Glossary of Insurance

Term	Description
100% Layer Attachment/Deductible	The up-front attachment/deductible
100% Layer Limit	The highest limit for the layer in that section for the whole Risk
100% Layer Premium	This is defaulted from the premium for the section in the Rateable Exposures screen.
100% Limit	Limit for the submission.
100% Premium (annual)	Annual term premium for 100% participation.
100% Premium (Pro Rata)	Policy term premium for 100% participation.
A
Account Handler	A person assigned to handle key accounts in a team and who is responsible for communication and administrative functions for a particular client.
P&C INSURANCE COMPANY Capacity (Participation screen)	The exposure that P&C INSURANCE COMPANY face on that Risk added together for all the Related policies.
P&C INSURANCE COMPANY Insurance Directory (AID)	The P&C INSURANCE COMPANY Insurance Directory is an insurance information matrix that we have developed in partnership with Axco in London. It is intended that the multinational underwriter & MSU will use the information available in AID as an integral part of their pre and post binding processes. AID contains crucial market data from Axco combined with P&C INSURANCE COMPANY guidelines and preferred non-affiliate data.
P&C Insurance Company Share %	P&C INSURANCE COMPANY participation on the Risk as a percentage.
P&C INSURANCE COMPANY Share Premium (annual)	Annual term premium for P&C INSURANCE COMPANY Share % Participation.
P&C INSURANCE COMPANY Share Premium (pro-rata)	Pro-rata term premium for P&C INSURANCE COMPANY Share % Participation.
P&C INSURANCE COMPANY-INA Overseas Insurance Company (AIOIC)	AIOIC is a legal entity that is authorized to reinsure and consolidate our multinational business. AIOIC is not able to write direct policies, it is strictly a reinsurance entity. In the case of Captive Reinsurance, the RI premium is ceded to AIOIC to perform processing on the premium (i.e. cede a portion to Captive) and subsequently return the remainder portion back to P&C INSURANCE COMPANY.
Additional Insureds	Each Line Slip policy can have multiple insureds attached.
Additional Premium	A premium on an insurance policy over and above the initial premium imposed at the beginning of the policy.
Adjustment Premium	Where exposure is likely to change over the course of a policy period a Broker may ask for a "Minimum and Deposit" or "Deposit" Premium. An Adjustment Premium will then need to be collected, after policy inception, when the exposure amount (and thus premium) has been confirmed.
Admin Claims	This is a Yes/No field to indicate whether the coninsurer is administering all the claims on the Risk.
Admin Premium	This is a Yes/No field to indicate whether the coninsurer is administering all the premiums on the Risk.
Admitted	An "admitted" policy is a policy issued by a company licensed to write insurance in the country where the Risk is located. The policy incorporates terms and conditions approved by the regulators in that country, and claims adjustments and settlement procedures follow local customs.
Affiliates	P&C INSURANCE COMPANY offices located in other countries.
Affinity Business	Affinity and Schemes business is sold via a person's affiliation, association or membership of another organisation Eg trade union, professional institution, sports club, bank or building society. Products sold include professional indemnity, personal liability, and travel as well as accident and health cover.
Aggregate	A type of policy limit found in liability policies which limits coverage to a specified total amount for all losses occurring within the policy period. Usually applied to the total of all losses paid on a given policy in a given year. An aggregate caps the total annual financial exposure.
Aggregate Limit	A type of policy limit found in liability policies which limits coverage to a specified total amount for all losses occurring within the policy period. Usually applied to the total of all losses paid on a given policy in a given year; an aggregate caps the total annual financial exposure.
AID	P&C INSURANCE COMPANY Insurance Directory - is an insurance information matrix that we have developed in partnership with Axco in London. It is intended that the multinational underwriter and multinational servicing unit will use the information available in AID as an integral part of their pre and post binding processes. AID contains crucial market data from Axco combined with P&C INSURANCE COMPANY guidelines and preferred non-affiliate data.
AIOIC	P&C INSURANCE COMPANY-INA Overseas Insurance Co. Ltd - A legal entity that is authorised to reinsure and consolidate our multinational business. It is not able to write direct policies. It is strictly a reinsurance entity. In the case of Captive Reinsurance, the Reinsurance premium is ceded to AIOIC to perform processing on the premium (i.e. cede a portion to Captive) and subsequently return the remainder portion back to P&C INSURANCE COMPANY.
All Risks	An area on the Home Page that allows you to view all the risks within the Portal.
All Tasks	An area on the Home Page that allows you to view all the tasks within the Portal.
AOG	P&C INSURANCE COMPANY Overseas General - commonly used name for the international entities of the P&C INSURANCE COMPANY Group.
AP	Additional Premium - A premium on an insurance policy over and above the initial premium imposed at the beginning of the policy.
Assignee	The person that has been assigned the risk or task.
Assumed (transaction)	The direct entry of a premium or loss transaction takes place under the initial insurance policy. With multinational programs, the local country processes the direct entry and generates a ceded transaction to pass the item (premium or loss) to the producing country. The producing country then assumes in the item (assumed transaction). At that point, the producing country may retain the assumed item or cede all or a part of the transaction to either a facultative or captive reinsurer thus generating what is called a retro-cession transaction.
Assumed Bordereau	Monthly report from P&C INSURANCE COMPANY affiliated offices listing transactions being ceded to AIOIC or to other P&C INSURANCE COMPANY offices. The assumed bordereau lists premium, losses and reserves.
Assumed Premium	The premiums received from another insurer (called the primary or ceding insurer) in exchange for bearing the risk of paying losses covered by the reinsurance contract.
Attachment Point	This is used in an Excess Liability policy or a Reinsurance policy. It is a point from which the liability of the insurer would start.
Audit Trail	An area to view the Portal based activities on a risk and its associated tasks.
Auto Book Policy	Some policies which fall after the booking period will be held temporarily in Portal and left unauthorised in Genius as Genius constraints will prevent it from being booked. This automatic process will book these policies once the booking period is available.
Auto Decline	The system automatically changes the risk to Declined.
Auto Generate Policy Pack	The process where Portal automatically generates a reminder task to the Policy Servicing Unit to issue documents from an external document production system (DPS for UK).
Auto Generate Premium Adjustable Task	A process that generates a Premium Adjustment task automatically (by the system). This task is used to remind the user to perform premium adjustments via Endorsement on the risk.
Auto Lapse Agent	A systematic process that automatically updates the status of the risk which has been booked based on certain criteria when the expiry period is reached.
Auto NTU	The system automatically changes the risk to Not Taken Up.
