amounts owed by second party; another way to reduce credit risk; the deduction of loss payments from the premium owed a reinsurer.
Off-Shore Reinsurer A non-admitted reinsurer; ceding companies will not normally receive credit
for reinsurance recoverable due from such reinsurers in their statutory
statement unless they are properly secured.
Open Cover A facility under which risks of a specified category may be declared and
insured; infrequently used in reinsurance.
Operating Income (Operating Profit) The sum of the net investment income and net underwriting income in any reporting period.
Overhead Fixed charges which do not vary with the amount of business done. Over-Line The amount of insurance or reinsurance exceeding the insurer’s or
reinsurer’s normal capacity inclusive of automatic reinsurance facilities;
above and beyond normal capacity
Term
Definition Override (Overriding Commission, Overwriting Commission)
The portion of the commission that the general agent or supervision agent keeps; in reinsurance, the broker who receives a commission for placing a retrocession through another broker receives an overriding commission. Over-Subscribed
Term used in the broker reinsurance market to indicate when more than a100% has been authorized collectively by reinsurers on a risk. Pari-Passu
Means the equal treatment of reinsurer with regards to pertinent treaty conditions, usually used in the signing down of a share on an overplaced treaty. Participate
To share in the writing of a risk. Payback Period (Payback, Amortization Period) The period of time required for the premium to equal a single total loss, for the underwriter to be made whole; a term used in the rating of per-occurrence excess covers and represents the number of years at a given premium level necessary to accumulate total premiums equal to the indemnity; a measure of how frequently a loss might occur under the contract.
Peril Refers to the possible causes of loss in property insurance.
Per Occurrence Excess of Loss Clause A reinsurance contract provision that aggregates all losses arising out of a single occurrence, subject to the ceding company’s retention prior to reinsurance recovery.
Per Occurrence Limit A limit on the amount the reinsurer will pay as the result of a single event or occurrence
Per Risk Excess Reinsurance A form of property excess of loss reinsurance were the ceding company’s retention and amount of reinsurance apply per risk rather than on a per accident, event or aggregate basis.
Policy Acquisition Costs State premium taxes and agents’ commissions which must be charged as expenses on a statutory financial statement.
Policy Profile A study which segregates an insurer’s policies into various groupings, e.g., by policy limit or policy premium.
Policy Year Refers to all claims and premiums that stem from a set of insurance policies issued over a 12 month period.
Policy Year Experience Experience on business commencing with its effective date irrespective of when the transactions (payment of premium or loss payment) may actually have taken place; defines coverage or determines which losses will be included in calculation of an adjustable feature.
Portfolio Liability of insurer for unexported portion of inforce policies, outstanding losses, or both for described segment of insurer’s business.
Portfolio Entry The mechanics of attachment of a reinsurance treaty at inception may be arranged on varying bases to new and renewal business or business inforce.
Portfolio Reinsurance A 100% by transfer assumption of portfolio of a defined block of business by acceptance of a block of policies inforce, a block of outstanding losses or a combination of both; may refer to treaty or automatic reinsurance programs, as distinguished from facultative reinsurance.
Portfolio Return The return of unearned reinsurance premium and loss reserves on inforce business to the ceding company upon termination of a reinsurance contract.
Portfolio Run-Off A method of canceling reinsurance that continues the reinsurance of a portfolio until the ceded premium is earned and/or all losses are settled.
Premium Capacity Refers to the aggregate premium volume an insurer or reinsurer insurer can write.
Premium Trend Factor The adjustment to reflect historical rate increases needed to project loss ratios in a prospective period.
Primary
Term applied to Insurer (insurance company originating the business), Insured (policyholder insured by primary insurer), Policy (initial policy issued by primary insurer to primary insured), Insurance (the insurance
Term Definition
covered under the primary policy issued by the primary insurer to the
primary insured; underlying insurance).
Priority Retention.
Pro Rata Reinsurance (Quota Share, Proportional, Participating, First Surplus, Second Surplus, Surplus Share) Generic term describing all forms of quota share and surplus reinsurance; reinsurer shares a pro rata portion of losses and premiums with ceding company; proportion may be either fixed or variable; one of the oldest forms of treaty reinsurance and the most common in property reinsurance.
Probable Maximum Loss The anticipated maximum property fire loss that could result given unusual
or the worst circumstances with respect to normal-functioning protective
features.
Prospective Reinsurance
(Spread Loss
Reinsurance)
Reinsurance of contractually defined occurrences that have yet to happen.
Prospective Rating Plan The formula in a reinsurance contract for determining reinsurance premium
for a specified period on the basis, in whole or in part, of the loss
experience of a prior period.
Provisional Rate Tentative figure for subsequent adjustment under a reinsurance
retrospective rating plan.
Provisional Notice of Cancellation Unless both parties agree to continue to reinsurance beyond the anniversary date, the provisional notice of cancellation allows for the termination of the reinsurance contract.
Provisional Premium In retrospective reinsurance rating plans, the ceding company pays the
reinsurer a provisional premium, which is frequently a flat rate applied to
the ceding company’s premium base; provisional premium is usually paid
on a monthly or quarterly schedule and later adjusted in accordance with
the retrospectively rating plan formula.
Pure Loss Cost The ratio of the reinsurance losses incurred to the ceding company’s
subject premium.
Pure Premium The portion of the premium that is allocated to enable the ceding company
to pay losses, but in which no loading has been added for commission,
taxes or other expenses.
Quota Share Treaty The basic form of pro rata reinsurance whereby the reinsurer accepts a
stated percentage of each and every risk within a defined category of
business; participation in each risk is fixed and certain; the primary insurer
and the reinsurer agree in advance to a percentage for sharing policy
limits, premiums and losses.
Rate The percent factor applied to the ceding company’s subject premium to
produce the reinsurance premium or the percent applied to the reinsurer’s
premium to produce the commission.
Rate On Line Premium divided by indemnity expressed as a percentage of the limit
exposed; similar to the concept of payback or amortization.
Recapture Term used in life reinsurance to define the action of a ceding company
where it takes back from the reinsurer insurance previously ceded. Reciprocal Exchanges Inter-insurance exchange; formed to provide insurance at minimum cost to
members and owned by members; a voluntary, unincorporated association
conducting the business of reciprocal insurance, managed by an attorney-
in-fact, in which every subscriber is both a policyholder and an insurer of all
other subscribers.
Reciprocity The practice of requiring incoming reinsurance in exchange for reinsurance
ceded or vice versa.
Reinstatement Clause When the amount of reinsurance coverage provided under a contract is
reduced by the payment of loss as the result of one occurrence, the
reinsurance cover is automatically reinstated, sometimes subject to the
payment of a specified reinstatement premium; reinsurance contracts may
provide for an unlimited number of reinstatement or for a specific number
Term Definition
or reinstatement.
