The sum of after-tax net income and unrealized capital gains, to the man of prior and current year end policyholder surplus, expressed as a percent. This ratio measures a company’s overall after-tax profitability from underwriting and investment activity.

The period within which it is mathematically probable that a natural phenomenon such as an earthquake of given intensity will recur.

An amount, equal to a fraction of the premium, which is given back to the insured in the case of a cancellation, an adjustment to the rate, or an overpayment of an advance premium.
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Portion of the premium returned to an insured as a result of a Policy cancellation, rate adjustment or a calculation that a deposit premium was unnecessarily large.
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UK: Refund to the insured by law (e.g. liquidation of insurer) or by contract. If the risk does not attach the insurer runs no risk and must return the premium. Once the risk has attached the insured is not entitled to any return except under a contractual provision, e.g. adjustable premium, cancellation or laying up of vessels or vehicles.

In the event of the insured vehicle being a TL/CTL the insurer will pay the difference between the claim admissible and the sale invoice price of the vehicle or new replacement value of the same make and model value, whichever is less. The policy will pay in addition the first registration fee and road tax incurred on the insured vehicle. The coverage is subject to the vehicle being not more than 3 years old and the insured being the first registered owner of the vehicle. The IDV of the policy will be as decided by the insurers and value as on the commencement date of the policy. The sum insured will be the maximum liability under the policy. The policy will not pay if the TL/CTL or theft claim is not admissible.

The process by which the company reevaluates policyholders and, as necessary, imposes surcharges, deductibles, or nonrenewal in cases where the policyholder’s claims history or other experience presents a consistent pattern that creates an undue liability risk. The process of reunderwriting may include property inspections, pulling new motor vehicle, or other reports providing current information on the insured.
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Reunderwtriting is the process by which the profitability of a portfolio is managed and the claims that take place are duly examined for identifying the loss exposures and taking necessary correction for implementation.

A term used interchangeably with premium.