Definitions

A single insurance policy that combines several coverages previously sold separately. Examples include homeowners insurance and commercial multiple Peril insurance.

An allowance paid to the Ceding Company over and above the acquisition cost to allow for overhead expenses and often including a margin for profit.

The amount of insurance or reinsurance exceeding the insurer’s or reinsurer’s normal Capacity inclusive of automatic reinsurance facilities.

Security that is not listed or traded on an exchange such as the New York Stock Exchange. Business in over-the-counter securities is conducted through dealers using electronic networks.

A record kept by the reinsurer of the amount of surplus that it is carrying in a financial reinsurance arrangement.

Sheet metal auto parts made by the manufacturer of the vehicle. See Generic auto parts

Endorsement to a property policy, including homeowners, that pays for the extra expense of rebuilding to comply with ordinances or laws, often building codes, that did not exist when the building was originally built. For example, a building severely damaged in a hurricane may have to be elevated above the flood line when it is rebuilt. … Read more

Contracts that allow, but do not oblige, the buying or selling of property or assets at a certain date at a set price.

The cost of maintaining a business’s property, includes insurance, property taxes, utilities and rent, but excludes income tax, depreciation and other financing expenses.

A provision in reinsurance agreements which permits each party to net amounts due against those payable before making payment; especially important in the event of insolvency of one party which ceases to remit amounts due to the other.