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What is a first loss basis?
First loss basis is a type of insurance or reinsurance where the coverage kicks in immediately upon occurrence of a loss or claim, up to a predetermined limit. This means that the first layer of coverage is exhausted before any other layers of insurance are tapped into. It is commonly used in catastrophe reinsurance to protect against large, infrequent losses.
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
What did it mean when ponyboy said and the ground rushed up to meet you very suddenly?
He meant that he had fell back onto the ground because he fainted.
Can a broker be both a broker and reinsurance broker?
Are you pertaining to being both a direct insurance and reinsurance broker at the same time? It probably depends on the Insurance Laws in your country. In the Philippines, you can be both a direct insurance and reinsurance broker. There's just a higher paid-up capital required for the composite license.
Name of the reinsurance companies in India?
General Insurance corporation of India, ( GIC Re) a company fully owned by Government of India and set up under an Act of Parliament in 1972 is the National reinsurer. No other reinsurer has obtained a license from Indian regulator to do reinsurance business in India. Overseas reinsurers either operate through their representative offices or through reinsurance intermediaries.
Why were skyscrapers important?
Skyscrapers were important because they did not take up any more ground space. So, by adding to the building by going up, there was more space created without the loss of ground around the building.
An earthquake that is very strong or to violent will cause what in the ground?
It will cause the crust to weaken up. This will cause loss of life and property on it.
Exhume in schindlers list?
When they exhumed bodies, that meant that they would dig up the dead bodies from the ground and prepare to burn them. It's a verb.
Was there any important strategies used in winning the Battle of Bunker Hill?
No. The Americans took the high ground which meant the British had to go up hill .
What is meant by piggyback launch?
A piggy-back launch is when a spacecraft is carried up on the back of another craft, and launched from the air, rather than from the ground.
What is meant by landscape destruction?
Landscape destruction is essentially the tearing up of the land. This can happen when animals tear up flower beds, dig holes in your yard or anything else that affects the ground.
What does the cowboy slang 'bite the ground' mean?
Cowboys loved a colorful phrase! This meant to be killed. You'd end up face down biting at the dirt.
