Reinsurance: a transaction between a direct insurer and another (re) licensed insurer, in which the reinsurer agrees to cover all or part of the losses and/or costs of adjusting the direct insurer`s losses. The assumption is in exchange for a bonus. Compensation is proportional or non-proportional. Protected cell: an insurance-related guarantee that is retained within the insurance or reinsurance company and is used to isolate the proceeds from the insurer`s general business risk offering and to provide investors with the securitized instrument with an additional level of comfort. Alien Insurer – An insurer based outside the United States, which operates within the United States. Commercial Package Policy – offers a wide range of real estate hedges and guarantees for commercial businesses that are not supplemented by a business owner policy. Discount – a refund of part or all of the premium payment. Gramm-Leach Bliley Act (GLBA) – Glass steagal Act of 1933 allows the consolidation of commercial banks, investment institutions and insurance companies. A framework has been established for the jurisdiction of federal and regional supervisory authorities for these financial industries. It allows financial services companies to consolidate and carry out a large number of new activities, including insurance, while striving to address the regulatory problems posed by these combinations. Excess – duration of insurance refers to unreported profits. Declination – The official declaration of an insurance application is rejected or rejected. Claim Department – A team within an insurance organization responsible for the evaluation and billing of insurance fees.

Designated coverage – insurance for losses explicitly defined in the insurance contract. Non-participating policy – A policy that does not allow an policyholder to receive dividends from the insurer`s surplus. Losses incurred, but not reported (IBNR) – Amount estimated deferred by the insurance company for payment of fees that could have occurred but which, for whatever reason, have not yet been reported to the insurance company. 100,000,000,000,000 euros for the 100,000,000 Surrender Charge – The fees charged to an policyholder when their life insurance or pension contract is returned for their current value. Losses – Includes receivables that have been paid and/or amounts have been held in reserve for future Payments Joint Underwriting Association (JUA) – An organization of insurers operating in a given state, which have banded together to form a pool to absorb high-risk automobile insurance activity.