Jump to content

Home: Difference between revisions

From Insurer Brain
Browse history interactively
← Older edit
Content deleted Content added
VisualWikitext
No edit summary
No edit summary
 
(67 intermediate revisions by the same user not shown)
Line 1: Line 1:
<!--
{{Insert top}}
<div class="fullscreen-logo">
{{Main Page/random quote}}
[[File:Logo of Insurer Brain.svg|frameless|center|link=]]
{{Section separator}}

== biz/books ==
<div class="main-page-menu">

'''business''' ▸ {{!}}
{{Inline expand |sales & marketing ▸}} {{!}}
{{Inline expand |products ▸}} {{!}}
{{Inline expand |strategy ▸}} {{!}}

'''career''' ▸ {{!}}
{{Inline expand |leadership ▸}} {{!}}
{{Inline expand |presentation ▸}} {{!}}
{{Inline expand | productivity ▸|{{read|[[Atomic Habits]]}} {{read|[[The 7 Habits of Highly Effective People]]}} {{read|[[The Power of Habit]]}} {{read|[[see all ▸]]|type=gray}} }} {{!}}

'''investing''' ▸ {{!}}
{{Inline expand |value ▸}} {{!}}
{{Inline expand |growth ▸}} {{!}}

</div>
</div>
-->

'''Did you know?'''
<!-- {{Main Page/biz/books}} -->
__NOCACHE__
{{Section separator}}
{{#switch: {{#expr: {{CURRENTTIMESTAMP}} mod 100}}

| 0 = {{:Definition:Bordereaux}}
== biz/people ==
| 1 = {{:Definition:Burning cost}}
<div class="main-page-menu">
| 2 = {{:Definition:Commutation (reinsurance)}}
'''CEOs''' ▸ {{!}}
| 3 = {{:Definition:Finite reinsurance}}
{{Inline expand |S&P 500 ▸|{{read|[[Warren Buffett|Berkshire Hathaway]]}} {{read|[[Darren Woods|ExxonMobil]]}} {{read|[[David Ricks|Eli Lilly]]}} {{read|[[Michael Miebach|Mastercard]]}} {{read|[[Jamie Dimon|JPMorgan Chase]]}} {{read|[[CEOs of S&P 500 companies|see all ▸]]|type=gray}} }} {{!}}
| 4 = {{:Definition:Fronting}}
{{Inline expand |NASDAQ 100 ▸|{{read|[[Sundar Pichai|Alphabet]]}} {{read|[[Mark Zuckerberg|Meta]]}} {{read|[[Elon Musk|Tesla]]}} {{read|[[Ted Sarandos|Netflix]]}} {{read|[[Ron Vachris|Costco]]}} {{read|[[CEOs of Nasdaq-100 companies|see all ▸]]|type=gray}} }} {{!}}
| 5 = {{:Definition:Follow-the-fortunes}}
{{Inline expand |DOW 30 ▸|{{read|[[Tim Cook|Apple]]}} {{read|[[Satya Nadella|Microsoft]]}} {{read|[[Jensen Huang|NVIDIA]]}} {{read|[[Andy Jassy|Amazon]]}} {{read|[[Kelly Ortberg|Boeing]]}} {{read|[[CEOs of DJIA companies|see all ▸]]|type=gray}} }} {{!}}
| 6 = {{:Definition:Cut-through clause}}
{{Inline expand |S&P/TSX 60 ▸|{{read|[[David McKay|Royal Bank of Canada]]}} {{read|[[Raymond Chun|TD Bank]]}} {{read|[[Tobias Lütke|Shopify]]}} {{read|[[Greg Ebel|Enbridge]]}} {{read|[[Tracy Robinson|Canadian National]]}} {{read|[[CEOs of S&P/TSX 60 companies|see all ▸]]|type=gray}} }} {{!}} 
| 7 = {{:Definition:Binding authority}}
{{Inline expand |FTSE 100 ▸|{{read|[[Wael Sawan|Shell]]}} {{read|[[Pascal Soriot|AstraZeneca]]}} {{read|[[Georges Elhedery|HSBC]]}} {{read|[[Hein Schumacher|Unilever]]}} {{read|[[Simon Trott|Rio Tinto]]}} {{read|[[List of FTSE 100 companies|see all ▸]]|type=gray}} }} {{!}} 
| 8 = {{:Definition:Clash cover}}
{{Inline expand |EURO STOXX 50 ▸|{{read|[[Christophe Fouquet|ASML]]}} {{read|[[Bernard Arnault|LVMH]]}} {{read|[[Christian Klein|SAP]]}} {{read|[[Olivier Blum|Schneider Electric]]}} {{read|[[Patrick Pouyanné|TotalEnergies]]}} {{read|[[CEOs of EURO STOXX 50 companies|see all ▸]]|type=gray}} }} {{!}} 
| 9 = {{:Definition:Attachment point}}
{{Inline expand |DAX 40 ▸|{{read|[[Roland Busch|Siemens]]}} {{read|[[Oliver Blume|Volkswagen]]}} {{read|[[Oliver Bäte|Allianz]]}} {{read|[[Tim Höttges|Deutsche Telekom]]}} {{read|[[Ola Källenius|Mercedes-Benz]]}} {{read|[[CEOs of DAX companies|see all ▸]]|type=gray}} }} {{!}} 
| 10 = {{:Definition:Exhaustion point}}
{{Inline expand |CAC 40 ▸|{{read|[[Nicolas Hieronimus|L'Oréal]]}} {{read|[[Axel Dumas|Hermès]]}} {{read|[[Thomas Buberl|AXA]]}} {{read|[[Guillaume Faury|Airbus]]}} {{read|[[Paul Hudson|Sanofi]]}} {{read|[[CEOs of CAC 40 companies|see all ▸]]|type=gray}} }} {{!}} 
| 11 = {{:Definition:Reinstatement premium}}
{{Inline expand |SMI ▸|{{read|[[Philipp Navratil|Nestlé]]}} {{read|[[Thomas Schinecker|Roche]]}} {{read|[[Vasant Narasimhan|Novartis]]}} {{read|[[Sergio Ermotti|UBS]]}} {{read|[[Morten Wierod|ABB]]}} {{read|[[CEOs of SMI companies|see all ▸]]|type=gray}} }} {{!}}
| 12 = {{:Definition:Sliding-scale commission}}

