- Ultimate Net
- The loss amount, including covered loss adjustment expenses (LAE),
against which the retention and the reinsurance limits apply.
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.
- 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
and presented by Findalink.net
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