Situation that indicates a deteriorating financial condition of a retirement plan that needs to be reported to the Pension Benefit Guaranty Corporation (PBGC).
Insurance Encyclopedia
reported but not incurred (RBNI)
Health plan benefit that is planned, has been reported to the insurance company, but has not yet occurred (e.g., scheduled surgery).
Reported losses
Paid losses plus case reserves. Excludes incurred but not reported (IBNR) losses.
Reporting Contract
An Insurance contract covering stock of goods and often types of property in their actual amounts, these amounts being reported periodically by the insured, and premium based on them. Synonym to declaration Policy.
Reporting excess of loss
Specific ‘working’ excess of loss cover. The reinsured must report’ each and every risk in the account (usually cargo) that exceeds the excess point in the contract. The reinsured pays a premium on the amount of the exposure above the excess point at an agreed rate or percentage of the reinsured original rate.
Reporting Form
A property Insurance form under which the Policy limit is automatically adjusted to equal the value of the property covered.
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A device for insuring values subject to extensive fluctuation that keeps the premium in line with the actual exposure. A maximum limit is set at policy inception and the insured is charged a deposit premium. Actual values are then reported, usually on a monthly basis, and earned premium is figured on the basis of those reports and laid off against the deposit premium.
Reporting form (Property Insurance)
A form used by the insured to send the insurer updates on the value of stocks, furniture, and home improvements. This is most often used by an insured with varying inventory.
Reporting of Injuries, Diseases and Dangerous Occurrences Regulations 1995
Regulations requiring employers and the self-employed to report specified occupational injuries and diseases to the HSE. These include fatal accidents, accidents causing major injuries or more than three days’ absence from work, work-related diseases and dangerous occurrences.
Reports and Remittances Clause
The contract clause that specifies the types, timing and frequency of reports that are due to the reinsurer and usually outlines the format and content of the reports. Stipulates when adjustments and balances (if any) are due to either party.
Representation
A statement of fact or expectation. Representations made as to material facts at the time of the negotiation of the placement, amendment or renewal of cover must be true whereas representations as to a matter of expectation must be made in good faith.
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UK: Statement made by the insured to the insurer before the contract is concluded. If relating to a material fact it must be true. If relating to a matter of expectation or belief it is true if made in good faith. Representations are often converted into warranties by a basis clause at the foot of the proposal form.
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US: Statements made by an applicant in the application, which he represents as being substantially true to the best of his knowledge and belief, but which are not warranted as exact in every detail.
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Statements made by an applicant on the application that he represents as being substantially true to the best of his knowledge and belief but which are not warranted as exact in every detail.
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The acceptance or rejection of an insurance risk and the amount of premium that would be required, is determined by information submitted by the person applying for such insurance. Statements that would normally lead the company to decline the acceptance of a risk, or to charge a much higher rate, are material to the risk and are commonly considered warranties. All other statements, such as the insured’s address, are referred to as mere representations to distinguish them from the more important statements considered to be warranties. The penalty for false information on material facts or warranties may be voiding of the policy.