Insurance concerned with the insiders legal liability for injuries to others or damage to other persons property. Insurance companies usually use these documents in the context of pro rata reinsurance. These glossary terms and definitionsare intended to be educational and may be different from the terms and definitions in your plan or health insurance policy. Glossary of risk management terms this is a comprehensive list of insurance terms. A report made by an insurance company stating the risks to which it is exposed, but which it has reinsured. A demand for payment of damages upon chapman university or under a coverage agreement, insurance contract or bond. This glossary is intended as a general aid to help you understand some of the commonly occurring phrases and jargon used in the insurance world. Glossary of terms general insurance prepared by david forfar, ma, ffa with the assistance of david raymont, librarian of institute of actuaries, london. A method of reporting shipments to an insurance company under an open insurance policy an insurance form similar to a declaration, which provides for insurance coverage of multiple shipments within a prescribed reporting period, usually a month the bordereau is generally not used is cases where evidence of insurance must be supplied to a customer, to banks or other third parties.
Event which causes a loss of extraordinary magnitude, such as a hurricane or tornado. These glossary terms and definitionsare intended to be educational and may be different from the terms and definitions in your plan. Insurance glossary understanding common insurance terms. Reinsurance the practice whereby one party called the reinsurer in consideration of a premium paid to him agrees to indemnify another party, called the reinsured, for part or all of the liability assumed by the latter party under a policy or policies of insurance which it has issued. Limit of indemnity the maximum sum payable under a contract of indemnity. Not all concepts or coverages identified in this list are found at chapman university.
A report provided by a reinsured company or a cedent detailing the losses or premiums affected by reinsurance. As a prospective insurance customer, some terms used by the insurance industry can be confusing. Insurance a memorandum or invoice prepared for a company by an underwriter, containing a list of reinsured risks c20. Please refer to your policy or certificate of insurance for exact definitions of terms and coverage provisions. Agent the insurance company representative who sells policies on behalf of the insurer. General insurance terminologies starting with b we have covered you for all the insurance words such as balance agents, balances aeging of, balances coinsurance etc.
Actual cash value the current market value of lost or damaged property at the time of a covered loss. An individual plan can cover you andor any of your eligible family members. Definitions provided by insurance bureau of canada are indicated with an asterisk. Reinsurance contract s are entered into between insurance or reinsurance companies, whereas insurance contracts are created betw een insurance companies and individuals or non insurance firms. Bordereau definition of bordereau by merriamwebster. A flood, earthquake or other non preventable accident resulting from natural causes that occur without any human intervention. Below are some commonly used insurance terms and their meanings. This report is periodically furnished to a reinsurer by the ceding insurers or reinsurers. Property insurance provides coverage for property that is stolen, damaged, or destroyed by a covered peril.
Glossary of reinsurance terminology term definition accident year. Captive insurance company a reinsurance company, often located offshore, which is owned by a corporation or association and provides reinsurance of direct insurance written to insure the corporation or the associations members. Bordereau definition is a detailed note or memorandum of account. Today, insurance companies all over the world use a bordereau to illustrate certain transactions or aspects of its policies or insurance premiums to its reinsurer. It presumes that, since the ceding company knows more about the risks that it has passed on to the reinsurer, it is responsible for periodically updating the reinsurer about its financial status losses made, premiums paid and other pertinent information. Glossary of insurance terms actuary a professional trained in the mathematics of insurance and risk management, including the calculations of premiums, policy reserves and other values. Bordereau a report or list, furnished to the reinsurer by the ceding company, detailing. Wider cover than given under a normal property insurance policy. Apr 03, 2020 today, insurance companies all over the world use a bordereau to illustrate certain transactions or aspects of its policies or insurance premiums to its reinsurer.
The term property insurance includes many lines of available insurance. The language of insurance can be quite complex and confusing. The insurance council of australia, as a response to the needs of the insurance industry and with the assistance of the insurance enquiries and complaints ltd. An independent agent represents more than one company. The transaction between two insurance companies in which one insurance company issue an insurance contract for an other company is called reinsurance or reassurance in life insurance. May 25, 2017 bordereau plural bordereaux a detailed statement, especially one containing a detailed listing of documents or accounts. Glossary of commercial insurance terms commercial insurance is divided into two main categories. Iec, developed the general insurance code of practice the code. The code is a selfregulatory form of regulation, that is, the insurance industry, not the government, is. Dictionary of insurance terms a absolute liability.
