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Glossary
RDR : insurance glossary
The Retail Distribution Review or RDR is a process set up by the Financial Services Authority or FSA to regulate how recommendations are made...
PwC survey : Insurers face tough and expensive push for Solvency II deadline
- More than 40% of insurers are still only in the preparatory stages or have yet to ...
Supercat event : insurance glossary
A Supercat event is defined as generating an insured market loss of at least USD10 billion.
Insurers are warned about an eventual 'supercat' event in...
Solvency II : insurance glossary (short)
Solvency II is the updated set of regulatory requirements for insurance, reinsurance firms that operate in the European Union. It is scheduled...
European Systemic Risk Board : Insurance Glossary
The ESRB will be responsible for macro-prudential oversight of the EU's financial system to prevent or lessen systemic risks, avoid situations of widespread financial...
Solvency II : Insurance Glossary
Solvency II is a significant area of European regulatory reform with implications for insurers (both life and non-life).
The proposed Solvency 2 regime represents the...
Loss event : Insurance Glossary
The event which causes a loss, for example a fire or hurricane.
Loss adjuster : Insurance Glossary
A person who is appointed to investigate the circumstances of a claim under an insurance policy and to advise on the amount that is...
Loss : Insurance Glossary
This term generally refers to some injury, harm, damage or financial deteriment that a person sustains. Losses may be insured or uninsured. Whether a...
Long tail (risk) : Insurance glossary
This refers to a type of insurance where claims may be made many years after the period of the insurance has expired. Liability insurance...
Limit of indemnity : Insurance Glossary
Another term for policy limit. It refers to the maximum amount payable under a policy of insurance or reinsurance, either overall or with reference...
Life insurance : Insurance Glossary
A policy that pays a specified sum to beneficiaries upon the death of the life assured, or upon the assured surviving a given number...
Life assurance : Insurance Glossary
Another term for life insurance
Liability insurance : Insurance Glossary
An insurance which covers the insured against third party claims or, in the case of employer’s liability insurance, claims by employees, subject to specified...
Leading underwriter’s agreement : Insurance Glossary
An agreement that allows for certain changes to the terms of an insurance or reinsurance contract to be agreed by the leading underwriter(s) without...
Leading underwriter : Insurance Glossary
The underwriter of a syndicate or insurance company who is responsible for setting the terms of an insurance or reinsurance contract that is subscribed...
Large Risks : Insurance Glossary
An official term used in EEA insurance regulation. The formal definition of “Large Risks” is found in the EU’s 2nd Non-Life Insurance Directive (88/357)....
Lloyd’s – Insurance Glossary
Depending on the context this term may refer to -
(a) the society of individual and corporate underwriting members that insure and reinsure risks as...
Line : Insurance Glossary
The proportion of an insurance or reinsurance risk that is accepted by an underwriter or which an underwriter is willing to accept. When it...
Limit of indemnity : Insurance Glossary
Another term for policy limit. It refers to the maximum amount payable under a policy of insurance or reinsurance, either overall or with reference...
