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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

 

Occurrence
An adverse contingent accident or event neither expected nor intended from the point of view of the insured.  With regard to limits on occurrences, catastrophe reinsurance agreements frequently define adverse events having a common cause and sometimes within a specified time frame (for example, 72 hours) as being one occurrence.  This definition prevents multiple retentions and reinsurance limits from being exposed in a single catastrophe loss.

Occurrence Basis
Reinsurance under which the date of the loss event is deemed to be the date of the occurrence, regardless of when reported.  Compare to Claims Made Basis.

Offset Clause
A provision in reinsurance agreements which permits each party to net amounts due against those payable before making payment; especially important in the event of insolvency of one party which ceases to remit amounts due the other.  Also known as Set Off.

Outstanding Loss Reserve
See Case Reserve.

Outstanding Surplus Account
A record kept by the reinsurer of the amount of surplus that it is carrying in a financial reinsurance arrangement.

Oversight
See Errors and Omissions Clause.

  

  


  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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