The unlawful taking, carrying, leading or riding away of another person’s property.

Statutory modification of the contributory negligence law allowing the claimant endangered by his or her own negligence to recover damages from a defendant if the defendant has a last clear chance to avoid the accident but fails to do so.

The stipulated sum or sums beyond which an insurance company is not liable to protect the insured.

Principle on which workers compensation is based, holding the employer absolutely liable for occupational injuries or disease suffered by workers, regardless of who is at fault.

US: A benefit to help replace income lost by an insured person as long as he/she is totally disabled, even for a lifetime. Disability income payable for the life of the insured as long as he is totally disabled.
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A payment to help replace income lost by an insured person for as long as he is totally disabled, even for lifetime.
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MEDICAL,USA: Insurance contract terms that provide for payment of disability income for an insured’s lifetime as long as he or she is totally disabled.

A measurement of key financial variables that impact an insurer’s ability to pay claims. In the Insurance Regulatory Information System (IRIS), liabilities to liquid assets and agent’s balances to surplus are monitored.

US: An association of independent underwriters operating in England. It is not an insurance company; rather, it operates as a marketplace for large and/or unusual insurance exposures where brokers representing insurance applicants are able to contract with underwriters offering coverage.
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An association of individuals, called names, or groups of individuals who write insurance for their own accounts. Lloyd’s had its beginning in 17th century London in Edward Lloyd’s coffeehouse.
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Lloyd’s of London is a facility under which separate insurers can accept or reject to insure the risks presented to them by a broker. Many important precedents for the insurance industry are set by Lloyd’s.

A group of individuals at Lloyd’s of London who have entrusted their assets to a team of underwriters who underwrite on behalf of the group.
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A member or group of members underwriting insurance business at Lloyd’s through the agency of a managing agent or a substitute agent to which a syndicate number is assigned by the Council. Except where it is expressly otherwise provided the several groups of members to which in different years a particular syndicate number is assigned by or under the authority of the Council shall be treated as the same syndicate, notwithstanding that they may not comprise the same members with the same individual participations. [*] = Syndicate allocated capacity = In relation to a syndicate, the aggregate of the member’s syndicate premium limits of all the members for the time being of the syndicate.
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A group of Lloyd’s underwriters, with one person accepting or rejecting risks on the group’s behalf.
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UK: Group of underwriting members whose syndicate is run by a managing agent whose active underwriter accepts risks on behalf of the syndicate. Each syndicate member takes an agreed share of the risk strictly for his own account. Each syndicate is given its own number and is allowed to underwrite up to an allocated premium limit in any given year. At present a syndicate is formed for an underwriting year as an annual venture, now being phased out.

A person who writes business for Lloyd’s of London through a Lloyd’s association or facility of Lloyd’s.

US: The cost of investigating and adjusting losses. LAEs need not be allocated to a particular claim. If they are allocated to a particular claim, they are called “allocated loss adjustment expenses” (ALAE); otherwise, they are unallocated loss adjustment expenses (ULAE).
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UK: The expense incurred by a cedant in the defence and settlement of claims but not its overhead expenses. The definition of LAE depends on the terms of the reinsurance contract.
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REINSURANCE: The expense incurred by the ceding insurer in the defense, cost containment and settlement of claims under its policies. It is normally broken down into two categories: Allocated (ALAE) and Unallocated (ULAE). ALAE are those expenses that are directly related to (or “allocated” to) a specific claim such as the legal defense of a liability claim. These are typically covered by a reinsurance contract as a component of reinsured ‘loss”. The elements of loss adjustment expenses that are covered by the reinsurance as loss are specified in the terms of the reinsurance agreement and may be treated on a proportional basis (the ALAE is shared by the cedent and reinsurer in the same proportion as they share the indemnity loss) or it may simply be added to the indemnity loss for reinsurance recovery purposes. By contrast, ULAE are claim expenses that are not directly related to a specific claim and are considered part of the ceding insurer’s overhead and cost of doing business. They are not subject to reinsurance recovery as loss, but may be considered in determining a commission to be paid by the reinsurer to the ceding company (ceding commission) to help offset the ceding company’s expenses.