Bordereau definition of bordereau by the free dictionary. Title insurance provides coverage for losses that occur when a land title is not free and clear of defects e. Use this glossary of insurance definitions to better understand insurance. Since 1977, cicr has been educating captive practitioners on diverse captive topics such as fronting and reinsurance, collateral pressures and options, tax, legal matters and claims, domicile challenges and issues, regulatory developments, and so forth. Thank you for choosing to learn more about residential title insurance. Bordereau a report providing premium or loss data with respect to identified specific risks. Bordereau are commonly produced on a monthly or quarterly basis. Insurance terms glossary learn the meanings of insurance. Glossary of risk management terms this is a comprehensive. Pool or insurer that places reinsurance of its original risk with a reinsurance company. Our insurance terms glossary is divided alphabetically by insurance terms in a quick reference guide to assist understanding the language commonly used by insurance companies. Commonly used in reinsurance practice for periodical statements of. Stated another way, reinsurance essentially is an extension of the theory of insurance itself.
The different types of properties or insurable interest, e. A list of premiums payable and claims paid or due which is prepared by a coverholder for a managing agent or by a reassured for its reinsurer. The contents of the bordereau report depend on whether it is outlining. In a wider context casualty insurance may cover all nonlife insurances. Glossary on general insurance terms a to z a policy coverage payment reimbursement of the following expenses visit to the doctor, medical surgeries, medicines and so on. That is, the bordereau lists the risks for which the company has itself purchased insurance policies. An event or occurrence which is unforeseen and unintended. Bordereau definition and meaning collins english dictionary. Glossary of health coverage and medical terms page 1 of 4 this glossary has many commonly used terms, but isnt a full list. If you have any questions about the use or meaning of a term or expression in any particular product or literature, you. Limit maximum amount a policy will pay either overall or under a particular coverage.
That is, the bordereau lists the risks for which the. Liability for damages even though fault or negligence cannot be proven. Passing of reinsurance from an insurer or a pool to a reinsurer under a reinsurance contract. In fire insurance, the physical units of property at risk instead of perils or hazards. A detailed statement provided by a reinsured company to a reinsurance company.
These general definitions are provided for educational purposes. Some national ports are subject to preregistration of the shipment. Glossary of health coverage and medical terms this glossary defines many commonly used terms, butisnt a full list. With reference to estate tax, it refers to the the sum total value of the decedents assets plus additions, less the total. Evidence of insurance that a specific entity or property is covered by insurance. For example, the value of a threeyearold car is based on the value of similar threeyearold cars selling on a used car lot. It consists of business processes, product models, development frameworks, information models, data models, and capability models which help organizations to run, develop, modify, and maintain various insurance industry applications. An life insurance policy whereby the policyholder has the right to change any of the following parameters premium amount, premium frequency, policy term, death benefit. Generally, the direct insurer must first pay a loss and then seek reimbursement for that loss from its reinsurer. Insurance terms used in the area of residential title insurance. Glossary of common insurance terms from liberty mutual.
Readers are invited to contact fao with comments and suggestions which could be incorporated in any future edition of this publication. Most of the definitions below are provided courtesy of the insurance institute of canada. A health insurance policy you buy directly from a health insurance company or broker rather than through an employer. The reinsured may be referred to as the original or primary. The acord reference architecture provides an enterprise architecture framework for the insurance industry. For instance, it may list insurance premiums or losses that reinsurance affects in some way. Glossary of insurance terms the az for insurance practitioners terms generally associated with reinsurance ab initio a term used to describe avoidance of a contract from its inception or its beginning. Insurance companies usually use these documents in the context of pro rata reinsurance agreements. Liability insurance insurance to cover the legal liability of the insured to the extent of such liability but subject to any limitations expressed in the policy. Bordereaux definition of bordereaux by the free dictionary. In order to make a well informed decision regarding your insurance needs, we have included this list of basic insurance terms and definitions for your convenience. Bordereau there are two types of bordereau, one for premiums and one showing details of losses. Get the definition of bordereau and understand what bordereau means in insurance.
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