Auto Renewal	The systematic process of automatically updating the status of the Risk which has been booked based on certain criteria when the expiry period is reached.
B
Basic Risk Details	An area within Portal that allows you to view and add basic and additional details on the Risk.
Binders	An agreement between a Lloyd’s managing agent and a cover holder under which the Lloyd’s managing agent delegates its authority to enter into a contract or contracts of insurance to be underwritten by the members of a syndicate.
Binding	The coverage is in place, although the policy has yet to be issued.
Boleto Numbers	In Brazil, there is the concept of Boleto numbers. At the time of bind stage, there would be a voucher number (Boleto) issued along with the binder and in some cases along with the quotation. This voucher number is for the broker/insured to make the payment of the 1^st instalment in the bank. In Brazil it is a legal requirement to ensure that the 1st instalment has been paid before the policy is booked. Therefore the broker will use the voucher number and will go into any bank and make the payment with the voucher number.
Book (Risk)	The process of booking the Risk into the Policy Registration system
Bordereau or Bordereaux	A list of premiums payable and claims paid or due which is prepared by a cover holder for a managing agent or by a reassured for its reinsurer. Bordereaux are commonly produced on a monthly or quarterly basis. They breakdown block premium payments that are made to underwriters and detail claim payments made on behalf of or due from underwriters. A report providing premium or loss data with respect to identified specific risks. This report is periodically furnished to a reinsurer by the ceding insurers or reinsurers
Bordereau Line slip	Also called Bordereau Line Slip policy - this policy is attached to scheme Master and contains the Bordereau list of additional insured sent to AOG by the cover holder. They have fixed rates and are not quoted.
Bordereau Line Slip policy	This policy is attached to scheme Master policy and contains the Bordereau list of additional insured sent to AOG by the cover holder. They have fixed rates and are not quoted.
Bound	P&C INSURANCE COMPANY have temporarily extended coverage, while the application is being removed. This coverage is extended based on the assumption that the applicant will be approved for the insurance plan that he applied for.
Bound Program Notice	A part of the Multinational account exchange application containing a brief policy summary sent to local offices.
BPN	Bound Program Notice - a part of the Multinational Account Exchange (MAX) application containing a brief policy summary sent to local offices.
BPU	Business Processing Unit.
Broker	An insurance intermediary who/that represents the insured rather than the insurer.
Brokerage	The commission and fee income received by an insurance broker.
BU	Business Unit.
C
Cancellation-Pro rata	Termination of an insurance contract with the premium charge adjusted to reflect the period of time the coverage has been in force.
Captive Fully Fronted	A captive is a reinsurance company established with the object of reinsuring (insuring) Risks originating from its parent company i.e. P&C INSURANCE COMPANY. In a fully fronted programme, P&C INSURANCE COMPANY takes no Net Written Premium (NWP).
Captive Insurance	A captive is an insurance company that insures, or reinsures, the risks of its parent or an associated corporation.
Captive insurance Companies	These are insurance companies established with the specific objective of insuring risks emanating from their parent group or groups.
Captive Program	Where an insured utilises a captive who would retain a share of the entire Risk and a proportion of premium.
Captive Quota Share	A reinsurance policy that is ceded to an insurance company that has as its primary purpose the financing of the Risks of its owners or participants. The ceding company cedes an agreed upon proportion (percentage) of each insurance being insured.
Captive XoL	Captivate Excess of Loss - A reinsurance policy that is ceded to an insurance company that has as its primary purpose the financing of the Risks of its owners or participants. The ceding company, subject to a specified limit, is indemnified against all or a portion of the amount in excess of a specified retention.
Cash before Cover	Insurance legislation in a number of countries requires that insurance cover does not become effective until the premium is paid.
Cash flow program	The Risk ceded to the company is then retroceded to an external entity that will reimburse claims.
Casualty Insurance	Insurance that is primarily concerned with the losses caused by injuries to persons and legal liability imposed on the insured for such injury or for damage to property of others.
Casualty Underwriting Guide	Underwriting support information which is maintained via a separate system which is interfaced to the Portal.
Casualty Underwriting Manual	This is a reference application used by Casualty Underwriters. It provides information regarding NAICS codes.
Cedant	A ceding insurer or ceding reinsurer. A ceding insurer is an insurer which underwrites and issues an original, primary policy to an insured and contractually transfers (cedes) a portion of the risk to a reinsurer. A ceding reinsurer is a reinsurer which transfers (cedes) a portion of the underlying reinsurance to a retrocessionnaire.
Ceded (transaction)	To transfer all or part of one's liability as an insurer under an insurance policy by reinsurance to another insurer.
Cedant	A ceding insurer or ceding reinsurer. A ceding insurer is an insurer which underwrites and issues an original, primary policy to an insured and contractually transfers (cedes) a portion of the risk to a reinsurer. A ceding reinsurer is a reinsurer which transfers (cedes) a portion of the underlying reinsurance to a retrocessionnaire.
Ceding insurer	The company transferring the risk as part of reinsurance.
Central Premium Collection	Premiums are to be collected in the referring country for all the local policies issued.
Cession	An amount ceded as reinsurance.
Charged Rate	The final rate charged to the customer.
CL Indicator	Combined Limit Indicator.
Clause(s)	The term "Clause" or "Clauses" refer to the individual or group of terms (respectively) which define specific elements of cover. They are extensions, alterations or exclusions to the Policy Wording.
Clone Risk	Copying an existing submission element and creating a new risk with a new quote number.
CMP	Controlled Master Program - An insurance program that has as its basis a U.S. master policy written to U.S. terms and conditions. Underlying this master policy are admitted policies that comply with local laws, issued to the insured's subsidiaries by the U.S. carrier's insurance companies in the given countries.
Coinsurance	The sharing of Risks between two or more insurance companies.
Coinsurance Layer	Coinsurance layers can be attached to the native risk layers and external layers. The involvement of participants on these layers of risk is captured as coinsurance layers.
Coinsurer	A person or firm that contracts as an insurer jointly with another or others.
Co Lead	An insurance company that puts together a consortium of insurance and reinsurance companies in liaison with another insurance company to provide an adequate financial base with sufficient underwriting capacity to insure large Risks. The Co-Lead insurance company takes the largest percentage of the Risk along with the other lead insurance company.
Comments	A free-text field that allows the user to enter additional information in the Portal.
Contingent Commission	A contingent commission is a commission paid to an intermediary by an insurance or reinsurance company with a value dependent on the occurrence of an event. The amount of a contingent commission may, for example, depend on how profitable the policyholder is to the insurer or reinsurer.
Commission	A percentage of the premium paid to an agent or broker in return for business procured by the agent or broker.
