The insurance company that transfers its loss exposures to another insurer in a contractual reinsurance arrangement

A type of insurance in which one insurer transfers some or all the loss exposures from policies written for its insureds to another insurer

Used by insurance companies to insure their loss exposures against greater than expected claims

Purpose is to promote stability in the insurance industry through the sharing of risk exposures

Insurers purchase reinsurance for risk reduction and loss sharing, stabilization of loss experience, increased capacity, unearned premium reserve relief, catastrophic protection, underwriting assistance, and retirement from a line or territory

Protects physicians, accountants, architects, engineers, attorneys, insurance agents and brokers, and other professionals against liability arising out of their professional acts or omissions

An insurer that is formed as a subsidiary of its parent company, organization, or group, for the purpose of writing all or part of the insurance on the parent company or companies

Is authorized by the state insurance department to transact business within that state

The price of insurance for each unit of exposure; it’s multiplied by the number of exposure units to arrive at a premium

The process insurers used to calculate the rates that determine the premium for insurance coverage

An association consisting of the commissioners of the insurance departments of each state, the District of Columbia and US territories and possessions; it coordinates insurance regulation activities among the various insurance departments

Covers losses resulting from bodily injury to others or damage to the property of others for which the insured is legally liable and to which the coverage applies

The insurance company that accepts the loss exposures of the primary insurer

Covers businesses for their liability for bodily injury and property damage; it can also include liability coverage for various other offenses that might give rise to claims, such as libel, slander, false arrest, and advertising injury

Provides liability coverage to individual’s and families for bodily injury and property damage arising from the insured’s personal premises or activities