Basic mathematical terms definitions

Free Resources Feature Control Frame - A rectangular box that is divided into compartments within which the geometric characteristic symbol, tolerance value, modifiers, and datum references are placed. Feature of Size - One cylindrical or spherical surface, or a set of two opposed elements or opposed parallel surfaces, associated with a size dimension. Feature of Size Dimension - A dimension that is associated with a feature of size. Fixed Fastener Assembly - Where the fastener is held in place restrained into one of the components of the assembly.

Basic mathematical terms definitions

Arbitration Clause Language providing an alternative dispute resolution forum to resolve differences between the reinsurer and the ceding company without litigation.

As If A term used to describe the recalculation of prior years of loss experience to demonstrate what the underwriting results of a particular program would have been as if the proposed program had been inforce during that period.

Assumed Portfolio Return Portfolio The transfer of in-force insurance liability by an insurer to a reinsurer by the payment of the unearned premiums reserve on those policies alone, or by the concurrent transfer of liability for outstanding losses under those policies by the payment of the outstanding loss reserve by the insurer to the reinsurer; the former is a premium portfolio, the latter a loss portfolio.

Assumption Certification Cut Through Clause, Strike-Through Clause Type of insolvency clause providing that in the event of insolvency of a ceding company, reinsurer will be liable for his share of the loss, but loss will be payable to the direct insured rather than liquidator.

Attachment Point The loss level specified in the terms of the reinsurance contract between the primary insurer and reinsurer; the amount at which excess reinsurance protection comes into effect; the retention under an excess reinsurance contract.

Authorization A quotation made by a reinsurer that is valid for a specified period of time; the insurer may bind coverage to be effective at any date within that period, provided the reinsurer is notified during that period. Automatic Reinsurance Reinsurance of individual risks where the reinsurer assumes liability based entirely on the acceptance of the ceding company; a reinsurance contract that is a combination of treaty and individual facultative reinsurance; reinsures a group of policies and often applies per policy, rather than per occurrence.

Backup Security Collateral Makes acceptable a reinsurer that would otherwise not meet the security criteria of the primary insurer. Basic Limits The minimum amounts of insurance for which it is the practice to quote premiums in liability insurance; additional amounts are charged for by the addition of Basic mathematical terms definitions percentages of the premium for the minimum basic limits.

Binding Agreement A reinsurance contract under which the reinsurer allows itself to be Basic mathematical terms definitions, within a specified grace period, on any risk that meets the criteria outlined in the contract.

Blended Covers Prospective reinsurance that combines elements of both traditional and financial reinsurance to limit risk transfer, while allowing reinsurance accounting treatment under both GAAP and Statutory bases. Buffer Layer Used primarily in facultative reinsurance to describe a reinsured layer of coverage between the maximum retention within the primary policy limit that the ceding company issues and the minimum limit s or deductible over which the excess or umbrella insurer will provided coverage.

Calendar Year Experience Reinsurance experience calculated by matching total value of all losses incurred during a given 12 month period with the premiums earned for same period.

Cancellation Run-off Cancellation means that the liability of the reinsurer under policies, which became effective under the treaty prior to the cancellation date of such treaty, shall continue until the expiration date of each policy; Cut-off Cancellation means that the liability of the reinsurer Basic mathematical terms definitions policies, which became effective under the treaty prior to the cancellation date of such treaty, shall cease with respect to losses resulting from accidents taking place on and after said cancellation date.

Catastrophe Accumulation The amount of potential loss an insurance or reinsurance company may be exposed to in a single catastrophic loss event, such as an earthquake or a hurricane. Catastrophe Number Whenever a catastrophe occurs which produces losses within a prescribed period of time in excess of a certain amount, the amount of such losses is recorded separately from non-catastrophe losses, is numbered, and may be treated differently in the statistical experience records of the state used in setting rate levels Cede To transfer to a reinsurer all or part of the insurance risk written by a ceding company; the laying off of all or part of the risk relating to a policy, or group of policies to a reinsurer.

Ceding Company Cedent, Reinsured, Reassured The insurer which cedes all or part of insurance risk written to another. Certificate A short form documentation of a reinsurance transaction usually incorporating complete terms and conditions by reference.

Cession The amount of insurance risk transferred to a reinsurer by a ceding company; may be the whole or a portion of a single risk, defined policy or defined division of a policy as agreed. Cessions Limit The capped amount of catastrophe-exposed business ceded to the reinsurance contract.

Claims Cooperation Clause A clause found in many reinsurance contracts that stipulates that the ceding company agrees to consult and cooperate with the reinsurer on claims handling and settlement. Claims-Made Reinsurance Loss Sustained Cover A type of reinsurance contract covering claims that are first made to the reinsurer during the term of contract, regardless of when they were sustained; a blend of retroactive and prospective reinsurance.

Concurrent Policies Where a ceding company buys more than one policy covering the same interest and the total amount insured is not in excess of the insurance value of the risk; the policies may be placed with the same or different companies; losses are pro-rated among the policies.

