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.