Reinstatement Premium A pro rata reinsurance premium that may be charged for reinstating the
amount of reinsurance coverage reduced as the result of a reinsurance loss
payment under a catastrophe cover; property catastrophe covers almost
always call for reinstatement premium(s) when coverage is reinstated. Reinsurance A transaction whereby the one party, the reinsurer, in consideration of
premium paid, agrees to indemnify another party, the ceding company, for
part of all of the liability assumed by the ceding company under a policy (or
policies) of insurance; reinsurer (assuming insurer) agrees to indemnify the
ceding company against all or part of loss which latter may sustain under
policies issued; one of the prime functions of reinsurance is to provide
capacity.
Reinsurance Assumed That portion of the risk the reinsurer accepts from the ceding company. Reinsurance Ceded That portion of the risk that the ceding company transfers to the reinsurer.
Reinsurance Assisted Placements (Reverse Flow Business) The reinsurer serves as a facilitator for placement of a book of insurance business from a direct production source (insurance agent, broker or managing general agent) to a ceding company; the reinsurer may reinsure the book of business for the ceding company, though such reinsurance is not mandatory.
Reinsurance Credit A ceding company can take credit for reinsurance premiums ceded and
reinsurance losses recoverable in their Annual Statement if the reinsurance
is placed with an admitted reinsurer.
Reinsurance Intermediary (Intermediary, Broker) A solicitor of reinsurance companies who is engaged by the ceding company to place reinsurance on its behalf with markets of the broker’s choice or as designated by the ceding company; negotiates contracts of reinsurance between a reinsured and reinsurer; provide services such as claims handling, accounting, and underwriting advice; premiums paid a broker by reinsured are considered paid to the reinsurer, but loss payments and other funds (premium adjustments) paid a broker by a reinsurer are not considered paid to the reinsured until actually received by the reinsured.
Reinsurance Pool (Pool, Association, Syndicate) An organization of insurers or reinsurers through which members underwrite particular types of risks with premiums, losses and expenses shared in agreed amounts or ratios; may be formed to share in a specialty insurance line that require special expertise or to address market catastrophe exposure; formed to spread reinsurance risks rather than primary insurance risks.
Reinsurance Premium Consideration paid by the ceding company to the reinsurer for the liability
assumed by the reinsurer.
Reinsurance Program Combination of reinsurance contracts entered into by a ceding company. Reinsured
(Reassured)
The ceding company.
Reinsurer The insurer which assumes all or part of insurance or reinsurance risk
written by another insurer.
Retention The amount of risk the ceding company keeps for its own account or
account of others.
Remainder That amount of a risk which is to be reinsured, after determination of the
reinsured’s retention.
Retroactive Reinsurance Reinsurance of contractually-defined occurrences that have already
happened.
Retrocession A reinsurance transaction whereby a reinsurer (the retrocedent) cedes all
or part of reinsurance risk to another reinsurer (retrocessionaire). Retrocessionaire The reinsurer of reinsurance companies.
Retrospective Rating A plan or method that provides for the adjustment of final reinsurance
ceding commission or premium on the basis of the actual loss experience
under the reinsurance contract, subject to minimum and maximum limits;
the final adjusted reinsurance premium is usually equal to the reinsurance
Term
Definition losses multiplied by a loss conversion factor. Retrospective Rating Plan
The formula in reinsurance contracts determining the reinsurance premium for a specified period on the basis of the loss experience for the same period. Retrospectively Rated Reinsurance
Reinsurance in which the ultimate premium paid by the ceding company is based upon the ultimate liabilities assumed by the reinsurer under the contract. Retrocedent
The reinsurer placing a retrocession. Risk
The uncertainty of loss; the tangible or intangible things, persons, entities, items, subject to a potential loss. Risk Retention Group A group of two or more organizations authorized by the federal Risk Retention Act to pool and retain some or all of their exposures, thereby gaining favorable income tax treatment of their contributions to related loss reserves.
Risk Transfer The extent to which insurance risk is shifted from the cedent to the reinsurer.
Risk-Based Capital The theoretical amount of capital that is needed to absorb the risks of operating a business with financial obligations to customers; the amount necessary to ensure that the business has an acceptably low expectation of becoming financially insolvent.
Run-Off (Run-Off Cancellation, Cut-Off Cancellation) A termination provision of a reinsurance contract stipulating that the reinsurer shall remain liable for loss under reinsured policies inforce at the date of termination, as a result of occurrences taking place after the date of termination.
Schedule F The schedule on a company’s Annual Statement that summarizes reinsurance transactions.
Second Event Cover A drop down clause used in property catastrophe reinsurance that stipulates that if the ceding company sustains a loss greater than its retention in one occurrence, it will have a lower retention in any subsequent occurrence that takes place during the same annual period.
Second Surplus A form of reinsurance purchased by ceding companies that are wring coverage for insureds with large limit policies; provides reinsurance for lines too large to be reinsured in a First Surplus contract; follows on the plan of the First Surplus, but provides a much diminished spread of risk to reinsurers.
Second-Event Retention A provision under which the ceding company’s retention for excess of loss protection (especially under catastrophe covers) is reduced for subsequent catastrophes during the same reinsurance period.
Self-Insurance The setting aside of funds by an individual or organization to pay losses and to absorb fluctuations in the amount of loss; losses are charged against the accumulated funds.
Self-Insurer An individual, partnership or corporation who retains all or part of the risk for its own account.
Self-Reinsurance Creation of a fund by an insurer to absorb losses beyond the insurer’s normal retention.
Shortfall Cover A facultative reinsurance cover, usually temporary, that is used to fill in gaps (shortfalls) in the ceding company’s placement of its treaty reinsurance program.
Sliding Scale Commission A predetermined commission adjustment on earned premiums whereby the actual commission varies inversely with the loss ratio, subject to a maximum and minimum.
Slip The piece of paper submitted by the broker to the underwriters at the “boxes” in the “room” at Lloyds of London on which the Syndicates accepting the risk are identified and the extent of their participation is noted.
Special Acceptance
The facultative extension of a reinsurance treaty to cover a risk not automatically included within its terms.
Term Definition
Spot Reinsurance Facultative reinsurance, usually applied to one item, risk, peril or location
for property, and to one vehicle, driver, premise, operation, job site activity
or product for casualty.
Standard & Poors Claims Paying Ability Rating The opinion of S&P regarding the financial capacity of an operating insurance company and its ability to meet the obligations of its insurance policies in accordance with their terms.
Statutory Accounting Principles (SAP) Those principles required by state law which must be followed by insurance companies in submitting their financial statements to state insurance departments; expenses must be recorded immediately and cannot be deferred to track with premiums as they are eared and taken into revenue.
