Definition:Broken links

Definition:Underwriting Definition:Underwriting authority Definition:Underwriting guideline Definition:Underwriting capacity Definition:Underwriting cycle Definition:Underwriting profit Definition:Underwriting loss Definition:Underwriting result Definition:Underwriting year Definition:Underwriting risk Definition:Underwriting appetite Definition:Underwriting strategy Definition:Underwriting discipline Definition:Underwriting philosophy Definition:Underwriting manual Definition:Underwriting limit Definition:Underwriting submission Definition:Underwriting referral Definition:Underwriting review Definition:Underwriting audit Definition:Underwriting peer review Definition:Underwriting file Definition:Underwriting memorandum Definition:Underwriting agreement Definition:Underwriting expense Definition:Underwriting margin Definition:Underwriting income Definition:Underwriting leverage Definition:Underwriting portfolio Definition:Underwriting performance Definition:Underwriting criteria Definition:Underwriting information Definition:Underwriting decision Definition:Underwriting authority framework Definition:Underwriting control Definition:Underwriting governance Definition:Underwriting oversight Definition:Underwriting delegation Definition:Underwriting quality assurance Definition:Underwriting exception Definition:Underwriting deviation Definition:Underwriting benchmark Definition:Underwriting process Definition:Underwriting workflow Definition:Underwriting triage Definition:Underwriting clearance Definition:Underwriting sign-off Definition:Risk assessment Definition:Risk selection Definition:Risk classification Definition:Risk evaluation Definition:Risk appetite Definition:Risk appetite statement Definition:Risk tolerance Definition:Risk acceptance Definition:Risk declination Definition:Risk profile Definition:Risk scoring Definition:Risk grading Definition:Risk rating Definition:Risk segmentation Definition:Risk differentiation Definition:Risk factor Definition:Risk indicator Definition:Risk characteristic Definition:Risk survey Definition:Risk inspection Definition:Risk engineering Definition:Risk improvement Definition:Risk improvement recommendation Definition:Risk mitigation Definition:Risk transfer Definition:Risk retention Definition:Risk aggregation Definition:Risk accumulation Definition:Risk concentration Definition:Risk correlation Definition:Risk exposure Definition:Risk mapping Definition:Hazard identification Definition:Moral hazard Definition:Morale hazard Definition:Physical hazard Definition:Loss exposure Definition:Exposure analysis Definition:Exposure management Definition:Exposure monitoring Definition:Aggregate exposure Definition:Probable maximum loss (PML) Definition:Maximum possible loss (MPL) Definition:Estimated maximum loss (EML) Definition:Normal loss expectancy (NLE) Definition:Maximum foreseeable loss (MFL) Definition:Expected loss Definition:Loss expectancy Definition:Catastrophe exposure Definition:Natural catastrophe risk (nat cat) Definition:Man-made catastrophe risk Definition:Catastrophe modelling Definition:Catastrophe model Definition:Return period Definition:Probable maximum loss curve Definition:Exceedance probability curve Definition:Aggregate exceedance probability (AEP) Definition:Occurrence exceedance probability (OEP) Definition:Average annual loss (AAL) Definition:Tail value at risk (TVaR) Definition:Value at risk (VaR) Definition:Stochastic modelling Definition:Deterministic scenario Definition:Realistic disaster scenario (RDS) Definition:Stress test Definition:Scenario analysis Definition:Accumulation control Definition:Clash risk Definition:Premium Definition:Gross written premium (GWP) Definition:Net written premium (NWP) Definition:Gross earned premium (GEP) Definition:Net earned premium (NEP) Definition:Unearned premium Definition:Unearned premium reserve (UPR) Definition:Earned premium Definition:Written premium Definition:Premium income Definition:Premium volume Definition:Premium rate Definition:Premium rating Definition:Rate adequacy Definition:Rate level Definition:Rate change Definition:Rate increase Definition:Rate reduction Definition:Rate hardening Definition:Rate softening Definition:Rating factor Definition:Rating algorithm Definition:Rating model