US: (1) A group of insurers or reinsurers through which particular types of risks (often of a substandard nature) are underwritten, with premiums, losses, and expenses shared in agreed ratios. (2) A group of organizations that form a shared risk pool. Pooling is an attractive alternative for insureds that are not large enough to legally or feasibly self-insure but that desire more control over their loss exposures as well as an opportunity to reduce their cost of risk, compared to a program written by a commercial insurer.
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UK: A combination of insurers in a specific class of insurance in which they agree to share the premiums and losses. Pooling is used for exceptionally heavy risks, e.g. atomic energy risks.
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UK: a group of insurers through which particular risks are insured, normally by each insurer assuming an agreed proportion of the risk, premiums, losses and expenses being shared in the same proportion (see also reinsurance pool).
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REINSURANCE: A pool is a form of Reinsurance arrangement between member companies by which one or more classes of business is pooled and then retrocede to members in an agreed proportion or volume of business ceded. In certain cases, business may be ceded to non-members of the pool. Such pools may be privately arranged between member companies or may be a national pool initiated by government or regional pools of member countries. As per IRDA’s General Insurance-Reinsurance Regulations, 2000 “pool” means any joint underwriting operation of insurance or reinsurance in which the participants assume a pre-determined and fixed interest in all business written.
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An organization in which insurers cover certain types of risks as a group and share premiums, expenses, and losses. Pools are often used to underwrite larger risks.
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An Organization of Insurer or Reinsurers through which particular types of Insurance are written with the premiums ‘losses and expenses shared in agreed proportions among these Insurers. A pool is often appropriate for insuring large values, such as commercial aircraft, or for insuring exposures unwelcome in the voluntary market. See Also: “Residual market.”
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MEDICAL,USA: Group of insurance companies that combine some assets to provide an amount of insurance that is greater than that which can be provided by an individual company.
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REINSURANCE,REFERENCE See: Association, Syndicate.
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MEDICAL,USA,REFERENCE See: pooling and risk pool.

US: (1) In a property insurance policy, the location where coverage applies. Usually described in the policy with a legal address. (2) Building or land occupied or owned by an insured.
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Generally, a piece of land with a building or buildings upon it.
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The particular location of property or a portion thereof as designated in a policy.

The total amount of premiums for all exposures that the insurer can safely write in a given period. This figure is also restricted based on state regulations as well as the generally accepted accounting principles applicable to property-casualty (P&C) insurers. The insurer’s written premium to policyholder’s surplus is often calculated to ascertain this capacity. Reinsurance is frequently purchased to assist insurers in this area.

Insurers earn the premium paid for an insurance policy over the life of the policy. In other words, one-twelfth of an annual premium is earned each month. An unearned premium reserve is maintained on an insurer’s balance sheet to reflect the unearned premiums that would be returned to policyholders if all policies were canceled on the date the balance sheet was prepared.

A property loss control term referring to the maximum loss expected at a given location in the event of a fire at that location, expressed in dollars or as a percentage of total values.

A period from the policy date to a specified time, usually 15 to 30 days, during which no sickness coverage is effective. It is designed to eliminate a sickness actually contracted before the policy went into effect.
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MEDICAL, US: See: eligibility waiting period.

US: A term commonly used for an agent, broker, or other insurance representative who has responsibility for selling insurance.
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A term for a person who sells insurance; for example, an agent.
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A term identifying the insurance agent, field rep, or other employee who sells insurance.
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An Agent for an insurance company.

legal liability incurred by a manufacturer, merchant, or distributor because of injury or damage resulting from the use of its product.

An agreement by an insurance carrier to protect an insured against legal liability for damage by an insured automobile to the property of another.
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An insurance policy that pays for damage caused to the property of others, including cars, as a result of a motor vehicle accident. Property damage coverage is often mandatory.

US: A claims adjuster who represents the interests of an insured in a property loss. Public adjusters negotiate settlement of such claims with the insurer’s claim representative. Public adjusters are compensated with a percentage of the payable loss that they are able to secure for their clients (2 to 15 percent, depending upon the size and complexity of the claim). They are frequently retained in situations involving business interruption (BI) claims, which involve special expertise in the areas of accounting and insurance coverage analysis.
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An adjuster who represents the insured in settling a claim for loss covered by an insurance policy.
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An adjuster who works on a fee basis on behalf of an insured.
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An individual or member of a firm who contracts with private parties to aid with the preparation of loss statements and presentation to insurers. Contrast with Independent adjuster.