Claims paid or expected to be paid by the Reinsured, but which have not yet been included in the Reinsurer’s account.
Tag: RAW
Outstanding losses or claims
The total of losses or claims that have been notified but at a given time are still outstanding and as such are only estimated amounts.
Outstanding premiums
Premiums that are currently due but have not yet been paid.
Outstandings
in Lloyd’s, claims which have been notified to an insurer syndicate by the end of the year, but not yet paid; in general insurance the provision for claims outstanding includes both claims notified but not yet settled, and IBNR. Outstanding claims portfolio
Outwards Reinsurance
Reinsurance ceded by an insurer, as opposed to inwards reinsurance accepted.
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UK: Reinsurance of Lloyd’s syndicates.
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The reinsurance of a syndicate or of an insurance company as distinct from inwards reinsurance.
Over closing
The (impermissible) act by a broker, when closing a placing, or allotting to an underwriter a larger line than the underwriter has written.
Over Insurance
Insuring property for more than its value. May be inadvertent or fraudulent.
Over Insured
A term used to describe the condition that exists when an insured has purchased coverage for more than the actual cash value or replacement cost of a subject of insurance. It is also used to describe a situation where so much insurance is in force as to constitute a moral or morale hazard, such as having so much Disability Income Insurance in force that it becomes profitable to be disabled.
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When an individual has coverage for more than the value of item that is insured. This term can also refer to an individual who has so much insurance it poses a moral hazard; for example, a person who has so much disability insurance that they exaggerate symptoms to linger on disability status.
Over placing
The action of a broker in obtaining acceptances of lines on an insurance which exceed 100% of the insurance offered.
Over Subscription Clause
In Lloyd’s practice it is common for a broker to obtain subscriptions from underwriters for more than 100 per cent for a proposed insurance. The share of each syndicate in the insurance is then reduced proportionately.