Subject Premium (Flat Rate, Premium Base, Underlying Premium) That portion of the ceding company’s premiums to which the reinsurance premium rate is applied in order to determine the reinsurance premium; the premium from the policies issued by the primary insurer that are subject to the agreement (written or earned); a percentage rate applied to a ceding company’s subject premium writings for the classes of business reinsured to determine the reinsurance premiums.
Sunrise Clause A clause that provides coverage for losses reported to the reinsurer during
the term of the current reinsurance contract, but resulting from
occurrences that took place during a prior period; typically no longer found
in reinsurance contracts due to the genesis of the Sunset Clause.
Sunset Clause A clause that stipulates that the reinsurer will not be liable for any loss that
is not reported to the reinsurer within a specified period of time after the
expiration of the reinsurance contract.
Surplus The portion of the ceding company’s gross amount of insurance on a risk
remaining after deducting the retention established by the ceding company. Surplus Line Any risk or part thereof for which there was no available market to the
original broker or agent; business, which would otherwise be subject to
regulation as to rate or coverage, placed in non-admitted markets on an
unregulated basis in accordance with the Surplus or Excess Line provisions
of state insurance laws.
Surplus Lines Brokers Brokers permitted to do business with non-admitted insurers, but only if
admitted insurers have declined to write the risk.
Surplus Relief The use of admitted reinsurance on a portfolio basis to offset unusual
drains against policyholders’ surplus; the ceding company recaptures equity
in unearned premium reserves on the business ceded through the ceding
commission allowed by the reinsurer against the gross premiums ceded. Syndicate A group of companies or other underwriters who join together to insure
certain risks which may be of such value or hazard, or so expensive to
underwriter that it can be done on a cooperative basis more efficiently. Surplus Share Treaty A form of pro rata reinsurance used primarily for property lines; reinsurer
assumes a pro rata share of only that portion of any risk that exceeds the
ceding company’s established retentions.
Sub-Broke The intermediary from whom another intermediary obtains business to
place.
Ticket Reinsurance A notation in the form of a separate piece of paper attached to the daily
report setting forth the details of reinsurance that has been effected.
Time-and-Distance Policies Largely used by reinsurance syndicates at Lloyd’s of London to close the books on old underwriting years, based upon contractually specified cash flow payments between the ceding company and insured covering past losses.
Target Risk A large risk that attracts unusually keen competition among insurers,
agents and brokers; a large hazardous risk on which insurance is difficult to
place.
Tariff Rate The insurance rate established by the rating organization having
jurisdiction over the class and territory.
Top and Drop Cover (Benefit Cover) An excess of loss insurance contract designed by Lloyds to cover as the top layer on an excess program or to act as a reinstatement on the lower
Term Definition
layers.
Total Insurable Value The total values for insured perils and coverage for a particular risk,
whether or not insurance limits have been purchased to that amount. Traditional Reinsurance Reinsurance where the primary motivation is insurance risk transfer. Treaty A reinsurance contract under which the reinsured company agrees to cede
and reinsurer agrees to assume risks of a particular class of business. Treaty Reinsurance A standing agreement, often obligatory and long-term in nature, between a
reinsurer and a ceding company that provides for the automatic cession
and assumption of the classes of risk specified in the treaty.
Trending The necessary adjustment of historical premium and loss statistics, to
present levels or expected future levels in order to reflect measurable
changes in insurance experience over time which are caused by dynamic
economic and demographic forces and to make the data useful for
determining current and future expected cost levels.
Trust Agreement A formal agreement whereby property is transferred with the intention that
it will be administered by one party, the trustee, for the benefit of another,
commonly known as the beneficiary.
Unauthorized Reinsurer A reinsurer not licensed or approved in a designated jurisdiction.
Unauthorized Reinsurance Reinsurance placed with a reinsurer which does not have authorized status in the jurisdiction in question.
Uberrimae Fidei The Latin term describing the reinsurance contract as one of utmost good
faith between the contracting parties.
Unearned Reinsurance Premium That portion of reinsurance premium applicable to unexpired portion of policies reinsured.
Unlicensed (Non-
Admitted) Primary
Insurer
An insurer who has not been granted a license in that state.
Ultimate Net Loss The total sum which the ceding company becomes obligated to pay either
through adjudication or compromise, for litigation, settlement, adjustment
and investigation of claims and suits which are paid as a consequence of
the insured loss, excluding only the salaries of the ceding company’s
permanent employees.
Underlying In respect to excess of loss coverages, that amount of risk which attaches
before the next higher layer of insurance or reinsurance.
Underwriting Income The excess of premiums earned by a reinsurer during any reporting period
over the combined total of expenses and losses incurred by the reinsurer
during the same period.
Underwriting Profit The profit derived from reinsurance or insurance exclusive of that derived
from investments.
Unearned Premium That portion of the original premium that applies to the unexpired portion
of risk; if the policy should be canceled, the company would have to pay
back the unearned part of the original premium.
Variable Quota Share Treaty The percentage of cession varies automatically by risk based on broad, objective criteria established in advance, such as size of risk or class.
Work Program A contract bond reinsurance term providing that reinsurance attaches at a
specified level of a principal’s total volume of work rather than on the more
conventional basis of individual contract or bond amount.
Working Cover A contract covering an area of excess reinsurance in which loss frequency is
anticipated.
Working Layer An area of excess reinsurance in which loss frequency is anticipated; the
rating approach to such a layer is usually on a retrospective basis or
subject to a contingent commission or sliding scale commission.
