How to use Reinsurance in a sentence
On reinsurance a income says carol kick infinancial planner.
Francis is recommended in the recent edition of the Legal 500 directory for his insurance and reinsurance litigation expertise.
The term net refers to net of reinsurance and the subscript refers to the policies that give rise to (say) mortality risk.
Combined Insurance did not reinsure its exposure to Terrorism Hazard, so the reinsurance only covered exposure under the 24 Hour All Risk cover.
Acting for Lloyd 's Underwriters in connection with reinsurance claims by various P&I Clubs.Advertisement
Employers Reinsurance refers to a subsidiary of GE called Employers Reinsurance Corporation, which was in business from its inception in 1984 to 2005.
Reinsurance refers to a type of insurance that commercial insurance companies take out to mitigate or spread risk.
Sometimes the term is used to refer to state employers reinsurance funds, which are funds associated with state worker's compensation claims.
The reinsurance offsets some of the larger losses and creates a smoother, more even profit flow, which is essential to investor confidence.
Other reinsurance policies, such as those held by states, are intended to provide additional coverage for claims that exceed or exhaust the original insurance coverage.Advertisement
Sometimes people looking for information on employers reinsurance find references to a company called GE Employers Reinsurance Corporation.
Today, three major reinsurance firms remain.
Reinsurance is often used in conjunction with worker's compensation or employee disability insurance due to the potential for long-term care and medical needs of people injured on the job.
While reinsurance may be used with any type of insurance, it is more common in health, property, and casualty related claims.
Many large-scale employers opt for reinsurance policies in addition to their regular insurance policies due to the sheer number of people they employ and the potential that at least one or more may need reinsurance benefits.Advertisement
Hopefully you'll never have to find out whether or not your employer maintains a reinsurance policy.
Reinsurance is typically a commercial insurance product purchased by major insurance companies to offset risk, rather than a personal policy.
The Ohio Health Insurance Reinsurance Program was introduced to help employers deal with the rising cost of providing healthcare benefits for retirees.
For the purposes of the reinsurance plan, a retiree is a person 55 years of age or older who is no longer works for the employer.
The reinsurance program took effect on June 1, 2010, and will end on January 1, 2014.Advertisement
The reinsurance program will reimburse eligible employers up to 80 percent of the health care expenses paid out to retirees.
Under the Ohio Health Insurance Reinsurance Program, the threshold for making payments to an employer is $15,000.
What is general reinsurance, and what can reinsurance do for customers?
It is helpful to understand how reinsurance works so that you can consider how the risk is taken care of by your insurance company.
Reinsurance is an option that allows insurance companies to offer high-end insurance plans without the full amount of capital necessary to offer that much insurance.Advertisement
If they are only prepared to pay out $50,000, they'll buy reinsurance that will kick in if a claim is made.
Furthermore, reinsurance makes it easier for you to get insurance since it allows the insurance company to pass some of the risk on to a reinsurer.
Without reinsurance, your insurance company could potentially lose a great deal of money.
Reinsurance is something that is needed by insurance companies so they can have more predictable profits over time.
It is unlikely that you personally need a reinsurance plan, but you, indirectly, are involved more than you might know with reinsurance.
When there is high risk on either one particular insurance plan, or when there are several plans with high risk, you are probably going to either need to be reinsured or your insurance company will need to purchase reinsurance.
If an insurance company offers up to $100,000 in insurance coverage - and each client (although unlikely) takes the maximum - there would be no profit to be made without reinsurance.
Reinsurance makes it possible to offer more coverage and brokers deal with each plan (or group of plans) to reinvest and make things profitable.
The most common reinsurance situation is with companies that sell life insurance since these policies are extremely high risk.
So, they can agree to pay out a certain amount -say $100,000- and buy reinsurance for the remaining $150,000.
One of the most well-known companies that are known for general reinsurance is called Gen Re, which is a subdivision of Berkshire Hathaway.
The RAA (Reinsurance Association of America) offers reinsurance plans as well.
