Basics
A reinsurance contract typically lasts this long
what is a year
This is the maximum amount the reinsurer will pay
what is the limit
In a 60% quota share, the reinsurer pays this percent of any claims
what is 60%
This is the environment used to test movements without really producing
what is UserFam or Training
This process refers to the continuation of a reinsurance agreement into a new period
what is a renewal
The primary insurer is also known as this
what is the ceding company
This layer of protection comes after the first excess is exhausted
what is the 2nd layer
This is often paid by reinsurers to the cedent
what is the ceding commission
Which menu would you go to on order to input an initial claim
what is claims processing/claims enquiry/new claim reference
E&O stands for this
What are errors and omissions
Guy Carp is known as this
what is a reinsurance broker
This is a line of business that typically refers to weather occurences
What is a catastrophe
QS can be written as a gross or (blank) basis
what is net
This button will allow you to go from business in the Americas to business in Canada
what is switch user
Which doc in the revenue drive will show most of the pertinent info needed for a renewal
what is the authorization and binding sheet
This is the risk amount accepted by the ceding company
what is a retention
Reinsurers often charge this percentage to accept additional coverage
what is reinstatement premium
when transferring a portfolio, this amount is the total premium of the expired portion
what is earned premium
What does it mean if a risk starts with the letter "U"
what is US business
This clause sets a deadline on when claims can be reported under a reinsurance contract
what is a sunset clause
This reinsurance structure combines the reinsurer’s total annual exposure
what is an aggregate
What do ECO and XPL stand for
what are extra-contractual obligations and excess of policy limits
These are the two figures you need to calculate the reinsurance premium
what is the written premium and the QS percentage
what is potential line
These are the two types of reinsurance
what are facultative and treaty