A real-life example of reinsurance is the case of insurers who insure the homes or businesses of individuals living near hurricane-prone areas such as Florida. The insurer, who stands to lose an extreme amount of money if a hurricane strike, accepts a reinsurance deal with a third party who...
The more often a kind of accident occurs, the easier it is to guess its chance of happening and the easier it is to price insurance coverage. 1 Tragedies in the world can be sort to different classifications. Those defined as “high frequency” events are somewhat easier to guess its ...
Adjusted net incomeis defined as GAAP net income, excluding the after-tax effects of net realized gains or losses from our investment portfolio, periodic costs incurred in connection with capital markets transactions, and other infrequent, unusual or non-operating items in the periods in whi...
The “occurrence” in a disease clause is defined as a disease occurring within a 25-mile radius of the single insured premises. The Court explained that it is only cases of illness within the radius specified in the clause that are covered. All of the other sub-clauses of the BI extensi...
Pursuant to the Law, an insurance contract is defined as an agreement in which an applicant and an insurer set out their respective rights and obligations under the insurance policy. The term 'applicant' refers to the party that concludes the insurance contract with the insurer, and who must ...
Reinsurance Agreements shall include, but not be limited to, any agreement, contract, treaty, certificate or other arrangement that is treated as such by the applicable Department. reinsurance undertaking means reinsurance undertaking as defined in point (4) of Article 13 of Directive 2009/138/EC;...
It is shown that the exchange of risks between insurance companies can be formulated as a n -person cooperative game without transferable utilities. The determination of an "optimal reinsurance treaty" is then shown to coincide with the computation of the value of the corresponding game. A ...
“whether a party waived a contractual right to arbitrate is decided by the same standard as waiver of any other contractual right” and that “there are no arbitration-specific variants of federal procedural rules, like those concerning waiver, based on the Federal Arbitration Act’s policy ...
insurance, annuity, reinsurance or retrocession policies, agreements, contracts, treaties, certificates or similar arrangements. Reinsurance Agreements shall include, but not be limited to, any agreement, contract, treaty, certificate or other arrangement that is treated as such by the applicable ...
Pawn transactionmeans the same as that term is defined in Section 13-32a-102. Closing Date Transactionsmeans, collectively (a) the funding of the Loans on the Closing Date and the execution and delivery of Loan Documents to be entered into on the Closing Date, (b) the Debt Proceeds Transfe...