Compulsory	Insurance required by local law on an admitted basis.
Contract Certain	Complete and final agreement of all terms between the insured and insurer by the time that they enter into the contract.
Country Premium Collection	Premiums are to be collected in the country by the local affiliate/non-affiliate.
Coverage	The guarantee against specific losses provided under the terms of a policy of insurance. Coverage is frequently used interchangeably with the word "protection." It is used synonymously with the word "insurance." Within each line of business there are a variety of coverages available. A specific program may include or exclude coverages.
Cover holder	A company or partnership authorised by a managing agent to enter into a contract or contracts of insurance to be underwritten by the members of a syndicate managed by it, in accordance with the terms of a binding authority.
CUG	Casualty Underwriting Guide - Underwriting support information which is maintained via a separate system which is interfaced to the Portal.
D
D&B	Dun & Bradstreet - an industry rating agency.
D&B Number	A nine-digit number, issued by Dun & Bradstreet, assigned to each business location in the D&B database.
D&B Rating	A quick and clear indication of the credit-worthiness of an insured. This is retrieved from Dun & Bradstreet.
D&B Rating Description	A description for the rating that Dun & Bradstreet provides to indicate the credit-worthiness of an insured.
Data Migration	The process of transferring a bulk transfer of policies from Portal into the new system before Go Live
Deductible	A certain amount, specified in a policy, beyond which insurance protection begins. The insured assumes responsibility for the loss up to the limit of the deductible amount; then the insurer pays any amount over that amount. In first-party claims, we can pay net of the deductible; in third party claims we generally have to pay from the first dollar and recover the deductible from the insured.
Deductions	The taxes and fees etc. that have been added against a policy.
Deposit	The amount of the charged premium to be collected from the insured on inception and subject to year-end adjustments.
Deposit %	The percentage of the charged premium to be collected from the insured on inception and subject to year-end adjustments.
DIC	Difference in Coverage.
DIC/DIL (Difference In Condition/Difference In Limit)	A coverage provided to indemnify directly the local subsidiary of an insured for claims brought against said subsidiary that are in excess of the limit (if any) provided by the local insurer.
DIL	Difference in Limits.
Direct Written Premium	Premiums for policies issued directly for the primary insurance company. These premiums do not include any premiums paid to or received from another insurance company or payments received from involuntary pools.
Division	A Division is a subsidiary company of the main insured company for which the user wants to capture separate limits, attachment/deductibles and premiums. The Portal user can issue a separate policy for a Division.
Document Indexing via MS Office	Process of filing MS Office documents (Word, Excel, and Outlook) into Apollo from MS office using the Office integration tool.
Document Producer	The creator of the document.
DPS	Document Processing System.
Dun & Bradstreet	An industry rating agency.
E
Effective Date	The starting date of a policy. The time at which the insurance protection begins.
EIL	Environmental Impairment Liability - a specialised insurance policy that covers liability and sometimes clean-up costs associated with pollution.
EL	Employers Liability - a policy that covers employers who may be liable if, through their negligence, employees have been injured. Workers' Compensation pays the workman whether the employer has been negligent or not. Injury must be incurred in the course of employment.
Employers Excess Indemnity Insurance	Insurance coverage purchased by employers that do not subscribe to the Texas workers compensation law. They are usually purchased in conjunction with occupational accident policies and reimburse the employer for liability settlements and judgements applying to pain/suffering, permanent disfigurement, and loss future earnings.
Employers Liability	A policy that covers employers who may be liable if through their negligence, employees have been injured. Workers' Compensation pays the workman whether the employer has been negligent or not. Injury must be incurred in the course of employment.
End Date	Risk End Date.
End Premium (AP/RP) (Pro Rata)	Endorsement Premium (Additional/Return Premium).
Endorsement	An amendment in writing added to and made a part of the insurance contract, for the purpose of changing the original terms – either to restrict or expand coverage.
Endorsement Premium (AP/RP) (Pro-Rata)	Endorsement term Additional or Return premium.
Environmental Impairment Liability	A specialised insurance policy that covers liability and sometimes clean-up costs associated with pollution.
EPA	Extended Period Agreement.
ERN	Employee Reference Number of the Insured.
ERN Exempt	Employee Reference Number is exempt.
ERP	Extended Reporting Period - this is a period of time given after the expiry of the policy allowing the insured to declare claims pertaining to previous policy period. This is mostly applicable to claims Made policies.
Excess	Insurance above a specified amount (of primary policy); secondary coverage that would pay the difference between the coverage of the "primary" policies and the covered loss.
Excess of Loss	A form of reinsurance that indemnifies the ceding company for the portion of loss that exceeds its own retention.
Exclusions	This takes coverage away from the Insuring Agreement by describing property, perils, hazards, or losses arising from specific causes which are not covered by the policy.
Exclusive (Role)	The Share of the Risk is 100%.
Expiration Date	The date on which the insurance protection on a policy will end; Eg coverage will cease on an annual policy at the end of 12 months from the effective date.
Explicit Reinsurance	The exact level of the coverage tree that reinsurance has been applied.
Exportability	On a multinational program, the percentage to be reinsured back to the producing office. When placing multinational programs, we request that the country export 100% or the maximum permitted by law. Some countries that have other than 100% exportability have a fixed exportability (Mexico = 99.99%), while others have a variable percentage based on the risk. Exportability can be affected by mandatory retention and/or mandatory cession via a state-owned reinsurance company.
Extended Reporting Period (ERP)	This is a period of time given after the expiry of the policy allowing the insured to declare claims pertaining to previous policy period. This is mostly applicable to Claims Made policies.
Extension of Cover	An endorsement to a local policy to increase the policy term. It can also refer to an additional coverage not typically included on a particular coverage form that is added by endorsement.
External Layer	The layer of the risk which has no P&C INSURANCE COMPANY involvement. It is insured by an external insurer or multiple external insurers.
External Policy	An insurance policy underwritten by another insurance company (non-P&C INSURANCE COMPANY).
F
FAC Quota Share	Facultative Quota Share - A form of reinsurance whereby each exposure the ceding company wishes to reinsure is offered to the reinsurer and is contained in a single transaction. The reinsurer retains the ability to accept each Risk offered by the ceding company. The ceding company would be ceding a proportion (percentage) of the Risk.
Facultative Reinsurance	A reinsurance arrangement by which individual risks are offered by the ceding insurer to a reinsurer, who has the right (faculty) to accept or reject each Risk.
