Please remember that in all MRCs (Market Reform Contract), Initials should not be used unless their meaning is made specifically clear.

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A only

From Ab initio – Latin for from the beginning e.g. “cancelled ab initio”. The cancellation of an insurance or reinsurance contract…

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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…

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H – M

From HARD MARKET – When the availability of some or all classes of insurance or reinsurance is limited relative to demand

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Q – T

From QUALIFYING QUOTA SHARE – These are quota share reinsurance contracts, which Lloyd’s allow in certain circumstances…

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U – Z

From ULTIMATE NET LOSS – The sum or sums paid by the cedant in settlement of all losses arising out of one event…

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