Making a Reinsurance provision to cover outstanding losses, so that reserves and profit can be released.
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Refer: “Reinsurance, Closing an account”
Tag: RAW
Closing Form
An instruction form completed by a reassured and sent to his broker giving closing details for a risk that the broker has placed on his behalf.
Closing instructions
An advice sent by a broker to an insurer who has taken a line on a slip specifying the actual proportion of risk allocated to the insurer and the actual premium receivable. If a slip is oversubscribed, the broker scales down and apportions the risk pro rata. See SHORT CLOSING.
Closing Particular
Final advice on full particulars of risk for which placement with reinsurer is completed.
Closing slip
See: Closing Instructions.
Cloud on the Title
An outstanding claim or encumbrance which, if valid, would affect or impair the owner’s title; a mortgage or judgment.
CLU
A designation – Chartered Life Underwriter – conferred upon successful completers of a series of studies of life insurance and related disciplines designed by the American College.
Club
Protection and Indemnity association operated on behalf of ship-owners to provide cover for risks not normally covered by hull underwriters.
Club Calls
The contributions that ship owner members of a Protection and Indemnity Club are called on periodically to make to meet the claims paid and expenses incurred by the club.
Clubs
See: MEMBERS’ CLUBS.