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Reinsurance Glossary

Home | A B C D E F G H I J K L M N O P Q R S T U V W X Y Z | Index

 

Net Amount At Risk
In life insurance, the difference between the face amount and cash value.

Net Line
The maximum limit an insurer or reinsurer is willing to accept after taking credit for reinsurance coverage.  Such limits are usually expressed per insured, per line of business, etc.  See Gross Line.

Non-experience Rated
A reinsurance arrangement which does not allow the ceding company to share in any profits realized on the reinsurance.  Premiums for non-experience rated reinsurance generally have smaller loads than premiums for experience rated reinsurance.  Compare with Guaranteed Cost Reinsurance.

Nonproportional
A form of reinsurance where the reinsurer's liability is not fixed in advance, but is dependent on the number or amount of claims incurred in a given period.

Normal Underwriting (Normal Underwriting Procedures)
One of the conditions for automatic reinsurance.  The definition of what is normal for the plan is set at the inception of the agreement.

Novation
An action that substitutes a new party and discharges one of the original parties to a contract, by agreement of all parties.

  

  


  Glossary of Reinsurance Terms compiled by
the American Council of Life Insurers (ACLI) Reinsurance Committee
and presented by Central Security Life Insurance Company (CSLIC).

 

This text, or any part thereof, may not be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, recording, storage in an information retrieval system, or otherwise, without the prior written permission of the publisher.

While a great deal of care has been taken to provide accurate, current, and authoritative information in regard to the subject matter covered in this reinsurance glossary, the ideas suggestions, general principles, conclusions, and any other information presented here are for educational purposes only. This reinsurance glossary is provided  with the understanding that it is neither designed nor intended to provide the reader with legal, accounting, investment, marketing, or other types of professional business management advice. If legal advice or other expert assistance is required, the services of a competent professional should be sought.

 

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