Transcription of GLOSSARY OF REINSURANCE TERMINOLOGY
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GLOSSARY OF REINSURANCE TERMINOLOGY
Page 1 of 18 GLOSSARY OF REINSURANCE TERMINOLOGY Term Definition Accident Year Experience REINSURANCE experience calculated by matching the total value of all losses occurring during a 12-month period with premiums earned for the same period. Acquisition Costs All expenses directly related to acquiring insurance or REINSURANCE accounts; normally the commission paid to the REINSURANCE company as an offset against its agent s commission, premium taxes and other costs of doing business; includes REINSURANCE brokers commission where applicable. Admitted REINSURANCE (Authorized REINSURANCE ) REINSURANCE for which credit is given for the unearned premiums and unpaid claims in a ceding company s Annual Statement because the REINSURANCE is placed in an admitted REINSURANCE company and is licensed to transact business in the jurisdiction in question.
Arbitration Clause Language providing an alternative dispute resolution forum to resolve differences between the reinsurer and the ceding company without litigation. As If A term used to describe the recalculation of prior years of loss experience to demonstrate what …
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