The reporting of syndicate results on a calendar year basis, with profit taking being restricted to earned premiums.
Tag: RAW
Annual aggregate deductible
A deductible applied annually to the total amount paid in claims during a policy period. Claims are generally subject to a per-occurrence deductible the aggregate is the limit beyond which no further deductibles are applied.
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UK: A nonproportional reinsurance provision stipulating that the reinsured will retain, in addition to its retention per risk or per occurrence, an annual aggregate amount that would otherwise be recoverable from the reinsurer. The annual aggregate deductible is usually expressed as an amount or a percentage of the reinsured’s subject premium for the period.
Annual aggregate limit
The yearly maximum that a policy will cover, regardless of how many claims are made.
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Maximum amount payable under an Insurance Policy for all losses occurring within a particular calendar or fiscal year.
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See: Annual Aggregate Deductible.
Annual basis
accounting for general insurance business whereby a result is determined at the end of the accounting period reflecting the profit or loss from providing insurance cover in that period (compare with fund basis).
Annual bid bond service
An arrangement whereby a contractor pays a premium once a year and in return gets all or a certain number of bid bonds and consents of surety free of charge.
Annual completion factor
Computation adjustment of 12 months of incurred and paid insurance claims to 12 months of expected incurred insurance claims. See incurred claims and expected incurred claims.
Annual compliance review
1. All listed companies should conduct an annual review to confirm that the company, through its directors and officers, has followed sound practices in terms of corporate governance. The directors must report on key risks facing the company and state how the risks are controlled or avoided. See TURNBULL REPORT. 2. An annual review is also required of managing and members’ agents at Lloyd’s to demonstrate their commitment to, and achievement of, recognised compliance standards.
Annual contractor evaluation report (ACER)
Under the Medicare program, this is a yearly assessment report of a provider who contracts to render medical services to Medicare beneficiaries.
Annual cost of living increase
Social Security benefits and supplemental security income payments increased each year to keep pace with increases in the cost of living (inflation).
Annual deductible
See: deductible.