FAC XoL	Facultative Excess of Loss - A form of reinsurance whereby each exposure the ceding company wishes to reinsure is offered to the reinsurer and is contained in a single transaction. The reinsurer retains the ability to accept each Risk offered by the ceding company. The ceding company, subject to a specified limit, is indemnified against all or a portion of the amount in excess of a specified retention.
FEL	Foreign Entity Loss - a coverage provided to indemnify the insured for losses it might incur as a consequence of claims brought in a foreign country against a local subsidiary of said insured that are in excess of the limit (if any) provided by the local insurer.
Float	One way a high-value home insurance client can reduce their premium is by talking to their broker about their jewellery and watch wearing habits. “We often speak to new or prospective clients who have all of their jewellery insured on a worldwide basis, all of the time. They are often unaware that this is inappropriate and gives rise to a higher premium than is necessary. Rather than limit certain valuables to being insured in the safe only, which is restricting and requires that you let your broker know when you want to wear it, you can opt for a floating limit." What is a floating limit? As mentioned above, some people will benefit, in terms of lower premium, by taking a “floating” jewellery & watches (sometimes known as valuables) limit. This works on the assumption that not all of the jewellery is, or can be, worn all the time and that remainder of the jewellery, or some of it, is kept in the home safe. Choose a floating limit that is sufficient to cover all of the jewellery you'll wear on a special occasion. You don’t need to let us know what and when you take items out of your home safe. As the items can change, and the total figure up to a prescribed limit can vary, it’s known as a “float” or “floating limit”.
Foreign Entity Loss	A coverage provided to indemnify the insured for losses it might incur as a consequence of claims brought in a foreign country against a local subsidiary of said insured that are in excess of the limit (if any) provided by the local insurer.
Fiscal Code	A fiscal code is a uniform number used for tax purposes. It is assigned once, irrespective of the provisions of the tax regulations concerning the establishment and discharge of tax obligations.
FN Number	Foreign Number - the FN number of an Insured is required when the user is booking an Open Market Multinational Programme with locally admitted/SFOS countries.
Follow	An insurance company that agrees to accept a proportion of a given Risk on terms set by another Underwriter called the leading Underwriter.
Following Insurer	An underwriter of a syndicate or an insurance company that agrees to accept a proportion of a given risk on terms set by another underwriter called the leading underwriter.
FOS	Freedom of Service - European convention whereby insurance companies in any of the eligible member countries of the European Union are permitted to issue a policy in one eligible EU country that affords coverage in one or more of the other eligible EU member countries. The savings to an insured is that they do not have to pay our fees for having a separate policy issued in every country.
FOS Policy	An insurance contract issued in one member EU country covering an insured's operations/exposures in other EU member countries.
Freedom of Service	European convention whereby insurance companies in any of the eligible member countries of the European Union are permitted to issue a policy in one eligible EU country that affords coverage in one or more of the other eligible EU member countries. The savings to an insured is that they do not have to pay our fees for having a separate policy issued in every country.
Fronted Program	Where the insurance company administers an Insurance program including issuance of Country policies, but the entire risk and the entire premium collected is reinsured to a Captive. The insurance company will typically charge a fronting fee for the services.
Fronting	A technique in which a primary insurer acts as the insurer by issuing a policy, but then passes up to 100% risk to a reinsurer, most often in a multinational insurance programme. Often, the fronting insurer is licensed to do business in a state or country where the risk is located, but the reinsurer is not. The reinsurer in this scenario is often a captive or an independent insurance company that cannot sell insurance directly in a particular country.
Fronting Type	Country selected on programme could be a P&C INSURANCE COMPANY office (Affiliate) or non P&C INSURANCE COMPANY Entity (Non Affiliate). P&C INSURANCE COMPANY can based on their local capacity in the region can go with P&C INSURANCE COMPANY or non P&C INSURANCE COMPANY Offices. It is possible that we have P&C INSURANCE COMPANY Office in a country but do not have license to write particular type of business and that type of business can be written via use of third party insurer in that region i.e. non affiliate (non P&C INSURANCE COMPANY Owned entity).
FSA Compliance	Financial Services Authority Compliance.
FLoat G
Gap in Cover	The amount of time that the Insured is not covered.
General Liability Insurance	This is coverage that can protect you from a variety of claims including bodily injury, property damage, personal injury and others that can arise from your business operations.
GL	General Liability Insurance - This is coverage that can protect you from a variety of claims including bodily injury, property damage, personal injury and others that can arise from your business operations.
Global Rate	A system introduced to provide underwriters with technical rates and to monitor any deviation from these rates. Linked to Portal.
Gross Written Premium	The entire amount of premium - excluding insured payable taxes and fees - but including commission and override if applicable.
GWP	Gross Written Premium - the entire amount of premium excluding insured payable taxes and fees - but including commission and override if applicable.
H
Heterogeneous	A Risk with different premium currencies on coverages.
Homogenous	A Risk with the same premium currencies on coverages.
I
Implicit Reinsurance	The underlying levels that inherit the reinsurance from its parent level of the Rateable Exposures structure Eg if reinsurance is applied at section level then it will cascade down to all the underlying levels Eg NAICS, Country and Coverages etc.
Incoming Email Agent.	A time triggered process that creates an orphan task in the portal workbasket based on an email in the Portal queue in Apollo.
Incurred Loss Threshold Amount	Sets a claims threshold that will allow us to break the extended period agreement.
Indigenous (Line of Business)	Underwriting a risk in your own country.
Insurance	A contract or device for transferring risk from a person, business or an organisation to an insurance company that agrees, in exchange for a premium, to pay for losses through an accumulation of premiums.
Insured	The person or company purchasing the insurance policy from the insurance company.
Insurer	The insurance company. The one who issues the insurance policy.
International (Line of Business)	Underwriting a risk in a different country.
ISO	Industry Standard for Organisation.
Issuance Team	The Operations team that book the risk.
Issue Order Number	The order number provided by a large broker or a local P&C INSURANCE COMPANY branch for internal control. This is applicable for indigenous policies and the Multinational Master Policy.
J
K
L
Layer	A representation of the Insurer's liability in monetary terms as a difference of the total limit and the attachment point.
Layering	The building of a program of insurance coverage using the excess of loss approach.
Lead	The insurance company that puts together a consortium of insurance and reinsurance companies to provide an adequate financial base with sufficient underwriting capacity to insure large Risks. The lead insurance company takes the largest percentage of the Risk for its own account.
Lead Agency	This agency works on behalf of the customer in Puerto Rico.
Lead Insurer	Insurance company that puts together a consortium of insurance and reinsurance companies to provide an adequate financial base with sufficient underwriting capacity to insure large risks.
Leader	The lead insurance company takes the largest percentage of the risk for its own account.
