Physical damage to, destruction of, or loss of use of property.

Covers losses that have not yet occurred, that may never occur and those losses that occur after the effective date of the contract.

A type of rent-a-captive which is permitted by legislation to legally separate the assets and liabilities of insureds as opposed to contractual separation or no

As related to property, the safeguards, equipment and measures provided by the building owner or occupant to minimize hazards.

An independent adjuster who represents policyholders in the adjustment of their losses with insurers for a fee.

Damages in excess of those required to compensate the plaintiff for the wrong done. Punitive damages, also called exemplary damages, are imposed to punish the

Ratio of the losses incurred in a given period to the earned premium for that period.

Chance of loss or no loss; no chance of gain.

Acronym for Quarter to Date

Defined by the IRS Code Section 213 and include expenses for the diagnosis, cure, mitigation, treatment or prevention of disease, obtained from medical providers and

Concerning the income taxation of contributions, plans that cannot discriminate and must comply with specific IRS codes and regulations. Contributions are deductible from income taxes

An insurance plan subject to state regulation, such as self-insured workers compensation plans or self-insured automobile liability plans, in which regulatory oversight is needed to

The “what” analysis; identification and assessment of loss exposures that cannot be easily measured by traditional statistical or financial methods; helps management understand the potential

The “how much” analysis; attempts to accurately measure risks by using acceptable traditional methodologies to calculate relative numerical values.

A liquidity ratio that measures the organizations ability to pay bills over the short term; the remainder of current assets less inventory divided by current

Latin for “this for that,” or “one thing for another.” In contract law, it refers to the legal consideration of values required by both parties

The primary insurer or ceding company cedes (sells) a portion of every exposure it insures within a class or classes subject to the treaty. Both

The difference between the largest and smallest values.

The manner in which a life insurance premium is determined, based upon the individual’s health condition, family history, occupation, hobbies and other factors specific to

Land and most things attached to the land, such as buildings and vegetation.

A group of individuals or organizations, called subscribers, who join together into an association for the purpose of insuring one another.

A repetitive sickness or injury that is a continuation of a prior covered sickness or injury.

Act of abstaining from a discussion or decision because of a conflict of interest or the appearance of a conflict of interest.

The use of any one method or a combination of methods to reduce loss frequency or loss severity.

Changing a contract to reflect true intentions.