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Glossary 3 (Product Costing - theoretical office premium calculated…
Glossary 3
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Overriding Commission - comm paid by an RI to an insurer to cover expenses and profit for Prop business (also Return Commission)
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Points Rating System - using points to identify risk within a risk factor - for example young drivers would have more points ceterus parabus
Pooling - share of premiums and losses, generally for very large risks
Portfolio Claims & Premiums - used in a portfolio transfer to calculate the reinsurance premium required
Probable/Possible/Estimated Max Loss - an estimate of the max loss possible in a single period based on exposure (Possible is usually a larger estimate, but it can depend), clear up the definition in a question
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Protected NCD - can pay an extra premium to protect their NCD, may be limits on number of claims, etc.
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Risk-attaching Basis - claims arising from policies commencing during the period to which RI relates
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Run-off Basis - cease to write new business, only pay claims for previously written policies
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Self-Insurance - any risk that the original insured retains (even the excess). Generally for larger companies with financial might
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