Home Glossary
Glossary
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...
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...
Capacity : Insurance Glossary
This term may refer to:
(a) a member’s allocated capacity
(b) syndicate allocated capacity
(c) the total underwriting capacity of all syndicates combined; or
(d) the underwriting capacity of an insurance...
Cancellation clause : Insurance Glossary
A clause in an insurance contract which permits an insurer and/or an insured to cancel the contract before it is due to expire. The...
Beyond economic repair : Insurance Glossary
Where the cost of repairing the insured property, eg a car, exceeds the market value of that property. In such circumstances the insurer will...
Basis (of insurance) clause : Insurance Glossary
A clause that makes the declarations contained in an insurance proposal form the “basis” of any contract of insurance that is made in consequence...
Bailee : Insurance Glossary
A person who holds the property of another person (the bailor) under a contract or agreement according to which the property held is to...
Back years : Insurance Glossary
Earlier years. This term usually refers to earlier years of account which have been closed into another year of account by reinsurance to close.
Byelaws : Insurance Glossary
Rules and practices that govern insurance business.
Buy Back : Insurance Glossary
In the context of general insurance this refers to the purchase of cover in respect of an otherwise excluded peril by means of the...
Business process reform : Insurance Glossary
An initiative to increase the speed and efficiency with which business is transacted and also to reduce of the cost of doing business. It...
Brokerage : Glossary : Insurance Glossary
The commission that is payable to a broker for placing an insurance or reinsurance contract with an insurer or a reinsurer. Compare fee for...
Broker : Insurance Glossary
There are two types of broker involved in arranging insurance and reinsuranc: insurance brokers and reinsurance brokers. Some brokers act both as insurance brokers...
Box : Insurance Glossary
Each syndicate has a box in the underwriting room at Lloyd’s from which business may be transacted with Lloyd’s brokers. Each box comprises a...
Prev
