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The oldest and continuously active insurance and reinsurance market is called?
Wiki User
∙ 16y ago
(LIRMA) London Insurance & Reinsurance Market Association
Wiki User
∙ 16y ago
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What is called reinsurance?
When we go for insurance , the insurance have a time period for which it will be valid. When we want to extend the time period of the insurance,we have to do reinsurance.
Who sells reinsurance?
Majority of reinsurance is sold by Reinsurance companies. The biggest of these are Munich Re, Swiss Re, Gen Re, Hannover Re and so called London Market - however it cannot be considered as classic reinsurance company. In some cases insurers reinsure other insurance companies.
What is reinsurance?
Reinsuring is the act of purchasing a reinsurance agreement. Reinsurance is purchased by an insurance company who wishes to transfer part of the risk of loss from an issued policy or group of policies to another insurance carrier. This is done when the limit of insurance for a particular policy would exceed the capacity of an insurance carrier or a carrier needs reinsurance to increase the policy holder surplus required to maintain a sound financial position. Their are two types of reinsurance, treaty reinsurance and facultative reinsurance. Treaty reinsurance is arranged usually in advance, for a group of policies meeting certain criteria. For example, a treaty reinsurance policy may cover $250,000 of property losses excess of $250,000 for all commercial building properties in a given state. This is called excess of loss treaty reinsurance. This would be used to address capacity issues that occur frequently. Another type of treaty reinsurance is pro-rata reinsurance or share reinsurance. In pro-rata reinsurance, the reinsurer agrees to pay a percentage of all losses on the agreed upon policies. For example, a pro-rata treaty reinsurance policy may pay 50% of all losses of a group of policies. The premium for this type of reinsurance would be 50% of the earned premium for each of the policies covered minus a deduction for policy expense (underwriting and compensation to the agent). This type of treaty reinsurance is used to address a policyholder surplus need of the ceding insurer. Facultative reinsurance is issued for one policy, not a group of policies, and is usually used to address large line capacity, especially in property coverage. Facultative is usually written on an excess of loss basis. For example, an insurance company may have secured treaty reinsurance to write properties of a certain type up to $150 million loss limit, but the insured is requesting $250 million. To write the insurance policy, the insurance company must secure facultative reinsurance in the amount of $100 million excess $150 million. This may be abrivated $100 million xs $150 million. Mark Walters, ARM AAI West Insurance Group mwalters@westagy.com
Difference between risk sharing and risk transfer in insurance in insurance?
Risk Sharing is used in coinsurance specifically where the risk is to be shared and not transferred among several insurance companies each one them having a direct contractual relationship with the insured for the portion of the risk accepted by that company.and transferring the risk is used in reinsurance , and reinsurance always involves legal entities and not individualsin reinsurance the contractual relationship is between the cedant and the reinsurer , only in special situations does the reinsurance treaty have a provision called the cut through clause that allows the insured to have a direct legal claim to the reinsurer for example , in the case the insurer becomes insolventHope all is in orderRegards,Tamer Hadddin
Which financial company is called CNI?
There are a few financial organizations with the initials/reference to CNI including the following: * Century National Insurance (insurance) * Clarendon National Insurance (insurance) * Columbia National Insurance (insurance) * Consolidated National Insurers (insurance and reinsurance) * CNI Charter Funds (funds) * City National Investments (various) * Capital Network Incorporated (corporate fund management)
Distinguish between reinsurance and double insurance?
Double Insurance-Situation in which the same risk is insured by two overlapping but independent insurance policies. It is lawful to obtain double insurance, and the insured can make claim to both insurers in the event of a loss because both are liable under their respective polices. The insured, however, cannot profit (recover more than the loss suffered) from this arrangement because the insurers are law bound only to share the actual loss in the same proportion they share the total premium. Also called dual insurance.
What are the different types of Life Insurance available?
Actually there are two different type of life insurance available. The first one is called "Term insurance" where the insurance only covers a specific amount of time. The second one is called "Permanent life insurance", where the insurance remains usually active (with some exit options of course).
How do you locate an old insurance company called United Services Life Insurance Co from Bismarck ND?
the were purchased years ago by Reliastar Insurance. The policies issued by United Services were acquired and still active
A written insurance contact is called an insurance?
A written insurance contract is called an 'insurance policy.'
Signals that vary continuously are called?
An Analogue signal.
When a cell is selected what is it called?
It can be referred to as the current cell or the active cell or just the selected cell.
What do you call it when someone watches films continuously?
It is called a cliffhanger
