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. 22.214.171.124.126.96.36.1990: 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.