Aggregate First Loss Credit Insurance Definition

However, if the prepayment is a result of death or any other lump sum consumer credit insurance payment, no refund shall be required for the coverage under which the lump sum was paid. (a) any partial insurance benefit advanced by the company pursuant to section 7.1 (loss mitigation);

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Chapter 7 premium foundations | loss data analytics is an interactive, online, freely available text.

Aggregate first loss credit insurance definition. Insurance (insur) abbreviation, an arrangement where one party provides financial protection to another party for specific damages or losses. Excluding the companys second catastrophe excess of loss and aggregate reinsurance contract, effective june 1. Form of excess of loss reinsurance which indemnifies the reinsured against the amount by which incurred losses in the aggregate exceed a stated monetary deductible in the aggregate during the period of the contract.

Annual aggregate first loss is a limit set within a policy up to which accumulated qualifying losses are not payable by the insurer. Debt shall be terminated and an appropriate refund of the consumer credit insurance premium shall be paid or credited to the debtor in accordance with section 9. This amount is much smaller than the general sum insured.

However, its not just about risk transfer. Aggregate loss means, at any given time, the total of all insurance benefits paid by the company under this policy, including: Aggregate first loss deductible by the insured percentage specified in the special terms, or any lower insured percentage specified in the applicable permitted limit endorsement.

The reinsurer shall be liable in respect of the first loss occurrence, chronologically, for the ultimate net loss over and above an ultimate net loss of $9,000,000, subject to a limit of liability to the reinsurer of $60,000,000. Indemnity definition, an arrangement where one party assumes liability for another party. Based on 10 years of experience, the author explores key terms and concepts associated with p&c reinsurance.

(b) any other partial insurance benefit paid by the company; After several family members have paid deductible expenses, the combined total of. If your customers fail to pay, the insurance kicks in to ensure your business is not left with a cash flow problem.

Definition attachment point the point at which excess insurance or reinsurance limits apply. Credit insurance primarily protects your business from the impact of bad debts or customer insolvency. Excess of loss a policy that covers for exceptional losses over and above the normal level of bad debt by setting an aggregate first loss for the whole policy period.

Once the insured has paid losses up to that amount, the insurer pays the remainder of losses for the annual period without seeking reimbursement from the insured. The definition of insurable collection costs under section e of the general terms. An important aspect that the broker needs to evaluate when analyzing a large deductible plan is the aggregate stop loss limit.

It is sometimes referred to as a catastrophe policy aiming to secure the policyholder against the failure to pay of major buyers. Credit insurance also facilitates growth. And (c) any insurance benefit.

But all of the terminology and most of the details are totally different. This is the attachment point at which excess reinsurance limits would apply. The aggregate stop loss limit is the total amount that the insured.

Reinsurance for property and casualty insurance follows the same general principles as life and annuity reinsurance. Aggregate excess of loss reinsurance or excess of loss ratio reinsurance) a form of reinsurance where the reinsurer indemnifies the ceding company for the amount by which the ceding companys aggregate losses of a specified class of business exceed a specified loss ratio or a specified dollar amount; The insurer is only liable for qualifying losses once the aggregate first loss is exceeded.

Used primarily in classes of insurance with wide fluctuation in For example, a captive's retention may be $250,000; Stop loss insurance definition, a low premium, high deductible insurance policy with an upper limit on coverage.

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