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Flashcards in Insurance Terms Deck (11)
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1

Reinsurance undertaking

An insurance undertaking whose main purpose is reinsurance activities

2

Reinsurance distribution

The distribution of insurance related to an insurance contract

3

Insurance activities are:

Life insurance, non-life insurance, and reinsurance

4

Insurance distribution

Advising on, proposing, preparing, and entering into insurance contracts and assisting in the administration and performance of such contracts.

5

Reinsurance contract

An insurer has a contractual agreement which transfers a portion of its risk exposure to another insurer.

6

Underwriting

The process of selecting, classifying, and pricing appilcanys for insurance.

7

Insurance

The transfer of a risk to an insurance company, which in turn spreads the cost of unexpected losses to many individuals.

8

Insurance activities

The acceptance of the risk of a policyholder or insured person on the basis of an insurance contract and, upon the occurrence of the insured event, the compensation for damage, payment of agreed sums of money or performance of the contract as otherwise agreed.

9

Insurance undertaking

A company who’s main purpose is insurance activities.

10

Insurance distributor

The insurance undertaking, broker, or agent.

11

Reinsurance activities

Risks transferred to an insurance company are accepted on the basis of a reinsurance contract with the objective to pay the insurance undertaking indemnities in an agreed amount in connection with the insured event specified in an insurance contract.