Liability	An insurance which covers the insured against third party claims, subject to specified terms and conditions.
Limit of Liability	The maximum amount of insurance the insurance company will pay for a particular loss or for a loss period of time.
Line of Business	Designation for a specific group of coverages, such as Casualty, Property and Marine etc.
Line Slips	Subordinate policies which are set up and linked to the Master Policy.
Local	The country outside the home country where the exposure exists.
Local Premium Collection	Premiums that are collected locally in the country where an admitted policy has been placed for a multinational program.
LST (Time Zone)	Local Standard Time.
M
Manage YOY Price Change	The process of entering the year on year price change for price monitoring for a renewal risk.
Managing Agent	An underwriting agent which has permission from Lloyd’s to manage a syndicate and carry on underwriting and other functions for a member.
Manually Renew a Policy	The user can manually intervene and create a renewal record.
Marketing Code	This gives P&C INSURANCE COMPANY the ability to capture the source of the business.
Master (Scheme)	Master policy which is set up in Portal and Genius with a nominal premium i.e. £1 or £0.01.
Master Bordereau Policy	This master policy holds the framework of scheme operated by a cover holder (who has delegated UW Authority) on behalf of AOG. The policy has limits, aggregate, terms and conditions of the scheme with the cover holder as the insured. No premiums are booked under this policy.
Master Non-Bordereau Policy	This master policy holds the framework of scheme operated by AOG. The policy has limits, aggregate, terms and conditions of the scheme with the cover holder as the insured. No premiums are booked under this policy.
Master Policy (MN)	Policy issued by referral office which ensures that regardless of what the terms are of the local admitted policies, all countries will be afforded the same level of coverage.
MAX	Multinational Account exchange is a web based application used by P&C INSURANCE COMPANY to transmit detailed policy information to the local offices.
Max Deductible	Maximum Deductible Amount.
MN Number	Multinational Number - US produced programme are assigned codes beginning with "MN". A MNAC consists of two letters followed by 5 numbers.
MSU	Multinational Servicing Unit.
Mud Map	A graphical representation of the coinsurance on a Risk.
Multilatina	When a country is indicated as Multilatina then the cession back to the Producing Country will be handled via the LOBA system. Therefore an assumed policy will not be required in the Producing Office Business Unit for that insured country. The above countries can be Locally Admitted too - it depends on the Multinational Programme. Therefore the only difference between Intra Region and Locally Admitted is that, for the former, the copy of the local office policies are not set up in the master country and instead the production credit is sent. In both cases the local servicing office will set up a policy and issue documentation.
Multinational (Line of Business)	A Multinational is defined as a program, both captive and non-captive, produced in one country which requires policies to be issued in more than one country (e.g. Locally Admitted Policies). In addition to that the following types of business will also be considered as Multinational: 1. Follow/quota share business where P&C INSURANCE COMPANY does not issue the policies but the policy structure is consistent with a typical multinational program (master policy with locally admitted policies) 2. FOS policies 3. Large International Groups which purchase a policy in only one country (most often their home domicile) which provides non admitted coverage (where permitted) to local subsidiaries and organizations. For the above three items, a multinational account code is not required; however, you will need to use the multinational financial lines of business.
Multinational Account Code	US produced programs are assigned codes beginning with "MN"; Non-US produced programs are assigned codes beginning with "FN". A MNAC consists of two letters followed by 5 numbers. FN/MN number of an Insured is required when the user is booking an Open Market Multinational Programme with locally admitted/SFOS countries.
Multinational Coinsurance	Coinsurance can be defined where two or more insurers underwrite the same Risk under a participation arrangement - for example 50% P&C INSURANCE COMPANY 50% AIG. In the case of insurer insolvency Eg AIG, the liability lies with the customer and not P&C INSURANCE COMPANY. If there is coinsurance on a Multinational programme, the participation will be reflected under the Master policy. Sometimes there is local coinsurance on the Servicing Policy (inwards policy) and the participation will be reflected there. Approval with Network Management is required up-front for this type of arrangement. If there is local coinsurance the Cession back to the Producing office will be Net of that Coinsurance. If the coinsurance is to be handled in the producing office then this will be set-up as Co-Reinsurance (refer to definition)
Multinational Co-reinsurance	The producing country may retain the assumed premium or cede all or a part of the transaction to either a facultative or captive reinsurer thus generating what is called a retro-cession transaction. If there is co-insurance on the Master policy, any co-insurance on the assumed policy is treated as Co-reinsurance meaning a Facultative Reinsurance (Eg the premium is ceded to AIG) is attached to the assumed policy. In the case of insurer insolvency Eg AIG, the liability lies with P&C INSURANCE COMPANY and not the customer.
Multinational Premium Summary	The premium break-down for Multinational risks. This is a display-only tab which is applicable for Multinational risks only.
Multinational Reinsurance	Reinsurance is a form of insurance for insurers. To insure again by transferring all or part of the Risk in an insurance policy/contract to a new contract with another insurance company. Reinsurance protects insurers from financial consequences of insuring others. When an insurer arranges for another company to automatically provide reinsurance on a designated group of policies this is called Treaty Reinsurance. When reinsurance is requested on an individual account it is Facultative Reinsurance. Multinational inter-company reinsurance is whereby locally admitted policies are reinsured back to the referring country to the extent permitted by local law. In the case of insurer insolvency the liability lies with P&C INSURANCE COMPANY and not the customer. Sometimes there is local reinsurance on the Servicing Policy (inwards policy) for example compulsory state reinsurance based on local laws. In that case the cession back to the referring country will be Net of that reinsurance.
N
NAICS	North American Industry Classification System Code used to classify the type of business a customer is involved in. Primarily used outside of the US.
Native Co-insurance	Coinsurance for the layer that you are working on at that moment (as an example where you are positioned within the Mud Map in the Participation screen).
Native Risk Layer	The layer of the risk which has P&C INSURANCE COMPANY involvement and is being viewed or edited by the logged in user in Casualty Portal.
Navigation Menu	The navigation options available to the logged in user to navigate to any part of the Risk.
Negate Endorsement	Cancelling an endorsement.
Net Written Premium	Gross Written Premium minus commission.
Non Affiliates	Third Party insurers which P&C INSURANCE COMPANY uses as fronting partners for having Country policies issued. In case there is no P&C INSURANCE COMPANY office in a particular territory or where the Country P&C INSURANCE COMPANY office is unable to write a particular line of business, the network department will negotiate with a third party insurance company to issue policies on behalf of P&C INSURANCE COMPANY.
