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Reinsurance Glossary

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Ultimate Net Loss (UNL)
The loss amount, including covered loss adjustment expenses (LAE), against which the retention and the reinsurance limits apply.

Underwriting Year of Experience
Underwriting result based on written premiums and ultimate losses from loss events falling within the same accounting period, where the accounting period is the period covered by the insurance policy or reinsurance agreement, regardless of when the premiums and losses are actually reported, booked or paid.  For example, the 1999 underwriting year includes results in calendar year 1999 and all future calendar years on business bound in 1999.  Compare with Accident Year of Experience and Calendar Year of Experience.

Unknown Accumulation Cover
See Clash Cover.

Unusual Expenses
In life reinsurance, non-routine expenses of the ceding company for claims investigation, legal defense or rescission actions.  The reinsurer typically agrees to pay such expenses as distinct from punitive, exemplary or other noncontractual expenses which it does not agree to pay.

  

  


  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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