Definition:Rating table Definition:Rating basis Definition:Rating class Definition:Rating plan Definition:Base rate Definition:Base premium Definition:Technical rate Definition:Technical price Definition:Technical premium Definition:Manual rate Definition:Indicated rate Definition:Target rate Definition:Minimum premium Definition:Deposit premium Definition:Adjustable premium Definition:Provisional premium Definition:Flat premium Definition:Annual premium Definition:Additional premium Definition:Return premium Definition:Reinstatement premium Definition:Short-rate premium Definition:Pro rata premium Definition:Minimum and deposit premium (M&D) Definition:Burning cost Definition:Burning cost ratio Definition:Experience rating Definition:Exposure rating Definition:Schedule rating Definition:Judgement rating (also judgment rating) Definition:Community rating Definition:Merit rating Definition:Retrospective rating Definition:Prospective rating Definition:Composite rating Definition:Class rating Definition:Individual risk rating Definition:Loss rating Definition:Credibility weighting Definition:Credibility factor Definition:Actuarial pricing Definition:Actuarial analysis Definition:Loss cost Definition:Pure premium Definition:Risk premium Definition:Loaded premium Definition:Loading Definition:Expense loading Definition:Catastrophe loading Definition:Profit loading Definition:Contingency loading Definition:Loss ratio (L/R) Definition:Incurred loss ratio Definition:Ultimate loss ratio Definition:Attritional loss ratio Definition:Expected loss ratio (ELR) Definition:Expense ratio Definition:Combined ratio Definition:Combined operating ratio Definition:Operating ratio Definition:Commission ratio Definition:Acquisition cost ratio Definition:Net loss ratio Definition:Gross loss ratio Definition:Loss development Definition:Loss development factor (LDF) Definition:Loss triangle Definition:Incurred but not reported reserve (IBNR) Definition:Large loss Definition:Attritional loss Definition:Frequency Definition:Severity Definition:Loss frequency Definition:Loss severity Definition:Loss trend Definition:Loss volatility Definition:Loss history Definition:Loss experience Definition:Claims experience Definition:Loss record Definition:Bordereau Definition:Premium bordereau Definition:Claims bordereau Definition:Policy Definition:Insurance policy Definition:Policy form Definition:Policy wording Definition:Policy condition Definition:Policy term Definition:Policy period Definition:Policy inception Definition:Policy expiry Definition:Policy limit Definition:Limit of liability Definition:Limit of indemnity Definition:Aggregate limit Definition:Per occurrence limit Definition:Per claim limit Definition:Annual aggregate limit Definition:Sublimit Definition:Inner limit Definition:Combined single limit (CSL) Definition:Split limit Definition:Blanket limit Definition:Shared limit Definition:Excess of loss Definition:Excess point Definition:Attachment point Definition:Self-insured retention (SIR) Definition:Deductible Definition:Aggregate deductible Definition:Per occurrence deductible Definition:Franchise deductible Definition:Waiting period (also elimination period) Definition:Retention Definition:Net retention Definition:Co-insurance Definition:Co-insurance clause Definition:Average clause Definition:Condition of average Definition:Indemnity Definition:Principle of indemnity Definition:Sum insured Definition:Insurable value Definition:Agreed value Definition:Replacement value Definition:Actual cash value Definition:Market value Definition:First loss Definition:Total loss Definition:Partial loss Definition:Constructive total loss Definition:Under-insurance Definition:Over-insurance Definition:Insurable interest Definition:Utmost good faith (uberrima fides) Definition:Duty of disclosure Definition:Material fact Definition:Material misrepresentation Definition:Non-disclosure Definition:Warranty Definition:Condition precedent Definition:Subrogation Definition:Contribution Definition:Proximate cause Definition:Fortuitous event Definition:Peril Definition:Named peril Definition:All-risk coverage (also all-risks) Definition:Exclusion Definition:Exclusion clause Definition:General exclusion Definition:Specific exclusion Definition:Absolute exclusion Definition:Standard exclusion