The Institutes Glossary


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A reinsurance agreement under which the reinsurer begins to pay when all of the primary insurer's losses for some stated period of time exceed the retention stated in the treaty.
A type of excess of loss reinsurance that covers aggregated losses that exceed the attachment point, stated as a dollar amount of loss or as a loss ratio, and that occur over a specified period, usually one year.
The maximum amount an insurer will pay for all covered losses during the covered policy period.
Purchase of reinsurance by an insurer as protection against an existing portfolio of claim liabilities that is developing adversely beyond a specified level.
A provision in an excess of loss insurance or a reinsurance policy that provides coverage for aggregated retained losses, subject to a per-loss retained limit.
An excess liability policy that requires the insured to retain a specified amount of loss from the first dollar during a specified period of time, usually one year; the insurer then pays all loss for that period that exceeds the retention, up to the policy limit.
A business that offers similar products or services from several organizations on its customers’ comparison website and then collects a referral fee from those organizations when a customer uses the site tools or links.
A method of valuing property in which the insurer and the insured agree on the property's value at the time the policy is written and that states the amount in the policy declarations as the amount the insurer will pay in the event of a total loss to the property.
A method of valuing property in which the insurer and the insured agree, at the time the policy is written, on the maximum amount that will be paid in the event of a total loss.
Optional coverage that suspends the Coinsurance condition if the insured carries the amount of insurance agreed to by the insurer and insured.
One party’s offer and another party’s acceptance of that offer.
An endorsement for adding cargo liability coverage to the AIMU Protection and Indemnity Clauses.
A standard P&I form used in the American fixed-cost market.
An automatic fire sprinkler system that discharges foam and high-expansion foam; often used to protect aircraft hangars and petrochemical storage areas.
The coverage that can be added to an airport liability policy to insure the sponsor of an air meet against liability arising out of the hazardous loss exposures associated with such events.
Insurance that covers liability due to the insured’s ownership, maintenance, or use of aircraft; physical damage to aircraft owned or used by the insured; and other aircraft loss exposures.
Interpreted by the ISO homeowners policy as any contrivance used or designed for flight except model or hobby aircraft not used or designed to carry people.
A purpose-of-use category referring to the operation of international, national, and regional air carriers.
A non-profit organization that facilitates the sale of standard transportation documents and processing for records and funds.
A liability insurance policy that addresses the loss exposures unique to airport owners and operators, as well as fixed base operators.
An operational sequence used to solve mathematical problems and to create computer programs.
An assertion that the party in question was elsewhere at the time the crime occurred.
A citizen of another country who lawfully enters the U.S.
A corporation chartered in a country other than the country in which the corporation is doing business.
An insurer domiciled in a country other than the United States.
An insurer domiciled in a country other than the one in which it seeks to conduct, or is conducting, business.
Ensures that employees understand their tasks, how the tasks should be accomplished, and why the tasks are performed (what to do, how to do it, and why they are doing it).
Residual agency costs that remain because monitoring and bonding efforts do not fully control the principal-agent conflicts between managers and owners.
Perils similar to those specifically named in the Perils Clause of an ocean marine insurance policy.
A claim made in the complaint by the plaintiff, specifying what the plaintiff expects to prove to obtain a judgment against the defendant.
A condo association’s interest when it owns and is responsible for all interior and exterior items within the individual condo unit at the time of the original purchase by the unit owner.
A concept of condominium ownership that is similar to the single-entity concept except that the all-in concept includes improvements made by the unit owner, not just the original installations or replacements of like kind and quality.
All fees for captive fronting services, including pure front costs, claims handling, loss control, risk charges, taxes, and commissions.
The expense an insurer incurs to investigate, defend, and settle claims that are associated with a specific claim.
The amount of money paid (paid ALAE) or expected to be paid (outstanding ALAE) by the insurer for legal and other related costs associated with settling the specific claim under the coverage indicated by the statistical codes on the transaction record.
An insurance policy that covers any risk of physical loss unless the policy specifically excludes it.
Something done to a written instrument that changes its meaning or terms without the consent of all parties to the instrument.
The endorsement that extends workers compensation and employers liability coverage to an additional organization named in the endorsement.
Procedures to help settle disputes without litigation, including arbitration, mediation, and negotiation.
Distribution channels used by insurers that elect not to use an agency force to obtain and service customers; frequently the channels are technology driven (Internet, interactive voice response) and are combined with traditional distribution channels.
An expanded liability concept that shifts the burden of proof to each of several defendants in a tort case when there is uncertainty regarding which defendant’s action was the proximate cause of the harm.
The probability that any one of two or more events will occur within a given period.
Risk financing techniques that do not fall into the category of guaranteed-cost insurance and generally involve some retention of risk.
Those risk financing measures that do not fall into the category of guaranteed cost insurance.
Unselfish concern for the welfare of others or selflessness; in ethics, the principle that the general welfare of society should take precedence over one’s own interests.
Documents, prepared by centers providing outpatient surgical and diagnostic treatment, that include patient identification, history of illness or injury, physical findings, diagnostic and therapeutic orders, clinical observations, disposition of the patient, and follow-up care.
The endorsement that modifies the CGL coverage form so that subpart f. of the insured contract definition will not include bodily injury or property damage caused solely by an indemnitee of the named insured.
The endorsement that replaces the CGL coverage form’s Liquor Liability exclusion with a stricter exclusion of liquor liability resulting from the named insured’s manufacturing, selling, distribution, serving, or furnishing of alcoholic beverages.
