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== biz/books == |
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''' |
'''Did you know?''' |
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__NOCACHE__ |
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[[sales & marketing ▸]] {{!}} |
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{{#switch: {{#expr: {{CURRENTTIMESTAMP}} mod 100}} |
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[[products ▸]] {{!}} |
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| 0 = {{:Definition:Bordereaux}} |
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[[strategy ▸]] {{!}} |
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| 1 = {{:Definition:Burning cost}} |
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| 2 = {{:Definition:Commutation (reinsurance)}} |
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'''career ▸''' {{!}} |
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| 3 = {{:Definition:Finite reinsurance}} |
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[[leadership ▸]] {{!}} |
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| 4 = {{:Definition:Fronting}} |
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[[presentation ▸]] {{!}} |
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| 5 = {{:Definition:Follow-the-fortunes}} |
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{{Inline expand | productivity ▸|{{read|[[Atomic Habits]]}} {{read|[[The 7 Habits of Highly Effective People]]}} {{read|[[The Power of Habit]]}} {{read|[[see all ▸]]}}}} {{!}} |
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| 6 = {{:Definition:Cut-through clause}} |
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[[writing ▸]] {{!}} |
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| 7 = {{:Definition:Binding authority}} |
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| 8 = {{:Definition:Clash cover}} |
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'''investing ▸''' {{!}} [[value ▸]] {{!}} [[growth ▸]] |
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| 9 = {{:Definition:Attachment point}} |
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| 10 = {{:Definition:Exhaustion point}} |
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| 11 = {{:Definition:Reinstatement premium}} |
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{{Section separator}} |
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| 12 = {{:Definition:Sliding-scale commission}} |
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| 13 = {{:Definition:Profit commission}} |
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== biz/people == |
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| 14 = {{:Definition:Loss portfolio transfer}} |
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'''CEOs ▸''' {{!}} |
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| 15 = {{:Definition:Adverse development cover (ADC)}} |
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[[CEOs of DJIA companies|DOW 30 ▸]] {{!}} |
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| 16 = {{:Definition:Aggregate excess-of-loss reinsurance}} |
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[[CEOs of Nasdaq-100 companies|Nasdaq-100 ▸]] {{!}} |
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| 17 = {{:Definition:Catastrophe excess-of-loss reinsurance}} |
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[[CEOs of FTSE 100 companies|FTSE 100 ▸]] {{!}} |
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| 18 = {{:Definition:Per-risk excess of loss reinsurance}} |
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[[CEOs of DAX companies|DAX 40 ▸]] {{!}} |
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| 19 = {{:Definition:Risks-attaching basis}} |
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[[CEOs of CAC 40 companies|CAC 40 ▸]] {{!}} |
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| 20 = {{:Definition:Losses-occurring basis}} |
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[[CEOs of EURO STOXX 50 companies|EURO STOXX 50 ▸]] {{!}} |
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| 21 = {{:Definition:Claims-made trigger}} |
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[[CEOs of SMI companies|SMI ▸]] {{!}} |
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| 22 = {{:Definition:Signing down}} |
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[[CEOs of S&P/TSX 60 companies|S&P/TSX 60 ▸]] {{!}} |
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| 23 = {{:Definition:Sunset clause}} |
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[[CEOs of NIFTY 50 companies|NIFTY 50 ▸]] {{!}} |
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| 24 = {{:Definition:Utmost good faith}} |
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[[CEOs of HSI companies|HSI ▸]] {{!}} |
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| 25 = {{:Definition:Contra proferentem}} |
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| 26 = {{:Definition:Incurred but not reported (IBNR)}} |
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'''quotes ▸''' {{!}} |
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| 27 = {{:Definition:Bornhuetter-Ferguson method}} |
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{{Inline expand |business ▸|{{read|[[Notable quotes about accounting| accounting]]}} {{read|[[Notable quotes about advertising | advertising]]}} {{read|[[Notable quotes about customers | customers]]}} {{read|[[Notable quotes about employees|employees]]}} {{read|[[Notable quotes about marketing|marketing]]}} {{read|[[Notable quotes about sales|sales]]}} {{read|[[Notable quotes about strategy|strategy]]}} {{read|[[see all ▸]]}} }} {{!}} |
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| 28 = {{:Definition:Chain-ladder method}} |
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{{Inline expand|career ▸|{{read|[[leadership]]}} {{read|[[productivity]]}} }} {{!}} |
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| 29 = {{:Definition:Stochastic reserving}} |
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{{Inline expand|investing ▸|{{read|[[value]]}} {{read|[[growth]]}} }} {{!}} |
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| 30 = {{:Definition:Loss development triangle}} |
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| 31 = {{:Definition:Credibility factor}} |
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| 32 = {{:Definition:Allocated loss adjustment expense (ALAE)}} |
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| 33 = {{:Definition:Unallocated loss adjustment expense (ULAE)}} |
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| 34 = {{:Definition:Experience modification factor}} |
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| 35 = {{:Definition:Industry loss warranty (ILW)}} |
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| 36 = {{:Definition:Sidecar (reinsurance)}} |
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| 37 = {{:Definition:Collateralized reinsurance}} |
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| 38 = {{:Definition:Catastrophe bond (CAT bond)}} |
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| 39 = {{:Definition:Retrocession}} |
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| 40 = {{:Definition:Surplus share reinsurance}} |
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| 41 = {{:Definition:Surplus strain}} |
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| 42 = {{:Definition:Surplus relief}} |
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| 43 = {{:Definition:Funds withheld reinsurance}} |
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| 44 = {{:Definition:Modified coinsurance}} |