Definition:War exclusion Definition:Terrorism exclusion Definition:Nuclear exclusion Definition:Cyber exclusion Definition:Pollution exclusion Definition:Communicable disease exclusion Definition:Pandemic exclusion Definition:Sanction exclusion Definition:Sanction limitation and exclusion clause (SLEC) Definition:Asbestos exclusion Definition:Wear and tear exclusion Definition:Gradual deterioration exclusion Definition:Endorsement (also rider) Definition:Policy endorsement Definition:Extension Definition:Extension of coverage Definition:Coverage extension Definition:Broadening endorsement Definition:Restrictive endorsement Definition:Manuscript endorsement Definition:Standard endorsement Definition:Coverage Definition:Scope of coverage Definition:Coverage grant Definition:Coverage trigger Definition:Coverage part Definition:Coverage territory Definition:Territorial scope Definition:Worldwide coverage Definition:Jurisdiction clause Definition:Choice of law clause Definition:Arbitration clause Definition:Service of suit clause Definition:Claims-made coverage Definition:Claims-made and reported Definition:Occurrence-based coverage Definition:Discovery period Definition:Extended reporting period (ERP) Definition:Retroactive date Definition:Prior acts coverage Definition:Sunset clause Definition:Losses occurring basis Definition:Risks attaching basis Definition:Claims-made basis Definition:Inception date Definition:Expiration date Definition:Continuous coverage Definition:Renewal Definition:Policy renewal Definition:Renewal terms Definition:Renewal retention Definition:Non-renewal Definition:Cancellation Definition:Mid-term cancellation Definition:Flat cancellation Definition:Short-rate cancellation Definition:Pro rata cancellation Definition:Notice of cancellation Definition:Reinstatement Definition:New business Definition:New business submission Definition:Renewal business Definition:Quote Definition:Quotation Definition:Indication Definition:Firm order Definition:Binder Definition:Cover note Definition:Certificate of insurance Definition:Declaration page Definition:Schedule (policy schedule) Definition:Proposal form Definition:Application Definition:Statement of fact Definition:Warranty statement Definition:Representation Definition:Slip Definition:Market reform contract (MRC) Definition:Placing slip Definition:Signing Definition:Closing Definition:Line Definition:Signed line Definition:Written line Definition:Lead line Definition:Lead underwriter Definition:Following underwriter Definition:Following market Definition:Subscription market Definition:Co-lead Definition:Stamp Definition:Scratch Definition:Firm order terms (FOT) Definition:Gross line Definition:Net line Definition:Vertical placement Definition:Horizontal placement Definition:Market placement Definition:Oversubscription Definition:Signing down Definition:Bureau signing Definition:Premium payment warranty clause Definition:Premium payment condition Definition:Broker Definition:Insurance broker Definition:Reinsurance broker Definition:Placing broker Definition:Producing broker Definition:Wholesale broker Definition:Lloyd's broker Definition:Managing general agent (MGA) Definition:Managing general underwriter (MGU) Definition:Delegated underwriting authority (DUA) Definition:Binding authority Definition:Binding authority agreement (also binder agreement) Definition:Coverholder Definition:Third-party administrator (TPA) Definition:Delegated authority Definition:Delegated claims authority Definition:Letter of authority (LOA) Definition:Lineslip Definition:Consortium Definition:Facility Definition:Programme (also program) Definition:Treaty Definition:Obligatory treaty Definition:Facultative placement Definition:Facultative obligatory treaty (fac-ob) Definition:Proportional treaty Definition:Non-proportional treaty Definition:Quota share treaty Definition:Surplus treaty Definition:Excess of loss treaty (XoL) Definition:Stop loss treaty (also aggregate stop loss) Definition:Catastrophe excess of loss (cat XoL) Definition:Per risk excess of loss Definition:Per occurrence excess of loss Definition:Reinsurance Definition:Ceded reinsurance Definition:Assumed reinsurance Definition:Retrocession Definition:Retrocessionaire Definition:Cession Definition:Ceding commission Definition:Profit