Term
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Definition
| Pricing of insurance and the calculation of premiums |
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Term
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Definition
| The person who determines rates and premiums |
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Term
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Definition
| Process of selecting, classifying, and pricing applicants for insurance. |
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Term
| Medical Information Bureau Report |
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Definition
| Bureau whose purpose is to supply underwriting information in life insurance to member companies, which report any health impairments of a applicant for insurance. |
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Term
| Charted Life Underwriter (CLU) |
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Definition
| Individual who has attained a high degree of technical competency in the field of life and health insurance and has pass professional exams. |
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Term
| Charted Financial Consultant (CHFC) |
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Definition
| Individual who has attained a degree of technical competency in the field of financial planning, investments, and life and health insurance and passed professional exams. |
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Term
| Charted Property Casualty Underwriting (CPCU) |
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Definition
| Professional who has attained high degree of technical competency in property and liability insurance and has passed professional examinations. |
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Term
| Certified Financial Planner |
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Definition
| Professional who has attained a high degree of technical competency in financial planning and has passed a series of professional examinations. |
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Term
| Certified Insurance Counselor (CIC) |
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Definition
| Professional in property and casualty insurance who has passed a series of examinations. |
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Term
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Definition
| A salaried adjustor who represents only one company |
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Term
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Definition
| org. or individual that adjusts claims for a fee.. works for the insured. |
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Term
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Definition
| Represents the insured rather than the insurance company and is paid based on the amount of the claim settlement |
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Term
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Definition
| arrangement by which the primary insurer that initially writes the insurance transfers to another insurer part of or all of the potential losses associated with such insurance. |
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Term
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Definition
| The primary insurer that initially writes the insurance |
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Term
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Definition
| the insurer that accepts part or all of the insurance from the ceding company |
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Term
| Retention Limit (Net Retention) |
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Definition
| The amount of insurance retained by the ceding company for its own account |
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Term
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Definition
| The amount of insurance ceded to the reinsurer |
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Term
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Definition
| The reinsurer reinsures part of all of their risk |
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Term
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Definition
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Term
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Definition
| A liability item on the insurer's balance sheet that represents the unearned portion of gross premiums on all outstanding policies at the time of valuation. |
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Term
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Definition
| An optional case-by-case method that is used when the ceding company receives an application for insurance that exceeds its retention limit. |
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Term
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Definition
| The primary insurer has agreed the cede insurance to the reinsurer, and the reinsurer has agreed to accept the business. |
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Term
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Definition
| The ceding company and reinsurer agree to share premiums and losses (portions) |
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Term
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Definition
| The reinsurer agrees to accept the insurance in excess of the ceding insurers retention |
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Term
| Excess-of-loss reinsurance |
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Definition
| Designed for protection against a catastrophic loss |
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Term
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Definition
| Organization of insurers that underwrite insurance on a joint basis |
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Term
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Definition
| an insurable risk is transferred to the capital markets through the creation of a financial instrument. |
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Term
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Definition
| Corporate bonds that permit the issuer of the bond to skip or reduce scheduled interest payments if a catastrophic loss occurs. |
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