Glossary
Choose a letter
- Marine and aviation insurance also referred to as offshore/space and transportation insurance
- Insurance covering damage occasioned during carriage (by sea, river, land, or air) to the means of transport ("hull"), excluding motor-driven land vehicles, and to the goods carried ("cargo"), and third party liability incurred by the carrier.
- Mathematical reserve
- Amount that a Life insurance or capitalisation company must set aside and capitalise in order to meet its commitments to the insured.
- Mortality
- The relative incidence of death of Life insureds or annuitants.
- Non-proportional (excess of loss) reinsurance
- Reinsurance contract written to protect the ceding company from all or part of claims in excess of a specified amount retained (priority). This generally takes the form of Excess of Loss (or XL) or excess of annual loss reinsurance.
- Non-traditional reinsurance
- Initially, this concerned a multi-year, multi-line form of reinsurance whose contract terms included an aggregate limit of liability and loss sensitive features (e.g. profitsharing or additional premium). Nowadays it also encompasses technical and investment accounts within a single cover, securitisation of insurance risks, credit derivatives, and climate derivatives.
- Pending claims reserve
- Reserve for claims reported but not yet settled. These are estimated by ceding companies and communicated to the reinsurer.
- Political risk
- All political or administrative events, actions or decisions that could lead to losses for companies contracting or investing abroad.
- Premiums net of cancellations
- Premium written by an insurer after deduction of cancelled premiums.
