A form of combined reinsurance which provides that in consideration of a premium, which is a fixed percentage of the ceding company’s subject premium on the business covered, the reinsurer will indemnify the ceding company for the amount of loss of each risk in excess of a specified retention and subject to a specified limit and after deducting the excess recoveries on each risk, the reinsurer will indemnify the ceding company against a fixed quote share percent of all remaining losses.
Tag: RAW
Combination Plans, Reinsurance
Refer: “Reinsurance, Combination Plans.”
Combination Policy
A policy made up of the contracts of two or more insurers in which each provides a different kind of insurance.
Combination policy (Vehicle Insurance)
A type of policy that is no longer popular; made up of multiple contracts written by multiple insurers.
Combination program
Combination of state, employer self-insured, and commercial workers’ compensation programs.
Combination resume
Datasheet that combines specific dates or work experience with educational skills.
Combination Vessels
Container/Break bulk vessel – this type of ship accommodates both container and break-bulk cargo. It can be either self-sustaining or non-self-sustaining.
Combined Claim
A claim under an environmental impairment liability insurance which relates partly to insured and partly to excluded losses.
Combined Code on Corporate Governance
Re-published in 2003 following the Higgs Report and the Smith Guidance on Audit Committees. The Code raises corporate governance standards for listed companies, and incorporates the Turnbull report on internal control, the Smith guidance and good practice guidance from Higgs. Directors should at least annually conduct a review of the effectiveness of all internal controls including financial, operational, compliance and risk management. The FSA’s Listing Rules underpin the Code by obliging companies to state in their annual reports how they have applied the principles of the Code (www.frc.org.uk).
Combined Company Policy
A Policy issued on behalf a number of insurance companies, each insuring a portion of the risk.