词汇表对照表 考试大纲词汇表词性词意短语搭配或句子a(an)[?,e?(?n)]art.一（个、件……） ability[??b?l?t?]n.能力；才能 able[?e?b(?)l] a.能够；有能力的 about[??ba?t]ad. prep.大约；到处；四处关于；在各处；四处 above[??b?v]prep.在……上面 abroad[??br??d]ad.到（在）国外 absent[??bs?nt] a.缺席；不在 accept[?k?sept]vt.接受I received his invitation but I didn’ t accept it.（我收到他的邀请,但我没接 受。） according to根据，按照 achieve[??t?i?v]vt.达到；取得He hopes to achieve all the aims soon. （他希望很快达成所有目标。） across[??kr?s]prep横过；穿过 act[?kt]n. v.法令；条例 表演，扮演（角色）；演出，行动 action[??k?(?)n]n.行动 active[??kt?v] a.积极的，主动的 activity[?k?t?v?t?]n.活动 actor[??kt?]n.演员，男演员,行动者 actress[??ktr?s]n.女演员 add[?d]vt.增添；增加 address[??dres]n.地址 advantage[?d?vɑ? nt?d?] n.优点；好处 advice[?d?va?s]n.忠告；劝告；建议 advise[?d?va?z]vt.忠告；劝告；建议My teacher advised me to do more reading. （我的老师建议我多读。） afford[??f??d]vt.负担的起（……的费 用）；抽的出（时间）； 提供Mary was not able to afford a new car.（玛丽买不起新车。） afraid[??fre?d] a.害怕的；担心的Africa n.非洲 African a.非洲的，非洲人的 after[?ɑ?ft?(r)]ad. prep. conj.在后；后来 在……之后；在……后面 在……以后 afternoon[ɑ?ft??nu? n] n.下午，午后again[??ɡe?n]ad.再一次；再，又
EXPLANATION 再保险reinsurance 原保险人original insurer 分出公司ceding company 再保险分出人reinsured 再保险人reinsurer 分入公司ceded company 自留额retention (自负责任) 分保额ceding amount 再保险费reinsurance premium (分保费) 再保险佣金reinsurance commission(分保手续费) 转分保retrocession 比例再保险：proportional reinsurance 非比例再保险：non-proportional reinsurance 超过损失再保险：excess of loss reinsurance 成数再保险：quota share reinsurance 溢额再保险：surplus reinsurance 线数：lines 起赔点：priority/underlying retention(分出公司自负责任额) 最高责任额：top limit/ceiling figure 险位超赔再保险：excess of loss per risk basis 普通超赔保障：working cover 事故超赔再保险：excess of loss per event/occurrence basis 异常灾害再保险：catastrophe cover 分层再保险：reinsuring in layers 赔付率超赔再保险：excess of loss ratio 损失中止再保险：stop loss reinsurance(停止损失再保险) 共命运条款：follow the fortunes clause(同一命运条款) 错误或遗漏条款：errors or omissions clause（过失或疏忽条款）检查条款：inspection clause（保护缔约双方权利条款/断交条款）仲裁条款：arbitration clause 直接给付条款：cut through clause 固定佣金率：fixed commission rate 单一佣金率：flat commission rate 梯次佣金率：sliding-scale commission rate(累进递增佣金率) 盈余佣金：profit commission(纯益手续费) 或有佣金：contingent commission 结清方式：clean-cut basis 自然期满方式：run-off provision 一年法：one year basis 三年平均法：three-year average system 亏损滚转法：losses carry forward system 消失滚转法：losses carry forward to extinction 三年滚转法：losses carry forward for three years 最后净赔款额：ultimate net loss 净自留责任：net retained lines
人教版小学英语单词表 三年级上册词汇 人教版小学英语三年级上册单词表（三会）Unit 1 pen：[pen]钢笔pencil：['pensl]铅笔pencil-case：['penslkeis]铅笔盒ruler：['ru:l?]尺子eraser：[i'reis?]橡皮crayon：['krei?n]蜡笔book：[buk]书bag：[b?g]书包sharpener：['?ɑ:p?n?]卷笔刀school ：[sku:l]学校 人教版小学英语三年级上册单词表（三会）Unit 2 head：[hed]头face[feis]脸nose：[n?uz]鼻子mouth：[mauθ]嘴 eye：[ai]眼睛ear：[i?]耳朵arm：[ɑ:m]胳膊finger['fi?g?]手指 leg：[leg]腿foot：[fut]脚body：['b?di]身体 人教版小学英语三年级上册单词表（三会）Unit 3 red：[red]红色的yellow：['jel?u]黄色的green：[gri:n]绿色的blue：[blu:]蓝色的purple：['p?:pl]紫色的white：[hwait]白色的black：[bl?k]黑色的orange：['?:rind?]橙色的pink：[pi?k]粉色的brown：[braun]棕色的 人教版小学英语三年级上册单词表（三会）Unit 4 cat：[k?t]猫dog：[d?g]狗monkey：['m??ki]猴子panda：['p?nd?]熊猫rabbit：['r?bit]兔子duck：[d?k]鸭子pig：[pig]猪bird[b?:d]鸟 bear：[b??]熊elephant：['elif?nt]大象mouse：[maus]老鼠squirrel：['skwir?l]松鼠 人教版小学英语三年级上册单词表（三会）Unit 5 cake：[keik]蛋糕bread：[bred]面包hot dog：[h?t][d?g]热狗hamburger ：['h?mb?:g?]汉堡包chicken：['t?ikin]鸡肉French fries 榨薯条Coke 可乐juice：[d?u:s]果汁 milk：[milk]牛奶water：['w?:t?]水tea：[ti:]茶coffee：['k?fi]咖啡 人教版小学英语三年级上册单词表（三会）Unit 6 one：[w?n]一two：[tu:]二three：[θri:]三four：[f?:]四 five：[faiv]五six：[siks]六seven：['sevn]七eight：[eit]八 nine：[nain]九ten ：[ten]十 doll：[d?l]玩具娃娃boat：[b?ut]小船ball：[b?:l]球kite：[kait]风筝 balloon：[b?'lu:n]气球car ：[kɑ:]小汽车plane：[plein]飞机 三年级下册词汇 人教版小学英语三年级下册单词表（三会）Unit 1 boy：[b?i]男孩girl：[g?:l]女孩teacher：['ti:t??]教师student：['stju:d?nt]学生 this：[eis]这个my：[mai]我的friend：[frend]朋友I’m=I am 我是 nice：[nais]好的愉快的good morning ：[gud]['m?:ni?]早上好 good afternoon：：[gud]['ɑ:ft?'nu:n]下午好meet：[mi:t]遇见；碰见 goodbye：[,gud'bai]再见too ：[tu:]也；太 人教版小学英语三年级下册单词表（三会）Unit 2 father：['fɑ:e?]爸爸dad：[d?d]爸爸口语mother：['m?e?]母亲；妈妈mom：[m?m]妈妈口语man：[m?n]男人woman：['wum?n]女人grandmother['gr?nd,m?e?] 外祖母grandma：['gr?ndmɑ:]（口语）（外）祖母 grandfather：['gr?nd,fɑ:e?]（外）祖父grandpa：['gr?ndpɑ:]（口语）（外）祖父 sister：['sist?]姐妹brother：['br?e?]兄妹let’s=let us 让我们great：[greit]太好了 really：['ri?li]真地；确切地and：[?nd]和；并且
