1) In reinsurance, the measure of loss to which the reinsurance applies, as determined by the reinsurance agreement. 2) In liability insurance, the amount actually paid or payable for the settlement of claims for which the reinsured is liable (including or excluding defense costs) after deductions are made for recoveries and certain specified reinsurance.
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REINSURANCE: The total sum paid by the Ceding Company in settlement of its liabilities, other expenses excluding office expenses and salaries, jess salvage/recoveries and all other Reinsurance recoveries.
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UK: the loss suffered by the insurer for his net account after all reinsurance or other recoveries have been made.
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The sum that the insurer or its representatives are legally required to pay through legal ruling or settlement. This sum can include medical and investigative costs.
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The total sum that the insured or any company as its insurer, or both, become legally obligated to pay either through adjudication or compromise, including among others, legal, medical and investigative costs. Ultra Vires : Beyond the PowersUmbrella : Liability Insurance affording high limits of excess coverage for many liability exposures, including those not covered by underlying Insurance. The term “umbrella” is derived from the fact that it is a separate Policy over and above and other basic liability policies the insured may have.

(1) Cover providing excess limits over the normal limits of liability policies and giving additional excess cover for perils not insured by the primary liability policies. (2) In reinsurance cover against an accumulation of losses under one or more classes of insurance arising out of a single event.
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UK: Takes the form of excess of loss reinsurance treaty to protect the reinsured against an accumulation of retained losses arising from one event under different classes of businesses. Example: A storm causing widespread losses affecting property, motor, marine and aviation accounts. Alternative terms: whole account; back-up cover.

To protect accumulations of net loss from a number of classes of business but arising from one event, after the operation of all specific Reinsurances in the separate departments.

The amount of insurance or reinsurance on a risk (or occurrence) that applies to a loss before the next higher excess layer of insurance or reinsurance attaches.
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The amount of loss which attaches before the next higher excess layer of insurance or reinsurance attaches.

A clause in a reinsurance treaty reserving control of underwriting and claims negotiation to the reinsurer.

Depending on the context this term may refer to: (a) a member’s allocated capacity (b) syndicate allocated capacity, with or without the addition of cover from qualifying quota share reinsurance; (c) the total underwriting capacity of all syndicates combined, with or without the addition of cover from qualifying quota share reinsurance; or (d) the underwriting capacity of an insurance company or a reinsurance company. Underwriting stamp The stamp that is applied to a slip by an underwriter to signify his acceptance of a risk. It shows the number and pseudonym of the syndicate or the name of the (re)insurance company for whom the underwriter acts and has a space for his underwriting reference to be inserted. The underwriter will insert his line on a slip next to his underwriting stamp.******The maximum amount of money an insurer or reinsurer is willing to risk in a single loss event on a single risk or in the aggregate on all risks in a given period. This is the limit of capacity for an insurer or reinsurer that may also be imposed by law or regulatory authority. Common NAIC aggregate underwriting capacity is 3:1 (i.e.three dollars of premium for each dollar of surplus) depending on line of business. Many states also impose a per risk limit of 10% of surplus.*****
The risk retention ability of an insurer or of the insurance industry as a whole. Determined by the amount of surplus.
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US: The risk retention ability of an insurer or of the insurance industry as a whole. Determined by the amount of surplus.

To provide protection in the event of loss caused to one risk or loss arising from one event as the case may be. In contrast to Catastrophe or per event covers.

In rating the use of all premium written as arising from all policies written or renewed during the year and all losses relating to those same policies, whenever they occur.