US: A unit of cost that is multiplied by an exposure base to determine an insurance premium. An insurance rate is the amount of money necessary to cover losses, cover expenses, and provide a profit to the insurer for a single unit of exposure. Rates, as contrasted with loss costs, include provision for the insurer’s profit and expenses.
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MEDICAL,USA: Price or cost of insurance per unit that is used as a means for determination of a premium amount.
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UK,REFERENCE: See: PREMIUM RATE; FLAT RATE.
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The cost of a particular insurance unit. To arrive at the premium amount, the rate is multiplid by the amount of insurance units being purchased.
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The cost of a unit of insurance.
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REINSURANCE: The percent or factor applied to the ceding company’s subject premium that results in the reinsurance premium for excess of loss reinsurance.
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REINSURANCE: The percent or factor applied to the ceding company’s subject premium to produce the reinsurance premium or the percent applies to the reinsurer’s premium to produce the commission.
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The premium expressed as a percentage of the sum insured or limit of indemnity.
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The premium rate is the amount of premium charged per exposure unit, e.g., per $1,000.
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US: The pricing factor upon which the insurance buyer’s premium is based.

An insurance company that has received a financial size and strength rating from a rating agency such as A.M. Best or Standard and Poor’s.

The financial strength of insurance companies and their ability to pay the claims of their policy owners are very important to the insurance-buying public and to the states that license and certify those insurers. Accordingly, insurance companies are rated by various rating organizations. Some of these rating organizations are: A.M. Best Company, Conning & Company, Demotech, Fitch Ratings, Moody’s, Standard and Poor’s, Weiss Rating

US: (1) Restoration of a totally disabled person to a meaningful occupation, (2) a provision in some long- term disability policies that provides for continuation of benefits or other financial assistance while a totally disabled insured is retraining or attempting to resume productive employment.
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Process by which a disable person is aided to recover maximum effective function in all personal activities.
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UK: Restoring the physical and/or mental capabilities of an injured person through counselling, therapy or education. The aim is to return that person to a normal way of life or an early return to work, or rehabilitate them in a new earning capacity. Some liability insurers provide claimants with early access to rehabilitation services without prejudice to their position on liability.

That portion of a risk that a reinsurer accepts from an original insurer (also known as a “primary” insurer) in return for a stated premium.

That portion of a risk that an original insurer (also known as a “primary” insurer) transfers to a reinsurer in return for a stated premium.

A package type of insurance that includes coverage similar to a homeowner’s policy to cover the personal property of a renter or tenant in a building.

An arrangement whereby an insurer defends a case without commitment to provide coverage in the event that the facts disclosed during the trial reveal that the occurrence is not covered.
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An arrangement in which an insurer agrees to proceed with the defense of a case without commitment to provide coverage, in the event that the facts disclosed during the trial reveal that the occurrence is not covered.

US:(1) an amount representing liabilities kept by an insurer to provide for future commitments under policies outstanding. (2) An amount allocated for a special purpose. Note that a reserve is usually a liability and not an extra fund.
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A sum set aside by a company to fulfill future claims.
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UK: an amount built up in the early years of a group of policies, when the level of premiums is greater than required to meet claims, expenses etc, and used to pay claims in later years when the premiums are less than required; often also referred to as a provision (see technical provisions and equalisation provision).
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US: An amount of money earmarked for a specific purpose. Insurers establish unearned premium reserves and loss reserves indicated on their balance sheets. Unearned premium reserves show the aggregate amount of premiums that would be returned to policyholders if all policies were canceled on the date the balance sheet was prepared. Loss reserves are estimates of outstanding losses, loss adjustment expenses (LAEs), and other related items. Self-insured organizations also maintain loss reserves.
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REINSURANCE: An amount which is established to provide for payment of a future obligation.
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MEDICAL,USA: Funds set aside and designated for future financial liabilities for life or health insurance such as to meet the difference between future benefits and future premiums. Also called prospective reserve or policy reserve . See policy reserve .
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Funds set aside for the purpose of meeting obligations as they fall due.
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The amount kept by the insurer to be able to cover all his or her debts. This term can also refer to an amount earmarked by the insurer for a specific purpose.

A trust that can be terminated or revoked by its creator.