commission Definition:Sliding scale commission Definition:Override commission Definition:Brokerage Definition:Acquisition cost Definition:Net cost Definition:Reinsurance premium Definition:Reinsurance rate Definition:Reinsurance recovery Definition:Reinsurance recoverables Definition:Reinsurance security Definition:Reinsurer credit risk Definition:Reinsurance panel Definition:Reinsurance programme Definition:Layer Definition:Layered programme Definition:Primary layer Definition:Working layer Definition:Excess layer Definition:Buffer layer Definition:Catastrophe layer Definition:Top and drop Definition:Swing-rated cover Definition:Loss corridor Definition:Loss participation Definition:Annual aggregate deductible (AAD) Definition:Annual aggregate limit (AAL) Definition:Reinstatement (reinsurance) Definition:Reinstatement provision Definition:Free reinstatement Definition:Paid reinstatement Definition:Hours clause Definition:Occurrence definition Definition:Event definition Definition:Event limit Definition:Indexation clause Definition:Stability clause Definition:Sunset clause (reinsurance) Definition:Cut-through clause Definition:Insolvency clause Definition:Errors and omissions clause Definition:Follow the fortunes Definition:Follow the settlements Definition:Losses occurring during Definition:Risks attaching during Definition:Class of business Definition:Line of business (LoB) Definition:Book of business Definition:Portfolio Definition:Portfolio transfer Definition:Loss portfolio transfer (LPT) Definition:Adverse development cover (ADC) Definition:Run-off Definition:Run-off portfolio Definition:Novation Definition:Commutation Definition:Property insurance Definition:Casualty insurance (also liability insurance) Definition:General liability insurance Definition:Professional liability insurance (also professional indemnity) Definition:Directors and officers liability insurance (D&O) Definition:Errors and omissions insurance (E&O) Definition:Employers' liability insurance Definition:Workers' compensation insurance Definition:Product liability insurance Definition:Public liability insurance Definition:Commercial general liability (CGL) Definition:Excess liability insurance Definition:Umbrella liability insurance Definition:Cyber liability insurance Definition:Environmental liability insurance Definition:Marine insurance Definition:Hull insurance Definition:Cargo insurance Definition:Protection and indemnity insurance (P&I) Definition:Aviation insurance Definition:Energy insurance Definition:Construction insurance Definition:Engineering insurance Definition:Contractor's all risks insurance (CAR) Definition:Erection all risks insurance (EAR) Definition:Delay in start-up insurance (DSU) Definition:Advance loss of profits insurance (ALOP) Definition:Business interruption insurance (BI) Definition:Contingent business interruption insurance Definition:Loss of profits insurance Definition:Credit insurance Definition:Surety bond Definition:Trade credit insurance Definition:Political risk insurance Definition:Kidnap and ransom insurance (K&R) Definition:Terrorism insurance Definition:Motor insurance Definition:Fleet insurance Definition:Personal lines Definition:Commercial lines Definition:Specialty lines Definition:Financial lines Definition:Accident and health insurance (A&H) Definition:Life insurance Definition:Group insurance Definition:Parametric insurance Definition:Index-based insurance Definition:Captive insurance Definition:Captive insurer Definition:Fronting Definition:Fronting insurer Definition:Fronting arrangement Definition:Risk-bearing entity Definition:Insured Definition:Named insured Definition:Additional insured Definition:Policyholder Definition:First named insured Definition:Certificate holder Definition:Loss payee Definition:Beneficiary Definition:Claimant Definition:Third party Definition:Insurer Definition:Carrier Definition:Underwriter Definition:Primary insurer Definition:Excess insurer Definition:Surplus lines insurer (also non-admitted insurer) Definition:Admitted insurer Definition:Lloyd's of London Definition:Lloyd's syndicate Definition:Lloyd's managing agent Definition:Syndicate Definition:Insurance pool Definition:Mutual insurer Definition:Reciprocal exchange Definition:Insurance company rating Definition:Financial strength