2011版课标二级词汇 国家规定：小学阶段应学习600~700个单词，50个左右的短语。（本表列出423个为小学毕业时（2级）所必须掌握的基本词汇，其余词汇在初中词汇中选择） A a(n) about afraid after afternoon again all also always and angry animal answer any apple arm art ask at aunt autumn B baby back bad bag ball banana basketball be(am, is, are) bear beautiful bed before begin behind beside between big bike(=bicycle) bird birthday black blackboard blue boat body book box boy bread breakfast bring brother brown bus busy but buy by bye C cake call can candy cap car card cat chair chicken child(pl. children) China Chinese cinema city class clean clever clock close clothes cloudy coat cold colour(color) come computer cook cool cousin cow crayon cry D dad(daddy) dance day dear desk difficult dinner dirty do doctor dog door down draw dress drink driver duck E ear early easy eat egg eggplant email English evening every exercise eye
中考大纲词汇表 A a （an） art. 一（个、件... ） ability n.能力；才能 able a.能够；有能力的 about ad.大约；到处；四处 prep.关于；在各处；四处 above prep.在..... 上面 a.上面的 ad.在..... 之上 abroad ad.至U （在）国外abse nt a.缺席，不在acce nt n. 口音，音调accept vt.接受accide nt n.事故，意外的事ache vi.& n.痛，疼痛achieve vt.达到，取得across prep.横过，穿过act n.法令，条例v.（戏）表演，扮演（角色），演出（戏）；行动，做事 actio n n.行动 active a.积极的，主动的 activity n.活动 add vt.添加，增加address n.地址adva ntage n.优点；好处advertiseme nt n.广告advice n.忠告，劝告，建议advise vt.忠告，劝告，建议afford vt.负担得起（ 的费用）； 抽得出（时间）；提供afraid a.害怕的；担心 after ad.在后；后来prep.在....... 之后；在..... 后面conj.在 ......... 以 后 after noon n.下午，午后aga in ad.再一次；再，又aga inst prep.对着，反对age n.年龄；时代ago ad.以前agree v.同意；应允agreeme nt n.同意，一致；协定，协议air n.空气；大气 airli ne n.航空公司；航空系统airpla ne n.（美）飞机airport n.航空站，飞机场alive a.活着的，存在的all ad.全部地 a.全（部）；所有的；总；整 pron.全部；全体人员allow vt.允许，准许almost ad.几乎，差不多alo ne a.单独的，孤独的along ad.向前；和一起；一同 prep.沿着；顺着aloud ad.大声地already ad.已经also ad.也although conj.虽然，尽管always ad.总是；一直；永远America * n.美国；美洲America n a.美国的；美国人的n.美国人 among prep.在.... 中间；在（三个以上）之间 amuse vt.（使人）快乐，逗乐ancient a.古代的，古老的and conj.和；又；而an gry a.生气的，愤怒的ani mal n.动物ano ther a.再一；另一；别的；不同的pron.另一个 answer n.回答，答复；回信；答案v. 回答，答复；回信；（作出）答案ant n.蚂蚁 any pron.（无论）哪一个；哪些任何的；（用于疑问句、否定句）一些；什么 an ybody pron.任何人，无论谁anyone pron.任何人，无论谁an ythi ng pron.什么事（物）；任何事 （物） any way ad.不管怎样any where ad.任何地方appear vi.出现apple n.苹果April n. 4 月 area n.面积；地域，地方，区域；范 围，领域 arm n.臂,支架 army n.军队 around ad.在周围；在附近prep. 在……周围；大约 arrive vi.至U达；达至U article n.文章；东西；冠词 art n.艺术，美术；技艺 as ad.& conj. 像 ... 一样；女口 同；因为prep.作为，当做 Asia * n.亚洲 Asian a.亚洲的，亚洲人的n.亚洲人ask v.问，询问；请求，要求；邀请asleep a.睡着的，熟睡 at prep.在（几点钟）；在（某处） Atla ntic a.大西洋的 attention n.注意，关心
新课标初中英语词汇表(1600) 说明： 1．本表共收约1600个单词。 2．本词汇表不列词组和短语。 3．本词汇表不列语法术语。 4．部分可根据构词法推导出的副词、名词等不单列。 5．以初中为起点学习英语的学生可以不要求加“*”号的单词。 6．本词汇表为，《义务教育英语课程标准》（修订稿）拟采用的词汇表。 A a (an) art. *ability n. able a. about prep & ad above prep abroad a & ad *absent a *accent n accept v accident n *ache n *achieve v across prep act n & v action n active a activity n
*add v address n advantage n advertisement n advice n *advise v afford v afraid a after ad, prep & conj afternoon n again ad against prep age n ago ad agree v *agreement n air n *airline n *airport n alive a all a & pron allow v almost ad alone a along ad & prep aloud ad already ad also ad although conj always ad America n American a & n among prep *ancient a and conj angry a animal n another a & pron answer n & v *ant n any pron & a anybody pron anything pron *anyway ad
. 初中英语新课程标准上岗考试题 一、名词解释：（ 10 分） 1、任务型教学 2、课程资源 二、填空：（ 10 分） 1 、基础教育阶段学生应该学习和掌握的英语语言基础包括、、 、和、等五个方面的内容。 2 、《标准》中的情感态度指、、、 、等影响学生学习过程和学习效果的相关因素。 三、判断：（ 5 分） 1、“面向全体学生，为学生全面发展和终身发展奠定基础”是本次基础教育改革 的核心思想。（） 2 、基础英语语言知识是综合英语运用能力的有机组成部分。（） 3 、评价的内涵得到极大扩充，评价等于考试，考试是评价的唯一手段。（） 4、任何一门现存的自然语言都包含有丰富的文化内涵，而且，从小至单个的词到 大至语篇的各个层面都体现出文化内涵。（） 5 、提倡探究式学习是排除语言知识的学习，只是改变了学习的方式和途径。（） 四、简答：（ 25 分） 1、在基础教育的英语教学中，处理语言知识和语言技能这二者的关系时，应该注 意哪几点？（ 9 分） 2、任何在英语教学中培养和发展学生积极的情感态度？（8 分） 3、英语教学评价的基本理念与发展方向是什么？（8 分） 五、运用题：（50 分） 运用《英语课程标准》设计一堂课改课。 平中课改英语试题答案 一、 1、任务型教学就是以任务为学习动力或动机，以完成任务的过程为学习的过程，以展 示任务成果的方式（而不是以测试的分数）来体现教学的成就。 2、课程资源指有利于学生学习和教师教学的任何材料和物质条件。它包括：可以作为学习 和教学内容的材料以及使学习和教学能够顺利进行的客观条件和设施。 二、填空 1、语音、词汇、语法、功能、话题 2、兴趣、动机、自信、意志、合作 三、判断
