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Insurance

Fronting

Insurance can be a complex world, with various terms and concepts to navigate. One such term is fronting, a practice where a primary insurer issues a policy but transfers the entire risk to a reinsurer in exchange for a commission. This is common in cases where the fronting insurer is licensed to operate in a specific country, but the reinsurer is not. Typically, the reinsurer is a captive or independent insurance company that is unable to sell insurance directly in that country.

Retrospective rating

Risk premium adjustment, a technique allowing for the adjustment of the ultimate premium for a risk, with a predetermined upper and lower limit based on the real loss experi...

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Near Birth Day(n.b.d)

refers to the age of a person in terms of the number of years, rounded to the nearest whole number, since their last birthday. This is important when calculating financial pl...

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Unplanned retention

Risk-taking is a fundamental aspect of finance, and it involves recognizing and accepting potential risks. However, the concept of implicit risk refers to a situation where ...

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Non-participating policy

A non-participating policy, also referred to as a without-profit or non-par policy, is a type of life insurance where the policy owner does not receive any share of the divi...

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