The amount reserved upon looks of record to provide for the retirement or replacement of an assets.
Tag: RAW
Book of business
A book totaling all insurance written by a company or agent.
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MEDICAL,USA: Insurance payer’s list of clients and managed care and private insurance contracts.
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The accounts written by an agent or company. It can be expressed in a number of ways such as total book of business, book of auto business, or homeowners business.
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US: the number, size and type of accounts (policyholders) that an agent “owns.”
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UK: Total of policies that an insurance company or agent has in force in a specific line for its business as a whole.
Book reserve scheme
A pension scheme under which the employer is responsible for the payment of the benefits that are financed by a provision in the employer’s accounts.
Book Slip
A Broker’s Slip, comprising a number of pages in which periodic accounting details and/or endorsements can be entered, thereby maintaining a record of items taken down and/or noted.
Book Value
Refers to the value of assets as shown in the official accounting records of the company.
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The cash value of the company’s assets as listed on the company’s accounting records.
Bookkeeping
Process used for posting (recording), summarizing, and allocating all business transactions to show a company’s income and expense by analyzing and verifying posted entries. The purpose is for collecting amounts due and reporting the financial condition of the business at a future date.
Boot
Consideration for a tax-free transfer of property; usually money or other property.
BOP (Businessowners policy)
See: Businessowners policy.
Bordereau
(plural Bordereaux) – A written schedule of insureds, premiums, and losses submitted to reinsurers under certain types of reinsurance agreements. See Facultative automatic.
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REINSURANCE: A report provided periodically by the Ceding Company detailing the reinsurance premiums and/or reinsurance losses and other pertinent information with respect to specific risks ceded under the reinsurance agreement. This report typically includes the insured’s name, premium basis, policy term, type of coverage, premium and the policy limit. Alternatively, a bordereau could also be the mechanism by which the Ceding Company details losses or claims, include insured, claimant, date of loss, description of loss, and financials.
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UK: information submitted by a cedant to a reinsurer giving details of individual risks insured under a reinsurance treaty.
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Refer: “Reinsurance, Bordereau: (Plural Bordereaux).”
Bordereau : (Plural Bordereaux)
A tabular statement of risk, premiums and/or losses supplied by a Ceding office to a Reinsurer under the contract.