Numbers
AON MEANS THIS IN GAELIC
One
IN THE EVENT OF THE COMPANY’S INSOLVENCY, THE REINSURER WILL STILL PAY ITS FULL SHARE OF A LOSS EVEN IF THE COMPANY OR LIQUIDATOR WILL NOT BE PAYING THE FULL AMOUNT DUE TO THE POLICYHOLDER, WHICH MEANS THAT THE REINSURER IS PAYING WITHOUT THIS
Diminution
AON IS A LONG-STANDING MEMBER OF BRMA, WHICH STANDS FOR THIS
Brokers & Reinsurance Markets Association
THIS ORGANIZATION ASSIGNS CATASTROPHE EVENTS A SERIAL NUMBER AND PROVIDES REGULAR INDEPENDENT INDUSTRY LOSS ESTIMATES FOR THE CATASTROPHE
PCS (Property Claim Services)
THE TERRORISM RISK INSURANCE PROGRAM REAUTHORIZATION ACT (TRIPRA) IS CURRENTLY SET TO EXPIRE ON THIS DATE
December 31, 2027
SOME TERRITORY ARTICLES INCLUDE THE “UNITED STATES OF AMERICA, ITS TERRITORIES OR POSSESSIONS, PUERTO RICO AND THE DISTRICT OF COLUMBIA.” TRUE OR FALSE: SIMILAR TO U.S. TERRITORIES, U.S. POSSESSIONS HAVE THEIR OWN GOVERNMENT AND TAX SYSTEMS.
False
THIS IS THE STANDARD BROKERAGE RATE PERCENTAGE ON EXCESS CONTRACTS (EXCLUDING BROKERAGE ON REINSTATEMENT PREMIUM)
10
THIS IS A GENERAL TERM FOR THE TYPE OF BOMBS THAT ARE NOT WEAPONS OF MASS DESTRUCTION
Conventional
SANCTIONS ARE ENFORCED BY AN AGENCY IN THE U.S. TREASURY DEPARTMENT CALLED OFAC, WHICH STANDS FOR THIS
Office of Foreign Assets Control
THE ARBITRATION ARTICLE MAY STIPULATE THAT THIS ORGANIZATION, COMMONLY REFERRED TO BY A 5-LETTER ACRONYM, WOULD CHOOSE THE UMPIRE IF THE ARBITERS ARE NOT ABLE TO AGREE ON AN UMPIRE
ARIAS
THIS IS THE YEAR THE FUKUSHIMA EARTHQUAKE TOOK PLACE IN JAPAN, WHICH KILLED MORE THAN 19,000 PEOPLE, AND LED TO INTERNATIONAL SUPPLY CHAIN ISSUES PLUS A MAJOR NUCLEAR ACCIDENT
2011
THIS COUNTRY, WHICH IS THE SECOND SMALLEST COUNTRY IN THE WORLD IN TERMS OF AREA, IS HOME TO THE MONTE CARLO RENDEZVOUS, WHICH IS THE LARGEST REINSURANCE EVENT IN THE WORLD
Monaco
CURRENTLY, THIS MANY REINSURANCE BROKERS HAVE LARGER WORLDWIDE ANNUAL REVENUE THAN HOWDEN RE
3
ALSO KNOWN AS AN “APPEAL” BOND, THIS TYPE OF BOND ENSURES THAT THE ORIGINAL JUDGMENT AMOUNT WILL BE PAID IF THE APPEAL IS UNSUCCESSFUL
Supersedeas
NMA STANDS FOR THIS, AN ORGANIZATION REPRESENTING INSURANCE AND REINSURANCE INTERESTS WHICH SOMETIMES DRAFTS CLAUSES
Non-Marine Association
A CLAIMS-MADE POLICY MAY INCLUDE THIS, WHICH IS DEFINED AS A FINITE WINDOW OF TIME BEYOND THE END OF A CLAIMS-MADE POLICY DURING WHICH THE INSURED MAY REPORT CLAIMS TO THE INSURER
ERPs (Extended Reporting Periods)
GREG CASE WAS BORN IN THIS YEAR
1963
ALTHOUGH THE UNITED STATES AND THE EUROPEAN UNION LIFTED CERTAIN TRADE RESTRICTIONS WITH THIS COUNTRY IN 2016 IN LIGHT OF THE COUNTRY’S COMPLIANCE WITH ITS NUCLEAR PROGRAM OBLIGATIONS UNDER THE JOINT COMPREHENSIVE PLAN OF ACTION, THIS COUNTRY IS STILL SEVERELY SANCTIONED
Iran