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| 45 = {{:Definition:Coinsurance penalty}} |
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| 46 = {{:Definition:Anti-concurrent causation clause}} |
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| 47 = {{:Definition:Continuous trigger}} |
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| 48 = {{:Definition:Efficient proximate cause}} |
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| 49 = {{:Definition:Horizontal exhaustion}} |
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| 50 = {{:Definition:Vertical exhaustion}} |
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| 51 = {{:Definition:Sue and labor clause}} |
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| 52 = {{:Definition:Honorable engagement clause}} |
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| 53 = {{:Definition:Hours clause}} |
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| 54 = {{:Definition:Batch clause}} |
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| 55 = {{:Definition:Aggregation clause}} |
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| 56 = {{:Definition:Omnibus clause}} |
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| 57 = {{:Definition:Running down clause}} |
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| 58 = {{:Definition:Warehouse-to-warehouse clause}} |
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| 59 = {{:Definition:General average}} |
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| 60 = {{:Definition:Particular average}} |
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| 61 = {{:Definition:Constructive total loss}} |
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| 62 = {{:Definition:York-Antwerp Rules}} |
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| 63 = {{:Definition:Protection and indemnity (P&I)}} |
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| 64 = {{:Definition:Demand surge}} |
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| 65 = {{:Definition:Social inflation}} |
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| 66 = {{:Definition:Nuclear verdict}} |
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| 67 = {{:Definition:Silent cyber}} |
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| 68 = {{:Definition:Affirmative cyber coverage}} |
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| 69 = {{:Definition:Parametric insurance}} |
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| 70 = {{:Definition:Embedded insurance}} |
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| 71 = {{:Definition:Takaful}} |
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| 72 = {{:Definition:Bancassurance}} |
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| 73 = {{:Definition:Microinsurance}} |
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| 74 = {{:Definition:Captive insurance company}} |
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| 75 = {{:Definition:Cell captive}} |
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| 76 = {{:Definition:Protected cell company (PCC)}} |
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| 77 = {{:Definition:Reciprocal insurance exchange}} |
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| 78 = {{:Definition:Risk retention group (RRG)}} |
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| 79 = {{:Definition:Lloyd's syndicate}} |
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| 80 = {{:Definition:Reinsurance to close (RITC)}} |
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| 81 = {{:Definition:Equitas}} |
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| 82 = {{:Definition:Funds at Lloyd's (FAL)}} |
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| 83 = {{:Definition:Syndicate-in-a-box (SIAB)}} |
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| 84 = {{:Definition:Part VII transfer}} |
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| 85 = {{:Definition:Solvent scheme of arrangement}} |
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| 86 = {{:Definition:Run-off (insurance)}} |
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| 87 = {{:Definition:Demutualization}} |
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| 88 = {{:Definition:Depopulation program}} |
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| 89 = {{:Definition:Probable maximum loss (PML)}} |
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| 90 = {{:Definition:Exceedance probability curve (EP curve)}} |
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| 91 = {{:Definition:Realistic disaster scenario (RDS)}} |
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| 92 = {{:Definition:Monte Carlo simulation}} |
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| 93 = {{:Definition:Copula}} |
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| 94 = {{:Definition:Bühlmann model}} |
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| 95 = {{:Definition:Cape Cod method}} |
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| 96 = {{:Definition:Extra-contractual obligation (ECO)}} |
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| 97 = {{:Definition:Loss in excess of policy limits (XPL)}} |
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| 98 = {{:Definition:Doctrine of reasonable expectations}} |
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| 99 = {{:Definition:Longevity swap}} |
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}} |
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Latest revision as of 22:46, 12 March 2026
Did you know?
🤝 Utmost good faith — known in legal tradition as uberrimae fidei — is the foundational legal doctrine requiring both parties to an insurance contract to deal with each other honestly and to disclose all material information that could influence the other's decision. Unlike ordinary commercial contracts, where a "buyer beware" standard often applies, insurance depends on a heightened duty of transparency because the insurer typically cannot independently verify the full nature of the risk it is being asked to accept.
📋 In practice, utmost good faith imposes the heaviest obligation on the policyholder (or proposer) at the point of application and renewal. The applicant must volunteer all facts that a prudent underwriter would consider material — prior claims history, known hazards, changes in occupancy, or health conditions — even if not specifically asked. Failure to do so constitutes non-disclosure or misrepresentation, potentially entitling the insurer to void the policy from inception. The duty runs both ways, however: insurers must be forthright about exclusions, conditions, and limitations. Legislation in many jurisdictions, such as the UK's Insurance Act 2015, has modernized the doctrine — replacing the older "duty of disclosure" with a " duty of fair presentation" and introducing proportional remedies rather than automatic voidance.
💡 For the insurance industry, utmost good faith is not merely an abstract legal principle; it is the glue that holds the risk-transfer mechanism together. Without reliable information exchange, underwriting becomes guesswork, premiums cannot be accurately priced, and the risk pool deteriorates through adverse selection. In the Lloyd's and London market, the doctrine has particular historical weight, underpinning the face-to-face subscription model where brokers present risks to underwriters with an expectation of complete candor. Modern insurtech solutions — including automated data enrichment and pre-fill technology — are reshaping how the duty is fulfilled, reducing reliance on subjective disclosure while reinforcing the spirit of mutual honesty.
Related concepts