Glossary
Choose a letter
- Fiscal year
- Twelve-month accounting period of the company's activity.
- Goodwill
- Goodwill is the intangible asset of a company (i.e. strategic positioning, reputation on the market, etc.). The calculation of goodwill is one of the methods used to financially evaluate a company and its capacity to create wealth.
- Gross premiums
- Premiums received. Gross premiums represent premium income for the year.
- Group policy
- A single insurance policy that provides cover for several persons forming a homogeneous group, and generally belonging to the same company or association, against certain risks such as death, accident, sickness.
- Leading insurer
- Primary insurer and first signatory of an insurance policy in a co-insurance. The signatory company defines the clauses and the conditions of the policy.
- Liquidation bonus
- Profit earned on liquidation of technical reserves on settlement of a claim or expiration of a Treaty.
- Loss
- Event that triggers insurance cover and reserves noticing.
- Low or working layer excess of loss reinsurance
- Reinsurance that absorbs the losses immediately above the reinsured's retention layer. A low layer excess of loss reinsurer will pay up to a certain monetary amount at which point a higher layer reinsurer or the ceding company will be liable for additional losses. Also known as working layer reinsurance.