rating (FSR) Definition:Credit rating (insurer) Definition:Security rating Definition:A.M. Best rating Definition:Solvency Definition:Solvency margin Definition:Solvency capital requirement (SCR) Definition:Minimum capital requirement (MCR) Definition:Risk-based capital (RBC) Definition:Own risk and solvency assessment (ORSA) Definition:Capital adequacy Definition:Regulatory capital Definition:Economic capital Definition:Technical provision Definition:Reserve Definition:Loss reserve Definition:Premium reserve Definition:Claims reserve Definition:Catastrophe reserve Definition:Equalisation reserve Definition:Reserve adequacy Definition:Reserve strengthening Definition:Reserve release Definition:Prior year reserve development Definition:Adverse reserve development Definition:Favourable reserve development Definition:Reserving Definition:Chain ladder method Definition:Bornhuetter-Ferguson method Definition:Cape Cod method Definition:Frequency-severity method Definition:Benchmark method Definition:Tail factor Definition:Development pattern Definition:Ultimate loss Definition:Loss pick Definition:Initial expected loss ratio (IELR) Definition:A priori loss ratio Definition:Booked loss ratio Definition:Paid loss Definition:Incurred loss Definition:Case reserve Definition:Bulk reserve Definition:Actuarial reserve Definition:Underwriting reserve Definition:Catastrophe bond (cat bond) Definition:Insurance-linked security (ILS) Definition:Industry loss warranty (ILW) Definition:Sidecar Definition:Special purpose vehicle (SPV) Definition:Alternative risk transfer (ART) Definition:Risk financing Definition:Structured reinsurance Definition:Finite reinsurance Definition:Loss sensitive programme Definition:Large deductible programme Definition:Self-insurance Definition:Self-insured retention Definition:Risk pooling Definition:Adverse selection Definition:Anti-selection Definition:Positive selection Definition:Risk-based pricing Definition:Actuarial fairness Definition:Cross-subsidisation Definition:Rate filing Definition:Rate regulation Definition:Tariff rate Definition:Freedom of rate Definition:De-tariffication Definition:Market conduct Definition:Treating customers fairly (TCF) Definition:Fair value Definition:Pricing model Definition:Generalised linear model (GLM) Definition:Predictive model Definition:Predictive analytics Definition:Machine learning model (underwriting) Definition:Algorithmic underwriting Definition:Automated underwriting Definition:Straight-through processing (STP) Definition:Automated decision Definition:Referral rule Definition:Underwriting rule engine Definition:Data enrichment Definition:Third-party data Definition:Telematics Definition:Internet of things (IoT) data Definition:Pre-bind risk assessment Definition:Post-bind review Definition:Mid-term adjustment (MTA) Definition:Policy amendment Definition:Premium adjustment Definition:Premium audit Definition:Declared value Definition:Adjustable policy Definition:Reporting form policy Definition:Manuscript policy Definition:Standard form policy Definition:Package policy Definition:Monoline policy Definition:Multiline policy Definition:Wrap-up policy Definition:Master policy Definition:Difference in conditions (DIC) Definition:Difference in limits (DIL) Definition:Follow form Definition:Non-admitted coverage Definition:Admitted coverage Definition:Surplus lines Definition:Freedom of services Definition:Passporting Definition:Licensed insurer Definition:Authorised insurer Definition:Regulation Definition:Insurance regulation Definition:Prudential regulation Definition:Conduct regulation Definition:Insurance supervisory authority Definition:Solvency II Definition:International financial reporting standard 17 (IFRS 17) Definition:International Association of Insurance Supervisors (IAIS) Definition:Insurance core principle (ICP) Definition:Hard market Definition:Soft market Definition:Market cycle Definition:Capacity Definition:Market capacity Definition:Capacity constraint Definition:Capacity deployment Definition:Risk-adjusted return on capital (RAROC) Definition:Return on equity (ROE) Definition:Return on capital Definition:Cost of capital Definition:Capital allocation Definition:Portfolio optimisation Definition:Portfolio management Definition:Portfolio mix Definition:Portfolio