Additional policy pages (also known as state exception pages) designed to alter the standard Personal Auto Policy’s wording to conform to each state’s requirements.
A professional organization of actuaries that performs certain educational, public relations, government relations, disciplinary, and other functions on behalf of various actuarial professional bodies.
An organization that administers the arbitration process.
A national insurance advisory organization that develops policy forms, manual rules, and rating information used by U.S. property-casualty insurers.
Policy that covers the same shipments as the assured's open cargo policy against loss resulting from war perils while the covered property is aboard an overseas vessel.
An insurance form used in the American market to insure vessels under construction; includes hull, collision liability, and P&I coverage.
A hull insurance form designed specifically for insuring lakers, the vessels used for transporting bulk cargoes on the Great Lakes.
A hull insurance form that is commonly used in the U.S.; covers particular average or total loss of the insured vessel, sue and labor expenses, general average and salvage, and the assured's liability for collision damage to other vessels and their cargoes.
An endorsement that modifies a hull insurance policy to cover loss caused by war, strike, riot, piracy, seizure, or related perils.
A form for supplementing an AIHC policy with additional amounts of coverage for actual or constructive total loss of the vessel, general average and salvage, sue and labor charges, and collision liability.
An endorsement designed to be attached to the AIHC when the insured vessel will be laid up and out of commission for the entire policy period or longer.
An insurance form for covering a ship repairer's liability for customers' vessels in the ship repairer's care, custody, or control; also provides limited coverage for damage to property of others resulting from operation of a vessel in the ship repairer's care, custody, or control.
An endorsement for insuring a vessel against many of the non-war perils (such as strikes, riots, and civil commotion) excluded by the AIHC.
Trading warranties that are commonly added to AIHC policies covering oceangoing vessels that have been classified for full ocean operation.
A hull insurance form designed for insuring tugboats and barges, which includes collision and tower's liability coverage.
A tax credit that reduces one's tax liability for money spent each year on qualified higher educational expenses and, being refundable, is even available to taxpayers who have no federal income tax liability and is paid to such taxpayers as a tax refund.
Prohibits discrimination against a qualified individual with a disability because of that disability.
An accounting recognition of the difference between a bond’s purchase price and face value from purchase date to maturity.
A loan that requires the borrower to make payments consisting of both principal and interest over the duration of the loan.
A value that reflects the payment of principal and interest over time.
The value received from the sale or exchange of a capital asset.
The total value exposed to loss at any one location from any one event.
Chest pain resulting from reduced blood flow to the heart.
Insurance that covers loss of valuable animals by (1) death resulting from accident, injury, sickness, or disease or (2) theft, subject to exclusions.
An examination to observe nerve function in response to an external stimulus. The examiner strikes the patient’s Achilles tendon with a rubber hammer to test reflexes related to the L4-L5 disks and the S1-S2 disks. A diminished ankle jerk reflex may indicate sciatic nerve entrapment.
The immobility of a joint.
The specific day and month that a policy initially became effective.
A provision in which the primary insurer retains its normal retention on each loss plus an aggregate amount of the total losses during the year, up to the aggregate deductible amount.
An exclusion that allows people to give ordinary, small gifts of present interest without incurring a gift tax.
A source of accounting information of a publicly held company that contains a description of the company’s background and growth and an analysis of the previous year’s operation; prepared by the management of the company.
A report to the state insurance department on the insurer's financial results, including premiums, losses, expenses, assets, and liabilities.
An organization’s financial report as of the end of the fiscal or tax year.
Policy that covers all shipments made or received by the insured throughout a one-year policy period.
The person insured under the annuity.
The period of time, sometimes referred to as the distribution period, during which a deferred annuity’s cash value is systematically liquidated through periodic payments.
A type of life insurance policy or contract that makes periodic payments to the recipient for a fixed period or for life in exchange for a specified premium.
A series of fixed payments made on specified dates over a set period.
A tax-deferred savings vehicle designed to accumulate a sum of money and then to liquidate it, usually as monthly income; often used for retirement.
A savings or investment product that will pay out its cash value at retirement or death of the owner.
A contract that makes periodic payments to the recipient for a fixed period or for life in exchange for a specified premium.
The specified sum that an individual pays an insurance company in exchange for the promise of guaranteed annuity payments.
A series of equal periodic payments made at the beginning of each period.
The type of annuity contract selected by the owner; may be single life annuity, qualified joint and survivor annuity (QJSA), other joint life and last survivor annuity forms, etc.
The person or entity who owns the rights under an annuity contract.
The risk of loss of capital that occurs when a retired employee or spouse who is the owner of the annuity dies.
The date in a deferred annuity contract when periodic payments, based on the annuity’s cash value, are scheduled to begin.
The current value of the retirement variable annuity investment fund, converted into units of retirement income; the annuitant receives an income of a certain number of calculated “annuity units” per month.
A document filed in court by a defendant responding to a plaintiff's complaint and explaining why the plaintiff should not win the case.
Two ligaments that crisscross inside the knee and prevent abnormal forward and backward movement of the knee.
A carrier's interest in freight for which there are no definite engagements but for which the carrier can reasonably expect to obtain engagements.
A party’s unequivocal indication before contract performance is due that he or she will not perform when performance is due.
State laws that prohibit depositing funds (premiums) due to insurers into agency operating or personal accounts, that is, commingling of funds.

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