The non-technical account is an account made up from the balance on the technical account plus the balance of the investment income and gains not included in the technical account, plus profits on any other activities less tax, dividends and any other charges.

A member of Lloyd’s who is not empowered to underwrite, e.g., a retired underwriter.

A contract of Insurance in terms of which the Insurance Company agrees to pay the actual cash value of property destroyed within the limits of the Policy.

An F.M.C. registered cargo consolidator of small shipments in ocean trade, generally soliciting business and arranging for or performing containerization functions at the port. These carriers issue their own bill of lading referred to as a house bill of lading.

Assent by the insured that investigation and determination of the value of a claim by the Insurer does not constitute an admission that the Insurer agrees to pay the loss or claim. Also known as a “reservation of rights notice.”

An act, effective July 21, 2011, that established a single-state compliance requirement where brokers are only required to comply with the regulations of the insured’s home state, and introduced provisions to increase consistency in the market.

US: An asset that may be accounted for in an insurance company’s balance sheet but not allowed to be counted for purposes of calculating statutory capital or compliance with solvency ratios.
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Assets not qualified to be listed on the insurance statements because they do not meet state requirements. These can include furniture or fixtures.
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Assets that are not included on the balance sheet, including furniture, fixtures, past-due accounts receivable, and agents’ debt balances. See Assets.

Insurance written by an insurance company not licensed to do business in a certain state or country. In U.S. jurisdictions, such insurers can nevertheless write coverage through an excess and surplus lines broker licensed in that jurisdiction.