什么是再保险Word格式.docx

什么是再保险Word格式.docx

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AdjustableRate

Apercentagerateappliedtoacedent’ssumsinsuredorpremiumincomewhichisusedtodeterminethefinalpremiumpayable.

AggregateDeductible

Alosslimitwhichisretainedbythecedentandisgraduallyerodedbyfrequencyoflossactivity.

AggregateLimit

Themaximumsumofrecoveriespayableunderareinsuranceagreement.

AlternativeRiskTransfer（ART）

Non-traditionalmethodsofinsuranceorreinsurance,forexample,securitization.

Assume

Thetermusedforacceptingarisk;

theoppositeofcede.

AttachmentBasis

Aprovisionthatdetermineswhether,andinwhatmanner,areinsuranceagreementcoversaspecificloss.

AttachmentPoint

Inexcessoflossreinsurance,thelosslevelatwhichreinsurersbegintopay.

Balance

Areferencepointusedtomeasurepremiumvolumeagainstthemaximumexposureforareinsuranceagreement.

Bank

Thesumofthetotalpremiumspaidtoreinsurersoveramulti-yearperiod,lessanylossespaidbyreinsurersonalayer.Forexample,paymentsof$10,000premiumsoverfiveloss-freeyearswouldbecalleda$50,000bank.

BrokerMarket

Whenbusinessiswrittenthroughreinsuranceintermediaries（brokers）,itisreferredtoasbusinessobtainedintheBrokerMarket.

BrokerofRecord

Theappointedbrokerforacontractualreinsuranceagreement.

BurningCostRatio

Atoolusedindeterminingratesforexcessoflossreinsurance.Alsocalledthe‘purelosscost’,itistheratioofhistoricalincurredlosses（usuallyexcludingIBNRandindexedtoportfoliogrowth）ofareinsuranceagreementtothesubjectpremium.

Capacity

Themaximumdollaramountofexposurethataninsurerorreinsurercanunderwrite.Capacitymaybeusedwhenreferringtoasinglerisk,aprogram,alineofbusinessoranentirebookofbusiness.

Captive

Aninsuranceorreinsurancecompany,formedbyalarge,oftenmulti-nationalcorporation,whichinsuresorreinsurestherisksofitsparentcorporation.Mostcaptivesarelocatedintax-advantagedlocations.

BermudaistheleadingdomicileforcaptivesfollowedbyCayman,VermontandGuernsey.

CasualtyReinsurance

Liabilityorthirdpartybusiness.

Catastrophe

Highseverityeventssuchashurricanes,earthquakesandotherdisasters,involvingmultipleinsuredsand/orlocations.Catastrophereinsuranceindemnifiestheinsurerforportionsofsuchlosses.

Cedent

Aninsurancecompanywhichcontractuallytransfers（cedes）aportionofrisktoareinsurer.Thetermcanalsorefertoareinsurerwhichtransfers（cedes）aportionofitsportfoliotoaretrocessionnaire.

CedingCommission

Thecostsincurredbythecedentinnegotiatingareinsurancecontractincludingoverheadexpenses,taxes,licensesandfees,plusafeerepresentingashareofexpectedprofits,sometimesexpressedasapercentageofthegrossreinsurancepremium.

ClashCover

Aformofreinsuranceprotectingacedent’sexposuretomultipleretentionsandalargersinglelossthanintendedduetolossesincurredbytwoormoreinsuredsforthesameevent,orclash.

Coinsurance

Thepartofthereinsurancecoverthattheinsurancecompanyretainsanddoesnotreinsure.

CombinedRatio

Thesumofthelossratioandtheexpenseratio.Thecombinedratioisusedinbothreinsuranceandinsurancetoindicatewhetherthecompanyismakingaprofitonitsunderwritingoperations.Acombinedratiobelow100%isrepresentativeofaprofitableunderwritingportfolio.

Commutation

Theconclusionofallobligationsbetweenthepartiestoareinsuranceagreement,oftencompletedwith

alumpsumcashsettlement.

CoverNote

Thedocumentorreceiptissuedbytheintermediarytothecedentconfirmingtermsandconditionsandthepercentageshareplacedwitheachreinsurer.

DirectMarket

Whenreinsurancebusinessiswrittendirectlybyareinsurer,ratherthanthroughathirdpartyorbroker,itisreferredtoasbusinessobtainedintheDirectMarket.

DirectWrittenPremium

Aninsurer’spremiumincomebeforetakingoutwardreinsuranceintoaccount.

EarnedPremium

Theportionofareinsurer’spremiumincomewhichhasbeenallocatedtothecurrentaccountingperiod.

EstimatedMaximumLoss（EML）

Anunderwriter’sorinsurer’sassessmentoftheworstpossiblelossscenariothatmightbeexpe