The risk that a counterparty to a transaction will not pay when the triggering event occurs. The risk in the case of catastrophe bonds is low. The proceeds of the bond are invested in safe securities such as US Treasury Bonds and held in trust by the bankruptcy-remote SPV or a special trust. If the triggering event occurs the insurer is permitted to withdraw funds from the trust. In return the investors receive the one-year Treasury bill rate plus a premium rate.
Tag: RAW
Countersignature
A licensed insurance agent or representative’s signature on a policy.
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A property/casualty insurance contract is not valid until it is signed by an agent or representative of the insurance company issuing the contract. The agent or representative signing the policy must be licensed in the state where the contract is effective.For example, if an agent is licensed only in Tennessee and has an insured who operates in Tennessee and Kentucky, the agent must find an agent or company representative licensed in Kentucky to countersign the policy covering the Kentucky operations. (See Agent of Record).
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An authorized signature of agent or company representative on an insurance policy. Usually pertains to policies sold by an agent of the insurer located in another state.
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MEDICAL,USA: Signature of a licensed insurance agent or representative on an insurance policy that is necessary to validate or authenticate the contract or document that has been signed by another person.
Countersignature law (Legal Terminology)
The state law mandating a signature by the representative of the insurer on any insurance contract in that state.
Countertrade
Reciprocal trading arrangement which includes a variety of transactions involving two or more parties.
Countervailing Duties
Special duties imposed on imports to offset the benefits of subsidies to producers of exporters of the exporting country.
Country damage
Damage to baled or bagged cargo (e.g. cotton, coffee) caused by dirt, mud, excessive moisture from damp ground or weather, etc., occurring before the goods are actually shipped.
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Cotton in bales (fully pressed) may be damaged by sand, grit, mud, oils, rain etc. When these bales are rolled from place to place in course of normal handling such damage may also arise from exposure to weather when baled cotton is stacked in the open awaiting shipment. This type of damage is known as country damage.
Country Damage for Damages in Transit
Cotton in hales (fully pressed) may be damaged by sand, grit, mud, oil, rain etc, when these heavy bales are rolled from place to place in course of normal handling. Such damage may also arise from exposure to weather when bated cotton is stacked in the open awaiting shipment. Defective conditions of sheds, inefficient bailing or long periods of open storage are also the principal causes of country damage.
Country risks
Another term for political risks insured under export credit insurance.
Countrywide rates
A listing of rates and minimum premiums for each major division in the Commercial Lines Manual.
Countrywide rules
A listing of rules and rating factors for each major division in the Commercial Lines Manual.