The Rantings of the barely human.
1. Start of a benefit year for an insured subscriber group; date on which a policy was issued. 2. Date an employee begins a new year of employment. Also called anniversary or policy anniversary.
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The anniversary of the original date of issue of a policy as shown in the declarations.
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US: In policies with a term that exceeds 1 year, the anniversary of the policy inception date. For 1-year policies, this term can also be used to refer to the policy’s renewal date.
This is the date for renewal of a reinsurance contract whether the contract actually expires or is continuous. The date is usually twelve months from the effective date of the contract. In provisions dealing with run off of contracts the anniversary date is that of the underlying policies and not the reinsurance contract.
Brochures, bulletins, memos, and advertisements used to solicit, enroll, and explain an insurance program.
The reporting of syndicate results on a calendar year basis, with profit taking being restricted to earned premiums.
A deductible applied annually to the total amount paid in claims during a policy period. Claims are generally subject to a per-occurrence deductible the aggregate is the limit beyond which no further deductibles are applied.
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UK: A nonproportional reinsurance provision stipulating that the reinsured will retain, in addition to its retention per risk or per occurrence, an annual aggregate amount that would otherwise be recoverable from the reinsurer. The annual aggregate deductible is usually expressed as an amount or a percentage of the reinsured’s subject premium for the period.
The yearly maximum that a policy will cover, regardless of how many claims are made.
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Maximum amount payable under an Insurance Policy for all losses occurring within a particular calendar or fiscal year.
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See: Annual Aggregate Deductible.
accounting for general insurance business whereby a result is determined at the end of the accounting period reflecting the profit or loss from providing insurance cover in that period (compare with fund basis).
An arrangement whereby a contractor pays a premium once a year and in return gets all or a certain number of bid bonds and consents of surety free of charge.
Computation adjustment of 12 months of incurred and paid insurance claims to 12 months of expected incurred insurance claims. See incurred claims and expected incurred claims.
1. All listed companies should conduct an annual review to confirm that the company, through its directors and officers, has followed sound practices in terms of corporate governance. The directors must report on key risks facing the company and state how the risks are controlled or avoided. See TURNBULL REPORT. 2. An annual review is also required of managing and members’ agents at Lloyd’s to demonstrate their commitment to, and achievement of, recognised compliance standards.