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Reinsurance Glossary

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See Slip and Cover Note.

Binding Limit
Also called Automatic Acceptance Limit or Automatic Binding Limit.  The dollar amount of risk on a single or joint life to which a reinsurer is willing to obligate itself without making its own underwriting assessment.

A report, listing the risks reinsured, that the ceding company regularly provides to the reinsurer.  This report typically includes the insured's name, premium basis, premium and the amount of coverage.

See Intermediary.

Brokerage Market
The portion of the reinsurance market that is placed through reinsurance intermediaries or brokers.  This market is used much more frequently in the group reinsurance arena than in the individual reinsurance arena.  See Intermediary.

Bulk Administration
A method of reinsurance administration by which the ceding company maintains the detailed records for each policy and the reinsurer accepts summary reports of that business.

Burning Cost
The premium needed to cover losses based on historical experience for a proposed reinsurance agreement.



  Glossary of Reinsurance Terms compiled by
the American Council of Life Insurers (ACLI) Reinsurance Committee
and presented by Findalink.net


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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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