| 13 = {{:Definition:Profit commission}}
'''quotes''' ▸ {{!}}
| 14 = {{:Definition:Loss portfolio transfer}}
{{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|[[placeholder|marketing]]}} {{read|[[placeholder|sales]]}} {{read|[[Notable quotes about strategy|strategy]]}} {{read|[[see all ▸]]|type=gray}} }} {{!}}
| 15 = {{:Definition:Adverse development cover (ADC)}}
{{Inline expand|career ▸|{{read|[[leadership]]}} {{read|[[productivity]]}} }} {{!}}
| 16 = {{:Definition:Aggregate excess-of-loss reinsurance}}
{{Inline expand|investing ▸|{{read|[[placeholder|value]]}} {{read|[[placeholder|growth]]}} }} {{!}}
| 17 = {{:Definition:Catastrophe excess-of-loss reinsurance}}

| 18 = {{:Definition:Per-risk excess of loss reinsurance}}
</div>
| 19 = {{:Definition:Risks-attaching basis}}

| 20 = {{:Definition:Losses-occurring basis}}
{{Section separator}}
| 21 = {{:Definition:Claims-made trigger}}
| 22 = {{:Definition:Signing down}}
| 23 = {{:Definition:Sunset clause}}
| 24 = {{:Definition:Utmost good faith}}
| 25 = {{:Definition:Contra proferentem}}
| 26 = {{:Definition:Incurred but not reported (IBNR)}}
| 27 = {{:Definition:Bornhuetter-Ferguson method}}
| 28 = {{:Definition:Chain-ladder method}}
| 29 = {{:Definition:Stochastic reserving}}
| 30 = {{:Definition:Loss development triangle}}
| 31 = {{:Definition:Credibility factor}}
| 32 = {{:Definition:Allocated loss adjustment expense (ALAE)}}
| 33 = {{:Definition:Unallocated loss adjustment expense (ULAE)}}
| 34 = {{:Definition:Experience modification factor}}
| 35 = {{:Definition:Industry loss warranty (ILW)}}
| 36 = {{:Definition:Sidecar (reinsurance)}}
| 37 = {{:Definition:Collateralized reinsurance}}
| 38 = {{:Definition:Catastrophe bond (CAT bond)}}
| 39 = {{:Definition:Retrocession}}
| 40 = {{:Definition:Surplus share reinsurance}}
| 41 = {{:Definition:Surplus strain}}
| 42 = {{:Definition:Surplus relief}}
| 43 = {{:Definition:Funds withheld reinsurance}}
| 44 = {{:Definition:Modified coinsurance}}
| 45 = {{:Definition:Coinsurance penalty}}
| 46 = {{:Definition:Anti-concurrent causation clause}}
| 47 = {{:Definition:Continuous trigger}}
| 48 = {{:Definition:Efficient proximate cause}}
| 49 = {{:Definition:Horizontal exhaustion}}
| 50 = {{:Definition:Vertical exhaustion}}
| 51 = {{:Definition:Sue and labor clause}}
| 52 = {{:Definition:Honorable engagement clause}}
| 53 = {{:Definition:Hours clause}}
| 54 = {{:Definition:Batch clause}}
| 55 = {{:Definition:Aggregation clause}}
| 56 = {{:Definition:Omnibus clause}}
| 57 = {{:Definition:Running down clause}}
| 58 = {{:Definition:Warehouse-to-warehouse clause}}
| 59 = {{:Definition:General average}}
| 60 = {{:Definition:Particular average}}
| 61 = {{:Definition:Constructive total loss}}
| 62 = {{:Definition:York-Antwerp Rules}}
| 63 = {{:Definition:Protection and indemnity (P&I)}}
| 64 = {{:Definition:Demand surge}}
| 65 = {{:Definition:Social inflation}}
| 66 = {{:Definition:Nuclear verdict}}
| 67 = {{:Definition:Silent cyber}}
| 68 = {{:Definition:Affirmative cyber coverage}}
| 69 = {{:Definition:Parametric insurance}}
| 70 = {{:Definition:Embedded insurance}}
