Direct or primary insurer that contracts with a re-insurer to share all or a certain portion of the losses it has assumed under insurance contracts

In statistics, the theorem states that with an appropriately large sample, commonly values >30, that sample’s average can be treated as if it were drawn

A document that contains contract provisions of the policy.

Transaction that transfers liability from the ceding company to the re-insurer.

Protects the interests of individuals.

A demand or obligation for payment as a result of a loss.

Estimation of the liability for unpaid claims that have occurred as of a given date, including the IBNR claims, claims due but not yet paid,

Prompt resolution of an organization’s losses subject to insurance or an active retention program including claims by other entities to whom it may be legally

Listing of reported claims providing such information as the date of occurrence, type of claim, amount paid and amount reserved for each as of the

The most restrictive HMO structure requiring insureds to receive benefits exclusively from contracted providers and facilities.

In statistics, the coefficient of determination, or r2, ranges between 0 and 1, and describes the strength of the regression relationship, or how well the

A form of cost sharing between the insured and the insurer. The insured is responsible for a stated percentage amount of eligible expenses, after satisfying

A rating and underwriting concept that is designed to encourage an insured to purchase an amount of insurance nearly equal or equal to the full

The caving in or giving way of a building or structure.

Property, usually in the form of funds or personal property, pledged to secure a debt or a loan; risk management definition of collateral – property,

Each unit is assigned costs in a layered allocation model or a blended model that balances a mix of exposure-based and experience-based allocations based on

Sum of total loss ratio and expense ratio.

Body of law consisting of prior precedents or rulings by judges and juries as to the facts of a case. These rulings form codes of