steering Definition:Growth strategy Definition:Remediation Definition:Book remediation Definition:Rate monitoring Definition:Rate index Definition:Benchmarking Definition:Peer analysis Definition:Market share Definition:Competitive intelligence Definition:Terms and conditions Definition:Coverage terms Definition:Policy terms Definition:Broad form Definition:Narrow form Definition:Restrictive terms Definition:Tightening of terms Definition:Liberalisation of terms Definition:Warranty (policy warranty) Definition:Condition (policy condition) Definition:Obligation Definition:Duty of care Definition:Duty to defend Definition:Duty to indemnify Definition:Notification requirement Definition:Claims notification clause Definition:Claims cooperation clause Definition:Subrogation clause Definition:Other insurance clause Definition:Non-vitiation clause Definition:Severability clause Definition:Cross-liability clause Definition:Joint insured clause Definition:Waiver of subrogation Definition:Hold harmless clause Definition:Contractual liability Definition:Assumed liability Definition:Additional insured endorsement Definition:Primary and non-contributory endorsement Definition:Loss payee clause Definition:Broker of record Definition:Broker of record letter Definition:Policyholder duty Definition:Good faith Definition:Misrepresentation Definition:Fraud Definition:Insurance fraud Definition:Material change in risk Definition:Change of circumstance Definition:Notification of change Definition:Risk survey report Definition:Engineering survey Definition:Loss control survey Definition:Loss prevention Definition:Loss control Definition:Loss mitigation Definition:Risk management Definition:Enterprise risk management (ERM) Definition:Risk register Definition:Risk matrix Definition:Risk heat map Definition:Key risk indicator (KRI) Definition:Risk-adjusted pricing Definition:Occupancy class Definition:Construction class Definition:Protection class Definition:Hazard grade Definition:Industry classification Definition:Standard Industrial Classification (SIC) Definition:North American Industry Classification System (NAICS) Definition:Statistical code Definition:Class code Definition:Peril code Definition:Cause of loss code Definition:Geocoding Definition:Geospatial risk assessment Definition:Flood zone Definition:Windstorm zone Definition:Earthquake zone Definition:Natural hazard zone Definition:Exposure database Definition:Schedule of values (SOV) Definition:Total insured value (TIV) Definition:Declared values Definition:Statement of values Definition:Business description Definition:Risk narrative Definition:Risk summary Definition:Underwriting information sheet Definition:Loss run Definition:Loss history report Definition:Claims history Definition:Prior insurance Definition:No claims bonus (NCB) Definition:No claims discount (NCD) Definition:Claims-free discount Definition:Experience modification Definition:Experience modifier Definition:Merit rating plan Definition:Bonus-malus system Definition:Deductible buy-back Definition:Deductible erosion Definition:Aggregate stop loss Definition:Basket retention Definition:Combined deductible Definition:Net retention analysis Definition:Ceded premium Definition:Assumed premium Definition:Retroceded premium Definition:Gross premium Definition:Net premium Definition:Premium allocation Definition:Premium split Definition:Premium allocation approach Definition:Risk premium method Definition:Expected premium Definition:Subject premium Definition:Subject premium income (SPI) Definition:Estimated premium income (EPI) Definition:Gross net premium income (GNPI) Definition:Rate on line (ROL) Definition:Payback period Definition:Multiple of rate on line Definition:Insurance-to-value (ITV) Definition:Coinsurance penalty Definition:Margin clause Definition:Inflationary guard Definition:Escalation clause Definition:Indexation Definition:Policy count Definition:Risk count Definition:Unit count Definition:Exposure unit Definition:Exposure base Definition:Premium per unit of exposure Definition:Loss cost per unit of exposure Definition:Man-year Definition:Vehicle-year Definition:Payroll exposure Definition:Revenue exposure Definition:Turnover exposure Definition:Asset exposure Definition:Square footage exposure Definition:Headcount exposure