A reinsurance arrangement which does not allow the Ceding Company to share in any profits realized on the reinsurance. Premiums for non-experience rated reinsurance generally have smaller loads than premiums for experience rated reinsurance. Compare with Guaranteed Cost Reinsurance.
A Company is “non-admitted” when it has not been licensed and thereby recognized by appropriate insurance governmental authority of a state or country. Reinsurance is “non-admitted” when placed in a non-admitted company and therefore may not be treated as an asset against reinsured losses or unearned premium reserves for insurance company accounting and statement purposes.
The idea that people who don’t buy coverage should not receive benefits. Prohibits uninsured drivers from collecting damages from insured drivers. In most states with this law, uninsured drivers may not sue for noneconomic damages such as pain and suffering. In other states, uninsured drivers are required to pay the equivalent of a large deductible ($10,000) before … Read more
This is an agreement whereby the non-proportional reinsurer is obliged to repay an amount – a part of the premium income – if the protection is claim-free. In principle this corresponds to the profit commission under a proportional treaty.
The amount of insurance which a Ceding Company keeps for its own account and does not reinsure in any way (except in some instances for Catastrophe Reinsurance).
Reserves after credit for reinsurance.
The amount of loss sustained by an insurer after deducting all applicable reinsurance, salvage, and subrogation recoveries.
The maximum limit an insurer or reinsurer is willing to accept after taking Credit for reinsurance coverage. Such limits are usually expressed per insured, per line of business, etc. See Gross Line.
In tort law, the failure to exercise due care. The failure to protect another or the property of another from unreasonable risk or harm.
Peril specifically mentioned as covered in an insurance policy.