Non Renewable Types	The Underwriting management needs further information on the type of non-renewal policies which are being issued. The options available are: - Non Renewable - Construction - Non Renewable - Events - Non Renewable - Contracts - Non Renewable - Others
Non-Admitted	Non-admitted insurance is insurance of a risk located in a country where the insurer is not licensed or authorised, hence the coverage is offered under the Master Policy. No local policy is issued in that country.
Non-Bordereau Line slip Policy	This policy is attached to the Scheme Master and contains the Insured who has subscribed to the scheme. The risk will be rated and quoted to the insured before it is bound.
Non-Captive Program	No captive insurance company is involved and the insurance company covers the risk.
Non-Standard Clause	A free text field that allows you to manually add a clause to the Quote.
NTU	Not Taken Up. Prospective policies where policy proposals were completed, but no premiums were ever paid. Therefore the policy never commenced. P&C INSURANCE COMPANY's quotation was not accepted by the Insured/Broker.
O
Occurrence (Event)	All damages which arise out of the same general conditions are considered as arising from a single occurrence. A single event may cause multiple claimants to come forward, bust the resulting claims are considered a single occurrence.
Occurrence (Insurance)	Insurance which covers claims brought against the insured for harm or injury occurring during the policy period regardless of when these claims are reported.
OFAC	The Office of Foreign Asset Control (OFAC) is a regulatory body in the United States. OFAC maintain a list of restricted entities that cannot be insured by US registered companies.
OOSE	Out of Sequence Endorsement - The endorsement start date is before any existing booked endorsement start date on the same Risk.
Open Market business	Insurance business that may be offered to and place Company with any managing agent that is willing to underwrite it on behalf of its managed syndicate. It excludes business that is underwritten pursuant to a binding authority.
Order %	The slice of the Risk that the broker is offering.
Orphan Task	A task in Portal that is not assigned to a Risk.
Over Lined %	An amount of insurance or reinsurance that exceeds an insurer's or reinsurer's normal capacity.
P
Participation	The layers and coinsurance on a Risk.
PCW	Premium Claims Warehouse - A database of all financial risks insured by P&C INSURANCE COMPANY Eg transactions retaining to premium charged and received claims paid.
Peer Review	This is a process for reviewing business to ensure that it has been underwritten within underwriting authorities and in accordance with underwriting guidelines and procedures and all other applicable general P&C INSURANCE COMPANY policies and practices, including FSA requirements.
PEPS check	A local check currently done in Peru and Mexico on the insured. If there is a 75% match or more for the insured name, then this gets highlighted to compliance in the form of a report. If a 100% match is found then SIS prevents the policy from getting registered on the system.
Per mille	A rating unit which is expressed in per thousand. It is symbolised as ‰.
Percent	A rating unit which is expressed in per hundred. It is symbolised as %.
Permanent Endorsement	An endorsement that can change anything on the Risk and it will copy forward on renewal as long as the coverage dates are active.
Phoenix	Premium & Claims Application producing Renewal List, Non-Renewal Listing, Policy Claims Experience, and claim details to assist the renewal process.
Policy	It is made up of written documents of a contract for insurance between the insurance company and the insured.
Policy Form Reference	The wordings that are added to the Policy. Only one set of wordings can be added to each Policy. These wordings can typically contain Clauses, Extensions, Exclusions and Warranties.
Policy No	The unique number to the policy.
Policy Number	A unique identifier that attaches a policy to an Insured. The number is a reference point for the insurance company.
Policy Type	The policy type for the submission. The options will be based on department. The values may include: - Open Market - Master Bordereau policy - Master Non Bordereau policy - Bordereau Line Slip policy - Non-Bordereau Line Slip policy
Policy Wording	This relates to the non-editable legally approved document that defines the scope and limitations of cover which P&C INSURANCE COMPANY agrees to insure. The documents are only editable by the wording specialists at P&C INSURANCE COMPANY
Portal	A front-end system
Portal Renewal Agent	A scheduled process where the policies which are booked and are due for renewal are automatically fetched for renewal by the system.
Portal Risk Status Update Agent	A process that moves the status to "Updated Outside Portal" to indicate policies which have been updated from other systems and not via the Casualty Portal User Interface Insurance Company
PR	Product Recall - Insurance coverage for the cost of getting a defective product back under the control of the manufacturer or merchandiser that would be responsible for possible bodily injury (BI) or property damage (PD) from its continued use or existence.
Premium	The amount of money that an insurer charges to provide the coverage described in the policy or bond.
Premium Claims Warehouse	A database of all financial risks insured by P&C INSURANCE COMPANY Eg transactions retaining to premium charged and received claims paid.
Premium Collection	This denotes whether the premium will be collected from Local offices or Centrally collected by the Referral Office.
Premium Summary	This is a display-only tab that allows you to view the premium break-down for multinational risks only.
Primary	Primary policy - is the first to pick up coverage and pay out on losses.
Processing Sequence	This determines the sequence in which each Reinsurance policy is processed in order to calculate the Gross Reinsurance Premium.
Producer Code	Uniquely assigned code for a specific broker or agent office within a specified territory.
Producing Office	The P&C INSURANCE COMPANY entity that is producing the documents on the Risk.
Program Policy (MN)	Programme policy exists in Portal which is the umbrella policy for all underlying policies (i.e. Master, Domestic FOS, SFOS, Locally Admitted).
PSU	Policy Servicing Unit. The unit is responsible for booking premiums and issuing policy documents.
Q
Quota Share	Form of reinsurance. Facultative premium which is determined as a proportion of the direct premium. One or more reinsurers taking a stated/agreed percent share of each policy that an insurer produces/writes. Each reinsurer will receive a stated/agreed percentage of each dollar of premium written and will pay that same percentage of each dollar of losses.
Quote	A quote, or proposal, is a statement regarding the premium that will be charged for certain coverage and includes a variety of elements of the program such as limits, aggregates, coverages, admitted policies required, etc.
Quote a Risk	The process of selecting the relevant action control on the navigation menu within Portal. The status of the risk changes to Quoted and a quote letter is generated and indexed with the updated status wherever applicable.
Quote Database	Database maintained by the Insurance office to record all quotes.
Quote No	The unique number to the quote.
Quote Validity Date	The expiry date of the quote. Once this date has passed the quote is no longer binding.
R
Rate Unit	A field to indicate whether the rate is for percent or per mille.
Rateable Exposures	An area within the Portal that allows you to add sections and coverages to Risk.
Rating Basis	The basis for what the risk rating actually is i.e. Turnover or Wages etc.
Rating Basis Value	The amount on the basis of which the Risk is rated and hence the premium calculated.
Rationale	An explanation of the reasons for something.
