Reinsurance experience calculated by matching the total value of all losses and movements in reserves during a given 12month period, regardless of the date of loss, with the premiums earned during the same period. Calendar year statistics are suitable for financial considerations but not for assessing results.

A payment to cover losses and management expenses made by a member of a protection and indemnity club in consideration of a right to indemnity. The ‘calls’ are based on the tonnage entered in the club by shipowners. Initial payment may be followed by supplementary calls.
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The sum payable by a member of a Protection and Indemnity Club for his right to indemnity by the club. A call payable at the outset of each period is termed an Advanced call. Additional payments (supplementary calls) in respect of a period may be made subsequently if required to meet claims arising.

The right, not the obligation, to buy the underlying asset or take cash, based on movements in an underlying index as in a weather derivative. Compare with put option.