《再保险》课程综述 再保险是指保险人将其承担的保险业务，以承保形式，部分转移给其他保险人。再保险是保险人的保险，也称分保。再保险合同当事人双方均为保险人.作为再保险的需求者即买方在保险术语上称为被再保险业务的分出人、分出公司。作为再保险的供给方即卖方称为再保险人或分保接受人，也可以称为再保险业务的分入人或接受公司。在再保险交易中，原保险人向再保险人分出的保险金额为再保险金额，这部分责任金额对分出公司来说称为分出额，对分入公司来说称为分入额。除了再保险的部分外，保险人留给自己承担的保险金额为自留额。 保险人进行再保险的目的，在于减轻自身负担的风险责任，当发生再保险合同约定的事故损失时，可以从再保险接受人那里摊回赔款。但是，通过再保险转嫁风险责任也要支付一定的费用，这种费用就是分保费或再保险费。再保险的责任额度按接受公司对于每一具体的危险单位、每一事故或每一年度所承担的责任在合同中分别加以规定。再保险在本国范围内进行的，称为国内再保险。一此大的再保险项目，当其风险责任超过国内保险市场的承受能力时，需要在世界范围内寻求再保险保障，这种再保险称为国际再保险。 一、再保险:比例分保 比例分保是以保险金额为基础计算分出公司自留额及接受公司承保额的分保方式。比例分保有成数分保、溢额分保及预约分保等方式。 1.1成数分保 成数分保是指原保险人将每一危险单位的保险金额，按约定的比率向再保险人分保的方式.即使是一笔保额很小的业务，也必须按比率分给再保险人。接受人则必须按比率接受，自动生效。发生赔款，亦按同样比率摊算赔款。这种分保方式的自留额将随每一笔保险金额不同而各有不同。再保险人承受的是超过分出人自留额的保险金额，但也有最高限额。 成数分保的最大优点是容易计算，手续简便。但分出公司受到比例限制，对约定业务不分良莠大小均按比率分出，若业务品质好也只能按比率分出，并无选择的机会。也正因为如此，成数分保方式的分保手续费较高，而且可以交换分保业务。这种分保方式一般限于中小公司采用，目的在于改善公司承保能力。因为在分散危险方面，成数分保的效果明显，而在稳定赔付率和对搞巨灾方面，成数分保作用一般。 1.2溢额分保 溢额分保是分出公司先确定每一危险单位自己承担的自留额，当每笔业务保险金额超过分出人的自留额时，才将超过部分分给再保险人。按约定，接受公司的承保限额应为自留额的一定线数（倍数），保费和赔款分摊亦按自留额和分出额对保额的比例分配。这种分保方式称溢额分保。限额、自留、线数为溢额分保三大关键事项。限额是合同项下所承担的最高责任额。自留是分出公司自承担的责任额。线数是计算分出公司自留金额及接受公司接受金额的计算单位。如果某合同最高限额为10条线，分出公司的自留额为一条线，金额为100万美，则合同限额为1000万美元。 溢额分保合同可由分出公司根据需要分层设计，即先放满自留部分，再纳入第一溢额合同。第一溢额合同放满之后，再纳入第二个合同，以此类推。 1.3预约分保 预约分保又称临时固定再保险，是介于临时再保险和合同再保险之间的一种再
高中英语新课程标准词汇表高中英语新程标准词汇表 说明： 1．本表共收约300个单词和360个短语或词组。 2．带*号的音单词为八级要求掌握的词汇。 3．本词汇表不列语法术语。 4．部分可根据构词法推导出的副词、名词等不单列。A a (an) art 一（个、……） abandn v抛弃，舍弃，放弃 abilit n 能力；才能 able a 能够；有能力的 abnral a 反常的，变态的 abard prep 上（船，飞机，火车，汽车等） ablish v 废除，废止 abrtin v 人工流产，堕胎 abut ad 大约；到处；四处 prep 关于；在各处；四处 abve prep 在……上面 a 上面的ad 在……之上 abrad ad 到（在）国外 absene n 不在，缺席 abrupt a 突然的，意外的，粗鲁
absent a 缺席，不在 abslute a 完全，全部，绝对的 absrb v 吸收，使全神贯注 abstrat a/ n 抽象的（作品） absurd a荒谬的，怪诞不经的 abundant a大量,丰盛的,充裕的 abuse v（酗酒）滥用,虐待,恶语 aadei a / n 学术的，教学的 aade n专科学院,（美）私立学校 aelerate v（使）加速，加快 aent n 口音，音调 aept vt 接受 aess n / v 通道，入径，存取（计算机）aessible a 可到达的，可接受的，易相处的）aident n 事故，意外的事 adatin n住宿，膳宿 apan v 陪同，陪伴，与…同时发生 aplish v 完成 arding t ad 按照，根据 aunt n 账目;描述 auntant n 会计，会计师 auulate v 积累，积聚
再保险术语
再保险reinsurance 原保险人original insurer 分出公司ceding company 再保险分出人reinsured 再保险人reinsurer 分入公司ceded company 自留额retention (自负责任) 分保额ceding amount 再保险费reinsurance premium (分保费) 再保险佣金reinsurance commission(分保手续费) 转分保retrocession 比例再保险 proportional reinsurance 非比例再保险 non-proportional reinsurance 超过损失再保险 excess of loss reinsurance 成数再保险 quota share reinsurance 溢额再保险 surplus reinsurance 线数l ines 起赔点 priority/underlying retention(分出公司自负责任额) 最高责任额 top limit/ceiling figure 险位超赔再保险 excess of loss per risk basis
普通超赔保障 working cover 事故超赔再保险 excess of loss per event/occurrence basis 异常灾害再保险 catastrophe cover 分层再保险 reinsuring in layers 赔付率超赔再保险 excess of loss ratio 损失中止再保险 stop loss reinsurance(停止损失再保险) 共命运条款 follow the fortunes clause(同一命运条款) 错误或遗漏条款 errors or omissions clause（过失或疏忽条款） 检查条款 inspection clause（保护缔约双方权利条款/断交条款） 仲裁条款 arbitration clause 直接给付条款 cut through clause 固定佣金率 fixed commission rate 单一佣金率 flat commission rate 梯次佣金率 sliding-scale commission rate(累进递增佣金率) 盈余佣金 profit commission(纯益手续费) 或有佣金 contingent commission
初中英语新课程标准词汇表 （五级） 说明： 1．本词汇表以《义务教育英语课程标准》（2011年修订稿）采用的五级词汇表（1500个单词）为蓝本，在《义务教育英语课程标准》拟采用的词汇表（1600个单词）的基础上修改而成（红色单词属于1600的词汇，蓝色单词为1500的词汇），并加上了原词汇表不标 注的词性和汉语词义。 2. 本词汇表不列短语或词组，不列语法术语。 3．可根据构词法推导出的部分名词、形容词、副词等不单列。 A a (an) art.一（个、件……） ability n.能力；才能 able a.能够；有能力的 about ad.大约；到处；四处prep.关于；在各处； 四处 above prep.在……上面； a.上面的；ad. 在……之上 abroad a.& ad.到（在）国外 absent a.缺席，不在 accent n.口音，音调 accept vt.接受 accident n.事故，意外的事 ache n.疼痛 according to prep.根据，依据 achieve vt.达到，取得 across prep.横过，穿过 act n.法令，条例v.（戏）表演，扮演（角色），演出（戏）；行动，做事 action n.行动 active a.积极的，主动的 activity n.活动 ad (缩) =advertisement n.广告 actor n. 男演员 actress n. 女演员 add vt.添加，增加 address n.地址advantage n.优点；好处 adventure n.冒险；奇遇 advertise vt.为……做广告 advertisement n.广告 advice n.忠告，劝告，建议 advise vt.忠告，劝告，建议 aeroplane n. (英)飞机 afford vt.负担得起（……的费用）；抽得出（时间）；提供 afraid a.害怕的；担心 Africa n.非洲 African a.非洲的，非洲人的n.非洲人 after ad.在后；后来prep.在……之后；在…… 后面conj.在……以后 afternoon n.下午，午后 afterwards ad.后来 again ad.再一次；再，又 against prep.对着，反对 age n.年龄；时代 ago ad.以前 agree v.同意；应允 agreement n.同意，一致；协定，协议 AIDS n.艾滋病 air n.空气；大气 airline n.航空公司；航空系统 airplane n.（美）飞机 airport n.航空站，飞机场
