Definition:Broken links

Definition:Gross written premium (GWP) Definition:Net written premium (NWP) Definition:Gross earned premium (GEP) Definition:Net earned premium (NEP) Definition:Unearned premium reserve (UPR) Definition:Unearned premium Definition:Earned premium Definition:Written premium Definition:Premium deficiency reserve Definition:Additional unexpired risk reserve (AURR) Definition:Deferred acquisition cost (DAC) Definition:Acquisition cost Definition:Acquisition cost ratio Definition:Loss ratio (L/R) Definition:Combined ratio (CR) Definition:Expense ratio Definition:Operating ratio Definition:Underwriting result Definition:Underwriting profit Definition:Underwriting year Definition:Accident year Definition:Calendar year Definition:Policy year Definition:Year of account (YOA) Definition:Incurred but not reported reserve (IBNR) Definition:Incurred but not enough reported reserve (IBNER) Definition:Outstanding claim reserve Definition:Case reserve Definition:Bulk reserve Definition:Claims incurred Definition:Paid loss Definition:Loss development Definition:Loss development factor (LDF) Definition:Loss triangle Definition:Run-off triangle Definition:Ultimate loss Definition:Ultimate loss ratio Definition:Reserve adequacy Definition:Reserve redundancy Definition:Reserve deficiency Definition:Reserve release Definition:Reserve strengthening Definition:Prior-year reserve development Definition:Discounted reserve Definition:Undiscounted reserve Definition:Technical provision Definition:Best estimate liability (BEL) Definition:Risk margin Definition:Claims provision Definition:Premium provision Definition:Provision for outstanding claims Definition:Equalization reserve Definition:Catastrophe reserve Definition:Net asset value (NAV) Definition:Embedded value (EV) Definition:European embedded value (EEV) Definition:Market-consistent embedded value (MCEV) Definition:Appraisal value Definition:Value of in-force business (VIF) Definition:Adjusted net asset value Definition:Present value of future profits (PVFP) Definition:Solvency margin Definition:Solvency capital requirement (SCR) Definition:Minimum capital requirement (MCR) Definition:Own funds Definition:Risk-based capital (RBC) Definition:Surplus Definition:Policyholders' surplus Definition:Free reserves Definition:Available capital Definition:Eligible own funds Definition:Tiered capital Definition:Technical result Definition:Non-technical account Definition:Investment income Definition:Investment return Definition:Realized gain Definition:Unrealized gain Definition:Fair value Definition:Amortized cost Definition:Available-for-sale financial asset (AFS) Definition:Held-to-maturity financial asset Definition:Fair value through profit or loss (FVTPL) Definition:Fair value through other comprehensive income (FVOCI) Definition:Impairment loss Definition:Reinsurance recoverable Definition:Reinsurance asset Definition:Reinsurance payable Definition:Reinsurance deposit Definition:Funds withheld Definition:Ceded premium Definition:Ceded loss Definition:Ceded commission Definition:Reinsurer's share of technical provisions Definition:Sliding scale commission Definition:Profit commission Definition:Override commission Definition:Overriding commission Definition:Ceding commission Definition:Contingent commission Definition:Bordereaux Definition:Premium bordereaux Definition:Claims bordereaux Definition:Premium receivable Definition:Agent's balance Definition:Insurance receivable Definition:Insurance payable Definition:Insurance contract liability Definition:Policyholder liability Definition:Policyholder dividend Definition:Participating policy surplus Definition:Deferred tax asset Definition:Deferred tax liability Definition:Goodwill Definition:Intangible asset Definition:Value of business acquired (VOBA) Definition:Contractual service margin (CSM) Definition:Risk adjustment (RA) Definition:Fulfilment cash flow Definition:Coverage unit Definition:Premium allocation approach (PAA) Definition:Building block approach (BBA) Definition:General measurement model (GMM) Definition:Variable fee approach (VFA) Definition:Liability for remaining coverage (LRC) Definition:Liability for incurred claims (LIC) Definition:Loss component Definition:Onerous contract Definition:Onerous contract loss Definition:Portfolio of insurance contracts Definition:Group of insurance contracts Definition:Insurance contract revenue Definition:Insurance service expense Definition:Insurance service result Definition:Insurance finance income or expense Definition:Other comprehensive income (OCI) Definition:Discount rate Definition:Locked-in discount rate Definition:Current discount rate Definition:Yield curve Definition:Risk-free rate Definition:Gross premium valuation (GPV) Definition:Net premium valuation (NPV) Definition:Statutory accounting Definition:Generally accepted accounting principles (GAAP) Definition:International Financial Reporting Standard (IFRS) Definition:IFRS 17 Definition:IFRS 9 Definition:Statutory surplus Definition:Admitted asset Definition:Non-admitted asset Definition:Salvage and subrogation Definition:Subrogation recoverable Definition:Salvage recoverable Definition:Loss adjustment expense (LAE) Definition:Allocated loss adjustment expense (ALAE) Definition:Unallocated loss adjustment expense (ULAE) Definition:Defence cost Definition:Claims handling expense Definition:Management expense ratio (MER) Definition:Total expense ratio (TER) Definition:Return on equity (ROE) Definition:Return on capital (ROC) Definition:Economic capital Definition:Capital adequacy Definition:Retrocession accounting Definition:Aggregate stop-loss Definition:Aggregate excess of loss Definition:Deposit accounting Definition:Finite reinsurance Definition:Risk transfer test Definition:Significant insurance risk Definition:Actuarial liability Definition:Actuarial reserve Definition:Net income Definition:Comprehensive income Definition:Retained earnings Definition:Shareholders' equity Definition:Book value Definition:Tangible book value Definition:Loss reserve to surplus ratio Definition:Premium to surplus ratio Definition:Net leverage ratio Definition:Investment leverage Definition:Float Definition:Insurance float Definition:Cash flow underwriting Definition:Profit and loss account (P&L) Definition:Balance sheet Definition:Statement of comprehensive income Definition:Statement of financial position Definition:Technical account Definition:Revenue account Definition:Syndicate annual account Definition:Funds at Lloyd's (FAL) Definition:Premium trust fund Definition:Insurance contract boundary Definition:Cohort Definition:Annual cohort Definition:Transition approach Definition:Full retrospective approach Definition:Modified retrospective approach Definition:Fair value approach Definition:Experience adjustment Definition:Confidence level Definition:Probability of sufficiency Definition:Chain-ladder method Definition:Bornhuetter-Ferguson method Definition:Expected loss ratio method Definition:Loss reserving Definition:Claim frequency Definition:Claim severity Definition:Average cost per claim Definition:Written to earned ratio Definition:Premium earning pattern Definition:Deferred reinsurance premium Definition:Prepaid reinsurance premium Definition:Accrued premium Definition:Return premium Definition:Portfolio transfer Definition:Loss portfolio transfer (LPT) Definition:Adverse development cover (ADC) Definition:Retrospective premium adjustment Definition:Audit premium Definition:Minimum and deposit premium Definition:Reinstatement premium Definition:Intercompany elimination Definition:Consolidated account Definition:Solo account Definition:Segmental reporting Definition:Line of business Definition:Class of business Definition:Functional currency Definition:Foreign exchange reserve Definition:Currency translation adjustment Definition:Hedging reserve Definition:Matching adjustment Definition:Volatility adjustment Definition:Surplus relief