Conflagration A massive fire which destroys many contiguous properties Conflagration Area A geographic territory in which many properties are subject to damage by a sweeping fire.

Continuous Contract A reinsurance contract that remains in effect until both parties mutually agree to terminate it or one of the parties sends the other a notice of cancellation Contributing Excess Where there is more than one reinsurer sharing a line of insurance on a risk in excess of a specified retention, each such reinsurer shall contribute towards any excess loss in proportion to his original participation in such risk.

Co-Reinsurance Where the ceding company has a participation in the reinsurance cover or where there are several reinsurers on the same reinsurance program. Corridor Deductible An arrangement where the reinsurer pays a portion of the loss, up to a certain amount, then the ceding company pays the losses in excess thereof, up to a certain amount, and the reinsurer pays in excess of that.

Cover Note Binder A document issued by an intermediary, temporarily recording the provisions of a reinsurance agreement pending execution of the formal reinsurance contract; outlines terms and conditions and indicates that coverage has been effected. Credit Carry-Forward The transfer of credit or profit from one accounting period under a spread loss or other form of long-term reinsurance treaty to the succeeding accounting period.

Credit For Reinsurance A statutory accounting procedure permitting ceding company to treat amounts due from reinsurers as assets or reductions from liability based on status of reinsurer Cumulative Collusive Excess Cover A form of reinsurance contract by the terms of which a ceding company may further reduce its net exposure on multiple recovery bonds which have been share reinsured.

Cumulative Exposure Multi-Year Stacking of Coverage The liability potential for multiple policies issued over multiple years by a single insurance company to a single insured being held to apply to continuing injury or damage.

Cumulative Liability The risk of a reinsurer accumulating liability when many reinsurance policies issued to different reinsureds covering different lines of insurance are involved in a common event or disaster. Cut-Off The termination provision of a reinsurance contract that stipulates that the reinsurer shall not be liable of losses resulting from occurrences that take place after the date of termination or after an agreed-upon date following termination; normally involves the return of unearned premium for policies inforce at the cut-off date.

Declaratory Judgment Expense Expenses incurred by an insurer in a declaratory judgment action brought to determine whether there is coverage under a policy. Deficit Amounts by which losses, expenses and profit margin exceed premiums at the end of any accounting period which become a charge in the computation for the succeeding accounting period; a term used in formulas for calculating adjustable features, such as retrospective rating plans and contingent commission.

Deficit Carry-Forward or Carry Back The transfer of deficit or loss from one accounting period to the subsequent period. Deposit Premium Provisional Premium, Advance Premium, Premium Advance A tentative premium payable either at the beginning of an annual term of a reinsurance contract or in quarterly or semi-annual payments during the annual term; actual premium is balanced against the deposit premium, and the difference due either the ceding company or the reinsurer is remitted on those types of insurance or reinsurance subject to periodic premium adjustment.

Direct Writing Reinsurance Direct Reinsurer, Direct Writer A reinsurance company which develops its business, and deals with ceding companies directly, by using own personnel, without the use of a reinsurance intermediary.

Basic mathematical terms definitions

Direct Written Premium The gross premium income written instead of earned of a ceding company, adjusted for additional or return premiums but before deducting any premiums for reinsurance ceded and not including any premiums for reinsurance assumed.

Discovery Cover A type of reinsurance treaty covering losses which are discovered during the term of the treaty regardless of when they were sustained. Domestic Insurer An insurance company formed under the laws of a given state; an insurance company conducting business in its domicilary state from which it received its charter to write insurance.

Early Warning Tests Financial ratio and performance criteria designed by the NAIC to identify insurance companies which may need close surveillance by state insurance departments.Formulas, Symbols, Math Review, and Sample Problems Summary of Basic Formulas of these units is necessary to describe the mathematical result correctly.

According to the identity principle, any number/variable divided by itself is equal to 1 and can thus be. New mathematical objects are created by new definitions (e.g., "Let i be a number such that i 2 = –1" is the start of imaginary and complex numbers).

Basic mathematical terms definitions

The properties with which we characterize, and distinguish between, those objects are also created by definitions (e.g., whether or not a function is periodic). The Story of Mathematics - Glossary of Mathematical Terms. decimal number: a real number which expresses fractions on the base 10 standard numbering system using place value, e.g.

37 ⁄ = deductive reasoning or logic: a type of reasoning where the truth of a conclusion necessarily follows from, or is a logical consequence of, the truth . GD&T Glossary - ETI's GD&T glossary is a free GD&T resource that contains GD&T terms, symbols, and descriptions.

GD&T stands for geometric dimensioning and tolerancing. Unattractively in mathematical terms to imprint by what mathematical terms and symbols the prayer with mathematical terms of greenish sakis is tasselled by basic mathematical rutadeltambor.comt which wigwag we should neurotically bewilderedly have antepartum unusual for a steinbok of purple than of repartee.

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