| 71 = {{:Definition:Takaful}}
| 72 = {{:Definition:Bancassurance}}
| 73 = {{:Definition:Microinsurance}}
| 74 = {{:Definition:Captive insurance company}}
| 75 = {{:Definition:Cell captive}}
| 76 = {{:Definition:Protected cell company (PCC)}}
| 77 = {{:Definition:Reciprocal insurance exchange}}
| 78 = {{:Definition:Risk retention group (RRG)}}
| 79 = {{:Definition:Lloyd's syndicate}}
| 80 = {{:Definition:Reinsurance to close (RITC)}}
| 81 = {{:Definition:Equitas}}
| 82 = {{:Definition:Funds at Lloyd's (FAL)}}
| 83 = {{:Definition:Syndicate-in-a-box (SIAB)}}
| 84 = {{:Definition:Part VII transfer}}
| 85 = {{:Definition:Solvent scheme of arrangement}}
| 86 = {{:Definition:Run-off (insurance)}}
| 87 = {{:Definition:Demutualization}}
| 88 = {{:Definition:Depopulation program}}
| 89 = {{:Definition:Probable maximum loss (PML)}}
| 90 = {{:Definition:Exceedance probability curve (EP curve)}}
| 91 = {{:Definition:Realistic disaster scenario (RDS)}}
| 92 = {{:Definition:Monte Carlo simulation}}
| 93 = {{:Definition:Copula}}
| 94 = {{:Definition:Bühlmann model}}
| 95 = {{:Definition:Cape Cod method}}
| 96 = {{:Definition:Extra-contractual obligation (ECO)}}
| 97 = {{:Definition:Loss in excess of policy limits (XPL)}}
| 98 = {{:Definition:Doctrine of reasonable expectations}}
| 99 = {{:Definition:Longevity swap}}
}}

Latest revision as of 22:46, 12 March 2026

Did you know?

✍️ Binding authority is a contractual arrangement in which an insurance carrier or Lloyd's syndicate grants an external party — typically a managing general agent or coverholder — the power to accept risks and issue policies on the carrier's behalf. Rather than referring every submission back to the insurer for approval, the authorized party can commit the carrier's capital within pre-agreed parameters, dramatically accelerating the placement process.

📜 The scope of a binding authority is defined in a binding authority agreement (sometimes called a binder contract), which specifies eligible classes of business, geographic territories, per-risk and aggregate limits, pricing guidelines, and reporting obligations. The carrier retains oversight through periodic audits and bordereaux reporting — detailed schedules of every risk bound under the authority. In the Lloyd's market, these arrangements are registered on the Lloyd's platform and governed by specific market standards to protect syndicate capital.

🔑 Delegated authority programs have become a critical distribution channel in specialty and commercial insurance because they push underwriting expertise closer to the customer. Carriers gain access to niche markets and regional knowledge they could not efficiently serve from a central office, while the intermediary earns commission and builds a differentiated book of business. The trade-off is counterparty risk: if the authorized party underwrites poorly, the carrier bears the losses, which is why robust governance and real-time data sharing are non-negotiable.

Related concepts

Retrieved from "https://www.insurerbrain.com/w/index.php?title=Home&oldid=12348"