十九届《新课标英语考级教程》小学一、二级考试题型 注意：此题考级的试题核心重点严格贯彻2011年6月版《英语课程标准》的要求和规定。 第十九届新课标英语等级测试全国统一试题(EGT小学一、二级)，本套试题总分120分，一共三部分—听力、基础知识与综合能力运用和口试。 第一部分为听力，分值为20分； 第二部分为基础知识与综合能力运用，分值为80分; 第三部分为口试，分值为20分。 全部答案都必须按要求在答题卡中相对应题号下填涂或书写，要求填涂正确、书写工整、清晰、规范，卷面清洁。 (考试只是手段，不是目的。所以能让学生在准备考试的过程中不断的提高才是考试的真正目的。不管是何种题型，都不该仅仅拘泥于对单个知识点的考查，而应考查学生在具 体情境中运用所学英语知识与技能的综合语言运用能力。) 第Ⅰ卷听力理解占笔试20% (共20分每个小题1分) 一、听录音，选择你所听到的单词。每个单词只读一遍。(共5分，每小题1分) e.g. (C) 1. A. cup B. cap C. cake 录音原文：1. cake 评析 此题型要求学生听单词录音选择单词。主要考察学生对语音知识的掌握。题目中设计的单词都会含有相同或者相似的一部分字母或者字母组合，学生需要准确掌握其读音才能更准确地完成此题。 ) 二、听录音，选择与你所听到单词相符的图片。每个单词只读一遍。(共5分，每小题1分 录音原文：1. listen 评析 此题型要求学生听单词录音选择与单词相符合的图片。可以考查学生看图想其英语表达，听音联系其英文表达，达到通过一个题目考查学生三种能力的目的。注意在选图时，所使用的图画要清晰明了。尽量避免因学生的生活经验或文化背景的差异而导致不能正确识别图画的可能性。
讲座提纲 保险公司都希望有这样的赔付率结果 200赔付率 全球保险业综合赔付率统计 而现实中，赔付率结果通常是这样的…... 赔付率 实际上保险公司经营中有大量的风险波动 200赔付率
通过合同分保，可以化解中小型波动…... 200赔付率但巨型风险波动仍然无法解决…... 200赔付率 大型风险波动可以利用临时分保的方式进行剔除 200赔付率 风险波动可以由临时分保进行平滑从而达到理想的经营结果 200赔付率 为什么临时分保是控制风险波动性的有效工具？ ?可以剔除巨型赔损对经营结果对巨大影响
临时再保险的几种方式比例分保 比例分保比例分保赔付和摊回 假设: 保额1000万 比例分保赔付和摊回 32%68%假设: 保额1000万 超赔/ 非比例分保 ?保险人自留一定额度的风险同时负
超赔/ 非比例分保赔付和摊回 假设: 保额1000万超赔/ 非比例分保赔付和摊回 假设: 保额1000万 超赔/ 非比例分保赔付和摊回 假设: 保额1000万 超赔理赔费用－比例均摊 The Non-Proportional Pyramid 超赔分层金字塔 Low Exposure
各损失分层的定义 保险对策 简化的损失场景（火） 损失分层风险结构分析-超赔分层分析 保险定义风险特征损失强度 Number of Risk Excesses Certain Loss Limit Loss Excess of Loss Premium Distribution Excess loss
Excess of Loss Premium Distribution Probablity Excess of Loss Premium Distribution Probablity a 拻Excess of Loss Premium Distribution Exceedence 超赔再保险的表达方法 ?Layer expression 分层的表达方式 A 超 B A 超B 基本术语和表达 A 超 B 占比60% 基本术语和表达
初中英语新课程标准词汇及短语表 说明： 1．本表共收约1600 个单词2．本词汇表不列词组和短语3．本词汇表不列语法术语4．部分可根据构词法推导出的副词、名词等不单列 A a （an） art. 一（个、件. ） ability n. 能力；才能 *able a. 能够；有能力的 about ad. 大约；到处；四处 prep. 关于；在各处；四处abroad prep. 在外国，在海外 about adv.附近,大约,左右,周围 prep.在附近,关于,在…周围 above prep.在.... 上面 a. 上面的 ad.在 .... 之上 abroad ad. 到（在）国外*absent a. 缺席，不在 *accent n. 口音，音调 accept vt. 接受 accident n. 事故，意外的事 *ache vi.& n. 痛，疼痛 *achieve vt. 达到，取得 across prep. 横过，穿过 act n. 法令，条例v. （戏）表演，扮演（角色），演出（戏）；行动，做事action n. 行动 active a. 积极的，主动的 activity n. 活动 *add vt. 添加，增加address n. 地址advantage n. 优点；好处advertisement n. 广告*advice n. 忠告，劝告，建议advise vt. 忠告，劝告，建议afford vt.负担得起（……的费用）；抽得出（时间）；提供after ad.在后；后来prep.在....... 之后；在后面conj.在 ......... 以后 afternoon n. 下午，午后 again ad. 再一次；再，又 against prep. 对着，反对 age n. 年龄；时代 ago ad. 以前 agree v. 同意；应允 *agreement n. 同意，一致；协定，协议 air n. 空气；大气 *airline n. 航空公司；航空系统 *airplane n. （美）飞机 *airport n. 航空站，飞机场 alive a. 活着的，存在的
2020年高考英语考试大纲(新课标)
月份星期 January (Jan) Monday(Mon) February(feb ) Tuesday(tyes) March(mar) Wednesday(wed.) April(apr) Thursday(thurs) May(may) Friday(fri) June(jun) Saturday(sat) July(jul) Sunday(sun) September(sept) October(oct)
November(nov) December(dec) Ⅰ、考试性质 普通高等学校招生全国统一考试是由合格的离中华业生和具有同等 学力的考生参加的选拔性考试。高等学校根据考生的成绩，按已确定的招生计划，德、智、体全面衡量，择优录取。因此.离考应有较高的信度、效度，适当的难度和必要的区分度。 Ⅱ.考试的内容和要求 根据普通高等学校对新生文化素质的要球，依据中华人民共和国教育部2020年颁布的《普通高中课程方案（实验）》和《普通高中英语课程标准（实验）》，确定本学科考试内容。 考核目标与要求 一、语言知识 要求考生掌握并能运用英语语音、词汇、语法基础知识以及所学功能意念 和话题（见附录1至附录5），要求词汇量为3500左右. 二、语言运用 1.听力 要求考生能听懂所熟悉话题的简短独白和对话。考生应能： （1）理解主旨和要义 （2）获取具体的、事实性信息 （3）对所听内容作出推断 （4）理解说话者的意图、观点和态度 2.阅读 要求考生能读懂书、报、杂志中关于一般性话题的简短文段以及公告、 说明、广告等，并能从中获取相关信息。考生应能： （1）理解主旨和要义
中考1600词汇对照表中考词汇表 考试大纲词汇表词性词意 一(个、件……) a(an) art. 能力;才能 ability n. 能够;有能力的 able a. 大约;到处;四处 about ad. 关于;在各处;四处 prep. 在……上面 above prep. 到(在)国外 abroad ad. 缺席;不在 absent a. 口音;音调 accent n. 接受 accept vt. 事故，意外的事 accident n. 痛;疼痛 ache vi. & n. 达到;取得 achieve vt. 横过;穿过 across prep 法令;条例 act n. 表演，扮演(角色);演出，行动 v. 行动 action n. 积极的，主动的 active a. 活动 activity n. 增添;增加 add vt.