Reinstate Risk	Once a risk is reinstated the status of the risk will change to "In Progress" for a Declined/NTU risk. If a risk was cancelled after reinstatement the status of the risk will change to "Booked".
Reinsurance	A method used by insurance companies to spread the risks they accept from individuals or companies to protect themselves from catastrophic losses or a high concentration of liability in one area. Insurance companies determine the maximum amount of risk they are willing to accept and use reinsurance for any risks that exceed this amount.
Reinsurance Aggregate	The total sum of claims that is being covered under the reinsurance policy.
Reinsurance Attachment	This is the starting limit when the reinsurance policy starts paying out for claims.
Reinsurance Commission	The commission to the Reinsurance Broker.
Reinsurance Deductible	The amount of the claim that is not covered on the reinsurance policy.
Reinsurance Limit	The limit that is being covered under the reinsurance policy.
Reinsurance Policy	A contract that binds one entity (the reinsurer) to take on all or part of the risk from an insurance company in consideration of a premium payment.
Reinsurance Premium	The premium charged by the Reinsurer.
Reinsurer	The company that accepts the Risk during the reinsurance of a policy.
Reissue	The process of recreating a policy which has already been booked to make corrections in the policy.
Related Policy	The ability to search for a Risk internal to P&C INSURANCE COMPANY and linking different layers between policies.
Related Risk layer	The layer of the Risk which has P&C INSURANCE COMPANY involvement but has been booked as a separate policy other than the native risk. The users can search for this policy and link it with the policy they are working with. The link works both ways.
Renewal	An extension of coverage for an additional period.
Renewal Premiums	The subsequent premiums that are paid by the insured to the insurer in order to keep the policy in operation.
Re-quote a risk	The process of selecting the re-quote button on the navigation menu within Portal. This changes the risk status from "Quoted" to "In Progress" allowing the user to subsequently "Quote" the risk again.
Retroactive Date	A provision found in many (although not all) claims-made policies that eliminates coverage for claims produced by wrongful acts that took place Insurance Company prior to a specified date.
RIMETS	(Reinsurance Method).
Risk	The possibility of some event occurring which causes injury or loss. In Portal a "risk" can also be referred to as "Policy". However in the case of Multinational, a risk (or program) has "n" number of policies. A risk/policy can have "n" number of transactions.
Risk Based Capital Risk Category	There are two options to categorise the Risk: Major and Corporate. Risk-based capital is a method developed by the NAIC to measure the minimum amount of capital that an insurance company needs to support its overall business operations. Risk-based capital is used to set capital requirements considering the size and degree of risk taken by the insurer. As the current measurement stands there are four major categories of risk that must be measured to arrive at an overall risk-based capital amount. These categories are: Asset Risk - a measure of an asset's default of principal or interest or fluctuation in market value as a result of changes in the market. Credit Risk - a measure of the default risk on amounts that are due from policyholders, reinsurers or creditors. Underwriting Risk - a measure of the risk that arises from under-estimating the liabilities from business already written or inadequately pricing current or prospective business. Off-Balance Sheet Risk - a measure of risk due to excessive rates of growth, contingent liabilities or other items not reflected on the balance sheet. Companies with a professional insurance buyer are primarily large multinational companies and fall "automatically" in the category of Major.
Risk Progress	This can be accessed from the risk navigation menu. It displays the risk information per scenario and allows the user to create multiple scenarios, validate a risk, quote, re-quote, and bind and book a risk.
Risk Scenarios	Options that can be quoted in a single submission.
Risk Summary	It shows the relevant information about the Risk at any given point in time.
Role	The responsibility or involvement of the insurance company on the Risk.
RP	Return Premium - The amount due the insured if the actual cost of a policy is less than what the insured has previously paid I.e. if the limits are reduced, the exposure at inception is greater than the audited exposure, or the policy is cancelled.
S
Scenario	An option that can be quoted in a single submission.
Scheme/Facility/Binder	An agreement with a third party e.g. Broker / another insurance company to underwrite insurance (via delegated or non-delegated authority) on P&C INSURANCE COMPANY’s behalf. Note: not all schemes are binders.
Section	A category of similar Risks.
Selling Branch	The branch of P&C INSURANCE COMPANY that is selling the policy.
Service Fee	An administration fee that is charged by the affiliate/fronting insurer in addition/inclusion to the premium allocated to the country insured for issuing the country policy.
Servicing Freedom of Service	The Servicing FOS office is the one that will issue the policy covering all other FOS countries on behalf of the Master Country. Portal will provide a facility to allow the user to specify the Servicing FOS country in order to group the FOS countries together and book separate to the Master under another policy (essentially like a Locally Admitted country). In Europe an example of this would be Norway or Switzerland who are not part of the EU.
SFOS	Servicing Freedom of Service - The Servicing FOS office is one that will issue the policy covering all other FOS countries on behalf of the Master Country. Portal will provide a facility to allow the user to specify the Servicing FOS country in order to group the FOS countries together and book separate to the Master under another policy (essentially like a Locally Admitted country). In Europe an example of this would be Norway or Switzerland who are not part of the EU.
Share %	The proportion (displayed as a percentage) that the insurer/reinsurer loses as a loss or gains in premium and policy amounts on the Risk.
Share of Order	The broker comes to market with only a part of the whole Risk which the insurers can underwrite. This is typical in the UK where we have a split with the Lloyds Market and the London Market.
Share of Whole	The broker comes to market and the insurers underwrite a share of the whole Risk.
SIC	Standard Industry Code used to classify the type of business a customer is involved in. Primarily used in the US.
Signed Line	The underwriter's participation in a Risk after the lines have been reduced, as necessary, to total 100% of the actual amount at Risk.
Simple Tax Flow	The system will not communicate with Genius to validate the policy. The tax calculations are obtained internally from the system. This is applicable only if all the scenarios selected in the risk contain only simple tax countries. Simple tax is only applicable for Open Market (indigenous sub lob) and scheme certificate policies (all sub lobs). It is excluded for Open Market (International, Multinational), and Scheme Master Policies for all Sub-Lobs.
SIRET Code	A unique code used to identify business for tax reasons. It consists of 9 numbers (the SIREN code) plus another 5. This field is only displayed for France Business Unit.
Slip	The piece of paper containing all the key information regarding the risk and the insurance terms and conditions that the broker submits to the underwriter at Lloyd's of London.
SSU	Shared Services Unit - the Operations team commonly called in the Asia Pacific region.
Start Date	Risk Start Date.
