General insurance

General insurance

For general insurance terms which do not fit under any other category.

Industry: Insurance

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General insurance

Reinsurance Risk

Insurance; General insurance

Reinsurance risk refers to the inability of the ceding company or the primary insurer to obtain insurance from a reinsurer at the right time and at an appropriate cost. Definition: Reinsurance ...

Mitigation

Insurance; General insurance

Definition: Mitigation means reducing risk of loss from the occurrence of any undesirable event. This is an important element for any insurance business so as to avoid unnecessary losses. ...

New Business Premium

Insurance; General insurance

New business premium is the premium acquired from new policies for a particular year. Definition: New business premium is the premium acquired from new policies for a particular year. Descriptio ...

Paid Up Policy

Insurance; General insurance

Life insurance policies usually last the insured's lifetime, but some policies can be paid up completely till a specified age. Definition: Life insurance policies usually last the insured's ...

Premium

Insurance; General insurance

Premium is an amount paid periodically to the insurer by the insured for covering his risk. Definition: Premium is an amount paid periodically to the insurer by the insured for covering his ...

Definition: It is a process whereby one entity (the reinsurer) takes on all or part of the risk covered under a policy issued by an insurance company in consideration of a premium payment. In other ...

Premium Paying Term

Insurance; General insurance

Premium paying term is the total number of years for the policy holder to pay the premium. Definition: Premium paying term is the total number of years for the policy holder to pay the ...