Initials
Please remember that in all MRCs (Market Reform Contract), Initials should not be used unless their meaning is made specifically clear.
Insurance / Reinsurance Glossary
A only
From Ab initio – Latin for from the beginning e.g. “cancelled ab initio”. The cancellation of an insurance or reinsurance contract…
B – C
From BAILEE: A person or concern having possession of property committed in trust from the owner.
D – G
From DECLARATION, An advice to the insurer or insurers of the basic details of a risk that has been placed under a Binding Authority…
H – M
From HARD MARKET – When the availability of some or all classes of insurance or reinsurance is limited relative to demand
N – P
From NAME AT LLOYD’S – Historically an individual member underwriting with unlimited liability.
Q – T
From QUALIFYING QUOTA SHARE – These are quota share reinsurance contracts, which Lloyd’s allow in certain circumstances…
U – Z
From ULTIMATE NET LOSS – The sum or sums paid by the cedant in settlement of all losses arising out of one event…
Peter of Lime Street 