The reinsurance of an entire portfolio at a premium relating to the estimated outstanding claims and unearned premium under that portfolio. Usually used by a reinsurer wanting to close a treaty year and pass on the liability to the following year for administrative reasons.
***
UK: The transfer of general or life insurance business, usually involving many individual policies, from one insurer to another. Transfer applications must be approved by the court (FSMA, s. 107). The FSA monitors the progress of the application to ensure that policyholders (of both transferor and transferee) are treated fairly and remain secure. An FSA appointed independent expert reports on the impact on both sets of policyholders.
Tag: RAW
Position Bonds
A type of bond covering all person occupying stated positions.
Position schedule bonds
A type of fidelity or public official bond, which lists specific positions and their corresponding penalty amounts. Position schedule bonds use one bond but attach a schedule of positions to be bonded. Each name will list a specific dollar amount for which that individual is being bonded. This type of bond may be used to bond certain positions that have a high amount of turnover. Using a position instead of a name will reduce the paperwork involved year-to-year.
Position Schedule Fidelity Bond
More commonly, since employees change over time, a firm will name the position rather than the person holding the position. In the above example, the bond would cover a loss caused by the firm’s bookkeeper regardless of who that person is.
Position-schedule bond
Insurance that provides coverage for a designated job title rather than a named individual.
Positional risk doctrine
A legal theory related to workers compensation statutory provisions. It infers that an employee’s injury arose out of his employment if the injury would not have occurred but for the fact that the employment placed the employee in a position to be injured by a neutral force, even though the force may not have been distinctly associated with the employment.
Positions policy/bond
See: Commercial Guarantees.
Possible maximum loss
Compare with estimated maximum loss. See MAXIMUM POSSIBLE LOSS.
Post
1. Record or transfer financial entries, debit or credit, to an account (e.g., day sheet, ledger, bank deposit slip, chest register, journal). 2. On the Internet, to send an e-mail message to a list server (distribution list), newsgroup, or blog site.
Post 89 member
See: Class A Member.