There are five main classes of insurance and reinsurance business: marine, non-marine, motor, aviation and term life insurance. The market rules that previously prevented marine underwriters writing more than one class of business have been abolished. However, the premiums and claims relating to term life insurance must be kept separate from those relating to other classes of business and the rules of the Financial Services Authority (FSA) prohibit a syndicate writing both general insurance and long term insurance as defined by the FSA. Term life may constitute long term insurance.
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Claims notification clause : Insurance Glossary
A clause in an insurance or reinsurance contract which sets out the procedure that the insured or reassured must follow in order to make a claim under the contract. Such clauses frequently provide for prompt notification of claims and events which may gives to claims in the future.
Claims made policy : Insurance Glossary
A policy which only pays claims that are notified to the insurer during a specified period.
Claimant : Insurance Glossary
The person making a claim.
Claim : Insurance Glossary
Depending on the context this term may refer to:
(a) a demand made by a policyholder on his insurer(s) for payment or some other contractual benefit under an insurance policy;
(b) a demand made by an insurer on its reinsurer(s) to be paid under a reinsurance contract; or
(c) a demand made by a third party on a policyholder to be compensated for some injury, damage or loss for which the third party blames the policyholder.
A claim is payable under an insurance or reinsurance contract if it is caused by an insured peril and it is not excluded under the terms of that contract.
Cession : Insurance Glossary
A particular risk exposure that is transferred under a reinsurance treaty.
Central accounting : Insurance Glossary
A facility is that is operated by a Corporation whereby sums due to and from individual brokers and syndicates are processed centrally and their accounts debited and credited on a net basis regularly. Urgent one off payments may be made more quickly.
Certificate of insurance : Insurance Glossary
Depending on the context this term may refer to:
(a) A document which evidences the existence of insurance cover but which does not detail all its terms which are contained in a separate policy of insurance. Certain certificates are required as a matter of law in the United Kingdom, for example for motor insurance.
(b) A document that is issued by a coverholder which evidences the existence of insurance cover and details the terms of such cover. No policy of insurance is issued where such a certificate is issued.
CentreWrite Limited : Insurance Glossary
A subsidiary of the Society that is permitted to underwrite run-off reinsurance contracts for syndicates in run-off and estate protection reinsurance for Names.
Central Fund – New Central Fund : Insurance Glossary
The fund held, managed and applied by the Society pursuant to the New Central Fund Byelaw (No. 23 of 1996).
Cede : Insurance Glossary
To transfer a risk exposure under a reinsurance contract.
Cedant’s line : Insurance Glossary
The retention under a surplus lines treaty.
Cedant : Insurance Glossary
A syndicate or company that transfers a risk exposure under a reinsurance contract.
Casualty business : Insurance Glossary
Another term for liability insurance.
Casualty book : Insurance Glossary
A book which stands in the centre of the underwriting room and which records details of vessels which are or are likely to become total losses. The entries are made a by a waiter using a quill pen.
Casualty : Insurance Glossary
Refers to a loss, particularly the loss of a ship.
Cash call : Insurance Glossary
A request for funds made by a managing agent to members of a syndicate.
Carrier (of risk) : Insurance Glossary
An insurer or reinsurer.
Capital provider : Insurance Glossary
As regards a company, its shareholders.
As regards a Lloyd’s syndicate, its member(s). As regards a company, its shareholders.
Capacity auction : Insurance Glossary
A procedure which allows a member to sell his participation rights in one or more syndicates for the following year of account to one or more other members, a managing agent or a members’ agent operating a MAPA by means of electronic bidding at specific times. Individual members and some corporate members buy and sell capacity through their members’ agents.
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