Definition and meaning of Syndicate business plan :

A plan of the underwriting of a given syndicate for a given year of account that is prepared by the managing agent of a syndicate and submitted to LloydÕs for approval in advance of the commencement of underwriting for that year of account.

(Source Lloyd's )

Also see these pages: Syndicate business plan , Insurance, Insurance Sitemap, Insurance Dictionary - S

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Definition and meaning of Syndicate number :

The unique identifying number has been assigned to a syndicate by the Council of LloydÕs

(Source Lloyd's )

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Definition and meaning of Syndicate :

A single corporate member or a group of members to which a unique identifying number has been assigned by the Council of LloydÕs and which underwrites insurance and/or reinsurance at LloydÕs through the agency of a managing agent.

 The constitution of a syndicate may vary from year either in terms of the number of its members or the levels of their respective participation in it.

(Source Lloyd's )

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Definition and meaning of Surrender :

The termination of a life insurance policy while the life assured is still alive in return for a cash sum.

(Source Lloyd's )

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Definition and meaning of Surplus lines insurance :

These are insurance risks that have been certified by a local broker has having been declined by a prescribed number (usually three or four) of licensed insurers in a given state in the United States of America and which therefore be underwritten as Òsurplus linesÓ.

(Source Lloyd's )

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Definition and meaning of Surplus lines insurer :

An insurer that underwrites surplus lines insurance in the USA. LloydÕs underwriters are surplus lines insurers in all jurisdictions of the USA except Kentucky and the US Virgin Islands.

(Source Lloyd's )

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Definition and meaning of Surplus treaty or surplus lines treaty :

A type of reinsurance under which bands of cover known as lines are granted above a given retention which is referred to as the cedantÕs line. Each line is of equivalent size and the capacity of the treaty is expressed as a multiple of the cedantÕs line so that with a retention of £2 million, a three line treaty would provide reinsurance cover of £6 million (£2 million X 3) excess of £2 million. The reinsurer receives an equivalent proportion of the full risk premium.

 A surplus treaty is a form of proportional reinsurance.

(Source Lloyd's )

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Definition and meaning of Syndicate pseudonym :

A series of letters used to identify a syndicate which together with its number are contained in the underwriting stamp of the syndicate.

(Source Lloyd's )

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Definition and meaning of Syndicate reinsurance :

The reinsurance of a syndicate by one or more reinsurers. Such reinsurance can only be arranged by a LloydÕs broker.

(Source Lloyd's )

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Definition and meaning of Third party liability :

The liability that an insured has to a third party.

(Source Lloyd's )

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Definition and meaning of Total loss :

Where the subject matter of an insurance is lost, destroyed or damaged beyond repair.

(Source Lloyd's )

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Definition and meaning of Treaty :

A reinsurance contract under which the reassured agrees to offer and the reinsurer agrees to accept all risks of certain size within a defined class.

(Source Lloyd's )

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Definition and meaning of Unaligned member :

A member that is either (a) not affiliated to the managing agent of a particular syndicate; or (b) not affiliated to any managing agent.

(Source Lloyd's )

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Definition and meaning of Third party :

Someone other than the insured or his insurer who has suffered injury or loss.

(Source Lloyd's )

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Definition and meaning of Term life insurance :

A life insurance policy that pays the sum insured only if the life assured dies within the period of the policy which is for a fixed period.

(Source Lloyd's )

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Definition and meaning of Syndicate stamp :

This term may refer to Ð

 (a) a document which lists the names of the members of a syndicate for a given year of account and the amount of each memberÕs overall premium limit that is allocated to that syndicate;

 (b)the syndicate allocated capacity of a syndicate; or

 (c)the underwriting stamp of a syndicate.

(Source Lloyd's )

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Definition and meaning of Tenderer :

A member that seeks to sell some or all of his underwriting capacity in a capacity auction.

(Source Lloyd's )

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Definition and meaning of Terms of business agreement, TOBA :

Each LloydÕs broker that wishes to do business with a managing agent must enter into an agreement with the managing agent which records the general terms and conditions on which business will be conducted between them.

(Source Lloyd's )

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Definition and meaning of accident and health combined ratio :

accident and health combined ratio: The sum of the accident and health loss ratio and the accident and health expense ratio.

(Source: Bank of America )

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Definition and meaning of accident and health expense ratio :

accident and health expense ratio: The ratio of accident and health expenses incurred (general expenses, commissions, taxes, licenses, and fees) to premiums earned.

(Source: Bank of America )

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Definition and meaning of alternate settlement option :

alternate settlement option: An option a mortgage insurer can exercise in settling a claim in which it pays the entire amount of the claim, including applicable legal, foreclosure, and repossession expenses, generally before the home goes to foreclosure. The insurer exercising this option has no possibility of recovery even if the subsequent sale of the home yields proceeds in excess of the exposure of the lender or investor.

(Source: Bank of America )

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Definition and meaning of ambulatory care :

ambulatory care: Medical services provided on an outpatient (non-hospitalized) basis. Services may include diagnosis, treatment, surgery, and rehabilitation.

(Source: Bank of America )

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