地址 address n. 优点;好处 advangtage n. 广告 advertisement n. 忠告;劝告;建议 advice n. 忠告;劝告;建议 advise vt. 负担的起(……的费用);抽的出(时afford vt. 间);提供 害怕的;担心的 afraid a. 在后;后来 after ad. 在……之后;在……后面 prep. 在……以后 conj. 下午，午后 afternoon n. 再一次;再，又 again ad. 对着，反对 against prep. 年龄;时代 age n. 以前 ago ad. 同意;应允 agree v. 同意;一致;协定 agreement n. 1 考试大纲词汇表词性词意 空气;大气 air n. 航空公司 airline n. (美)飞机 airplane n. 航空站，飞机场 airport n.
线数，再保险里的溢额再保险的三要素之一。三要素：风险单位、自留额、线数。 1．线：溢额再保险中，自留额是厘定再保险限额的基本单位，称之为线。 2．线数：溢额再保险中，分保额与自留额的倍数关系，称为线数。 3．用线数表示溢额再保险合同。 例如：20线的合同，指分保额是自留额的20倍，当然要注明自留额。 风险单位 是指某种风险或某种事故影响或被波及的最大边界和影响范围，或在风险上不可能再合理分割的最小单位，又称风险波及度。 2风险单位概述 再保险合同一般规定，如何划分风险单位是由分出公司决定。对于每一风险单位或一系列风险单位的保险责任，分保双方通过合同按照一定的计算基础对其进行分配。 3风险单位的划分 不同的业务有不同的风险单位，在实务上，风险单位的划分有三种： 1、按地段划分，由于标的之间在地理位置上相毗邻，具有不可分割性，当风险事故发生时，受损失的机会是相同的，故将一个地段作为一个风险单位； 2、按投保单位划分，为了简化手续，有时候一个投保单位就是一个风险单位； 3、按标的划分，一个标的作为一个风险单位。对于一些与其他标的无毗连关系风险集中于一体的保险标的，可以视一个保险标的为一个风险单位。 4风险单位举例 风险单位就是风险独立的单位。比如说两堆柴草相距5米，放在一起就是一个风险单位，在中间放一道防火墙，你就可以理解为两个风险单位。因为一堆着火不会影响到另外一堆，他们的风险是可以分割开的。其他类型财产同理，如投保财产规模较大，如电网，就可以按照地域划分风险单位，俗称拆单。 自留额是指预定责任限额，是原保险人对其所承保的各类保险业务，根据其危险程度、 业务质量的好坏以及自身承担责任的能力，在订立再保险合同时，预先确定的对每一危险单位自负的责任限额。这个责任限额，在溢额再保险合同中，是以固定金额表示的。 1简介 对于每一危险单位或一系列危险单位的保险责任，分保双方通过合同按照一定的计算基础对其进行分配。分出公司根据自身偿付能力所确定承担的责任限额称为自留额或自负责任额。2自留额与分保额 自留额与分保额可以以保额为基础计算，也可以以赔款为基础计算。计算基础不同，决定了再保险的方式不同。以保险金额为计算基础的分保方式属比例再保险，以赔款金额为基础计算基础的分保方式属非比例再保险。自留额与分保额可以用百分率表示，如自留额与分保额分别占保险金额的30%和70%；或者用绝对数表示，如超过100万元以后的200万元。而且根据分保双方承受能力的大小，自留额与分保额均有一定的控制，如果保险责任超过自留额与分保额的控制线，则超过部分应由分出公司自负或另行安排分保。[1] 3相关法律规定 为了确保保险企业的财务稳定性及其偿付能力，许多国家通过立法将再保险安排，特别是巨灾风险的处理、危险单位的划分、自留额的大小等列为国家管理保险业的重要内容。我国《保
词汇表 说明： 1. 本词汇表共收3,000个单词，含义务段要求掌握的1,500个单词。高中英语必修课程应学习和掌握500个单词（表中加有一个*号），累计达2,000。选修I课程应学习和掌握1，000个单词（表中加有两个**号），累计达3,000。各地可根据实际情况在本词汇表所收词的基础上，再选择增加200个单词。 2. 本词汇表采用英式英语拼写形式。 3. 本着在具体语境中学习和使用单词的原则，本词汇表不标注单词的词性和中文释义。 4. 本词汇表不列词组和短语。 5. 本词汇表不列语法术语。 6. 本词汇表不列可根据构词法推导出的部分名词、形容词、副词等。 7. 数字（含基数词、序数词）、主要国家名称及相关信息等词单独列出，供教学参考。 A a (an) abandon** ability able abnormal** aboard** about above abroad absence** absent absolutely* absorb** abstract** abuse** academic** accent** accept access** accident* accommodation** accompany** according to account* accurate** accuse** ache* achieve achievement* acid** acknowledge** acquire* across act action active activity actor actress actually* AD** adapt* adaptation** add addict* addition* address adjust** administration** admire* admit* adopt** adorable** adult* advance* advantage adventure* advertise** advertisement (ad)**