Sub Division	A Sub Division is a subsidiary company of the main insured company for which the user wants to capture separate limits, attachments/deductibles and premiums. The Portal user cannot issue a separate policy for the Sub Division. This has to be booked along with a division policy. It cannot exist as an entity without the division.
Sub Line of Business	This defines the classification of insurance industry business.
Subjectivities	A condition that a policy holder must meet before cover will be offered.
Sublimit	A limitation in an insurance policy on the amount of coverage available to cover a specific type of loss. A sublimit is part of, rather than in addition to, the limit that would otherwise apply to the loss. Sub-limits are usually a stated percentage of an aggregate limit of coverage under a policy.
Sub-LOB	Sub Line of Business - this defines the classification of insurance industry business.
Submission	A proposal for insurance submitted to an underwriter.
Subsidiary Company	Any subsidiaries of the main insured to be covered under the same policy.
T
Tacit Renewal	In some countries the policy is automatically assumed to be renewed unless specifically terminated if lapsed at expiration.
Tacit Renewal Agent	A scheduled process where the policies which are to be renewed by the tacit process have been migrated into Portal.
Tariff	Rates which are set and controlled by the insurance regulating body of a government and which must be charged by all authorised insurance companies.
Technical Premium	This amount is updated based on the Technical Rate that is obtained from Global Rate (calculation engine).
Technical Rate	The rate that needs to be charged in order to break even for any given class of business, as calculate Global Rate.
Temporary Endorsement	The endorsement start date and end date must be within the Risk period.
Terms and Conditions	An area within Portal that allows you to view/input the wordings and clauses associated with the Risk Scenario.
Territory	Specifies the geographic area in which the property must be damaged (inland marine policies) or where injury or damage must occur (liability policies) for coverage to apply.
Trans Premium	The actual premium to be collected/returned to the client for this transaction.
Transaction	In Portal, a risk/policy can have "n" number of transactions: 1.New Business 2.Reinstatement (Decline/NTU) 3.Endorsement 4.Reissue 5.Renewal 6.Negate endorsement 7.Cancellation 8.Reinstatement(Cancellation) 9.Cancel and Replace 10.Lapse and Replace
Transaction History	All the transactions that have been performed on the Risk.
Treaty	A Reinsurance agreement covering a portfolio, either by class, exposure, limits or other criteria.
Treaty Reinsurance	A form of reinsurance in which the ceding company makes an agreement to cede certain classes of business to a reinsurer. The reinsurer, in turn, agrees to accept all business qualifying under the agreement, known as the "treaty". Under a reinsurance treaty, the ceding company is assured that all of its risks falling within the terms of the treaty will be reinsured in accordance with the treaty terms.
Treaty Quota Share	A form of reinsurance in which the ceding company makes an agreement to cede a proportion of a book of business or class of insurance to a reinsured. The reinsurer, in turn, agrees to accept all business qualifying under the agreement, known as the "treaty".
Treaty Excess of Loss (XoL)	Treaty Excess of Loss - A form of reinsurance in which there is an agreement between the ceding company and the reinsurer. The ceding company, subject to a specified limit, is indemnified against all or a portion of the amount in excess of a specified retention.
U
UA	Underwriting Assistant - processes paperwork, performs clerical duties, and assists business individuals or teams responsible for preparing documents.
UM	Underwriting Manager - they are like other managers and act as supervisors. They ensure that an insurance company's Underwriters follow the company's rules for accepting risks, in the hope of minimising it and keeping the company profitable. They may also help to shape the company's underwriting rules and ensure that those rules are effective.
Underwriter	An insurer or reinsurer (or an individual person by the insurer or reinsurer) that assumes Risks and "signs below" (underwrites) terms of the insurance or reinsurance accepted.
Underwriting and Rating Manual	This is an area within Portal that allows you to generate a quick quote (i.e. obtain technical rate and premium) for a particular coverage from First Rate and be able to view Casualty guide information for the selected Section-Country-NAICS code combination for the coverage. The system is not expected to store the rate or premium. It is just for information purposes.
Underwriting Assistant	An underwriting assistant processes paperwork, performs clerical duties, and assists business individuals or teams responsible for preparing documents.
Underwriting Branch	The branch of P&C Insurance Company where the underwriting of the policy takes place.
Underwriting Manager	They are like other managers and act as supervisors. They ensure that an insurance company's underwriters follow the company's rules for accepting risks, in the hope of minimising it and keeping the company profitable. They may also help to shape the company's underwriting rules and ensure that those rules are effective.
Underwriting Rationale	Justification for underwriting the Risks.
Underwriting Year	The year commencing with the effective date of a policy or with the renewal date of that policy.
Undo an Endorsement	Delete an endorsement.
UW	Underwriter - an insurer or reinsurer (or an individual person by the insurer or reinsurer) that assumed Risks and "signs below" (underwrites) terms of the insurance or reinsurance accepted.
UW Manual Category	These are the low level tabs to view the items under each category associated with the risk structure. Examples of this are: Refer & Decline; Hazard; Underwriting Issues; Occupational Disease and Clauses.
UW Rationale	Underwriting Rationale - justification for underwriting the Risks.
UW Year	Underwriting Year - the year commencing with the effective date of a policy or with the renewal date of that policy.
V
Validate	A process to ensure that the risk meets the required criteria before issuing a quote.
VNAB Number	The VNAB number is a 9 digit number and without comma's, full stops or space. A VNAB Number is unique. VNAB is the Dutch Insurance Exchange Association. The display of this field is BU dependent and is displayed only for Netherlands.
W
Warranty	A promise by the insured party that statements affecting the validity of the contract are true.
Wording	1) The policy reference form. 2) The set of policy reference form, clauses, warranties, extensions/exclusions, and terms and conditions agreed between Broker and Underwriter for a given Risk.
Wordings	The general library of the policy reference forms that P&C Insurance use.
Work basket	Work Queue.
Written Line	The amount accepted by an underwriter when signing a slip.
Written Line %	The amount of a Risk that an Underwriter is willing to accept on behalf of the syndicate or company for which he underwrites. This is commonly expressed as a percentage of the sum insured which is written on the broker's placing slip. If, on completion of the broking exercise, the written lines exceed 100% then, unless there is a contrary intervention, they will be signed down by the broker, which is to say they will be reduced proportionately so that they total 100%.
X
XOL	Excess of Loss - A form of reinsurance that indemnifies the ceding company for the portion of a loss that exceeds its own retention.
Y
YOY	Manage YOY Price Change - The process of entering the year on year price change for price monitoring for a renewal risk.
Z

Salman_Ahmed_asking_what_is_water

Personal Blog, Mind Rapture, Freedom of Ideas

Glossary of Insurance