WHILE NUCLEAR VERDICTS IN THE U.S. ARE CONSIDERED TO BE $10,000,000 OR MORE, THIS IS CONSIDERED TO BE THE DOLLAR THRESHOLD FOR A “THERMONUCLEAR VERDICT”
$100,000,000
UNLIKE CYBERWARFARE, THIS TYPE OF WARFARE THAT STARTS WITH A “K” USES TRADITIONAL WEAPONS AND EXPLOSIVES TO INFLICT PHYSICAL DAMAGE ON THE OPPONENT
Kinetic
SIMILAR TO A LOSS PORTFOLIO TRANSFER (LPT) REINSURANCE CONTRACT, THIS KIND OF REINSURANCE CONTRACT (SHORTENED TO ADC) PROVIDES RETROACTIVE COVERAGE TO AN INSURANCE COMPANY FOR POLICIES WRITTEN IN THE PAST
Adverse development cover
THESE TYPES OF PARAMETRIC REINSURANCE CONTRACTS INVOLVE THE COMPANY BEING PAID BASED ON THE CATASTROPHE LOSS INCURRED BY THE INSURANCE INDUSTRY AS A WHOLE RATHER THAN THE COMPANY’S INCURRED LOSS
ILW (Industry Loss Warranty)
ALTHOUGH NOT ALWAYS RELEVANT SINCE RJR STATUS BECAME AVAILABLE, SOME RESERVES/FUNDING ARTICLES STATE THAT ANY REINSURER WHO BECAME “AUTHORIZED, TRUSTEED, ACCEPTED, APPROVED OR QUALIFIED” IN THE RELEVANT JURISDICTION BEFORE JANUARY 1 OF THIS YEAR MAY PROVIDE FUNDING VIA A MULTI-BENEFICIARY TRUST IN ORDER TO EXEMPT HANNOVER, LLOYD’S AND ASPEN FROM HAVING TO FUND VIA A SINGLE-BENEFICIARY TRUST
2010
WITH A POPULATION OF ABOUT 6M PEOPLE, THIS ISLAND COUNTRY IN SOUTHEAST ASIA IS HOME TO AON’S CENTRE FOR INNOVATION AND ANALYTICS AND A NEW CLIMATE INNOVATION HUB AS OF 2023
Singapore
THE U.S. NATIONAL WEATHER SERVICE CLASSIFIES A HURRICANE AS A CATEGORY 5 WHEN THE MILES PER HOUR WIND SPEED IS EQUAL TO OR GREATER THAN THIS NUMBER
157
ONLY DIFFERING BY THEIR FIRST LETTER, THESE TWO TERMS ARE USED TO DESCRIBE TYPES OF FLOODING. THE FIRST, IN ALPHABETICAL ORDER, IS A TYPE OF FLOODING THAT OCCURS WHEN A RIVER, LAKE, OR STREAM OVERFLOWS AND SPILLS ONTO THE SURROUNDING LAND. THE SECOND IS A TYPE OF FLOODING THAT OCCURS WHEN A HEAVY RAINFALL OCCURS INDEPENDENT OF AN OVERFLOWING BODY OF WATER.
Fluvial and pluvial
WHEN DRAFTING REINSURANCE CONTRACTS, ATTENTION NEEDS TO BE PAID AS TO HOW THE ECO AND XPL COVERAGE INTERACTS WITH THE INSURANCE COMPANY’S ICPL POLICY, WHICH STANDS FOR THIS
Insurance Company Professional Liability
THIS PROGRAM IS MANAGED BY FEMA AND EITHER WORKS DIRECTLY WITH PROPERTY OWNERS, OR THROUGH A NETWORK OF OVER 50 INSURANCE COMPANIES, TO PROVIDE PROPERTY OWNERS IN CERTAIN LOCATIONS COVERAGE FOR A CERTAIN PERIL THAT IS NOT COVERED UNDER STANDARD HOMEOWNERS POLICIES IN THE U.S.
NFIP (National Flood Insurance Plan)
GENERAL LIABILITY POLICIES WERE WRITTEN ON AN OCCURRENCE BASIS UNTIL THE INSURANCE SERVICES OFFICE (ISO) BEGAN ALSO ISSUING GL POLICIES ON A CLAIMS-MADE BASIS IN THIS YEAR.
1986
COLLATERALIZED REINSURANCE CONTRACTS ARE OFTEN PLACED WITH REINSURERS IN BERMUDA, GUERNSEY OR THIS ISLAND COUNTRY IN THE MEDITERRANEAN SEA JUST SOUTH OF ITALY
Malta