You can follow the blog on their site, which offers a glimpse into the word of reinsurance through their press releases.
The RGA Reinsurance Group of America is another company that offers reinsurance.
On their "Solutions" tab they explain their work as a company and the reinsurance solutions that they offer.
Transamerica is another popular choice for reinsurance.
Their website explains their leadership in the field of reinsurance, their expertise in capital management, and their solutions for insurance companies.
They frequently publish articles and reports about reinsurance and many PDF copies of these publications are hosted on their website for you to read.
Reinsurance is often misunderstood by the general public, but it is certainly an important factor in how insurance works for life, home, and vehicle plans.
Without reinsurance, much of the insurance industry would struggle -if not going under- in difficult economic times.
Don't wait to find out more about reinsurance and how it affects you.
If you are still looking for more information about general reinsurance, you can speak to a legal or financial advisor who can direct you toward a plan that will work best for you.
Insurance is a popular topic in today's culture and many people wonder just how excess of loss reinsurance works.
This is achieved through this particular kind of reinsurance.
Excess of loss reinsurance, which is also known by the term "nonproportional reinsurance," is actually a type of reinsurance that can work in three ways - per risk, per annual aggregate, or per occurrence.
To further explain this kind of reinsurance, an example that illustrates the concept may be helpful.
This is when reinsurance comes in and plays a critical role in making sure that risk is well-managed.
Reinsurance is purchased by the insurer after the customer buys the initial policy.
The reinsurance covers the company's losses in case an insurance claim is filed that is so large it will not make a profit.
The original insurance company has likely purchased reinsurance so that after the first $100,000 of a claim, the reinsurer pays the rest.
This would mean that the excess $900,000 would be covered by the reinsurance company.
Transamerica offers reinsurance plans and you can learn more about their company and plans on their website.
Another brand of reinsurance that is trusted in the industry is AON Benfield.
By visiting their site, you can learn about the options they have for purchasing reinsurance for your organization or corporation.
Keep in mind that you need to generate a profit whether or not you purchase a reinsurance package.
You will pay less than you would if someone claimed up to their limit and you didn't have reinsurance!
More information about excess of loss reinsurance can be learned through a discussion with a legal or financial advisor or by contacting a company that offers this product.
Reinsurance Group of America is a leading corporate entity in the life reinsurance industry.
Since that time, it has grown to having $2.4 trillion of life reinsurance currently in force.
Reinsurance Group's assets total approximately $27 billion, which makes it the second-largest life reinsurer in the United States.
Reinsurance Group has developed an extensive database of mortality information that it can draw on to provide information for clients.
The results lead to innovative ideas for new products that Reinsurance Group's clients can offer to their customers.
Reinsurance Group of America can offer solutions to insurance companies interested in entering this market that is both low-risk and economical.
The Axis Reinsurance Co. is part of the Axis Capital family of companies.
The corporation is a provider of specialty insurance, as well as treaty reinsurance.
Axis Reinsurance offers property and casualty reinsurance to various insurance companies worldwide.
Axis Reinsurance has been doing business since December of 2002 when it received regulatory approval in New York.
The company has a team of expert underwriters who work hard to evaluate risk from Axis Reinsurance Co.'s list of clients.
Axis Reinsurance has set itself an ambitious goal of being one of the top 10 reinsurance companies in the world.
If you're looking for information on GE Employers Reinsurance, you may be surprised to know that this organization, which was under the umbrella of the General Electric Company, has not been in operation since 2005.
A victim of the recession and poor financial management, it was purchased by Swiss Reinsurance and almost completely absorbed.
You will no longer find any reinsurance with the GE name attached to it.
General Electric started its reinsurance company in 1984.
Its main purpose was to assist insurance companies with covering the long term expenses of worker's compensation and disability claims by purchasing reinsurance contracts with third parties.
When an insurance company buys a reinsurance policy, it is protecting itself from the risk that comes with having to pay out a large amount of claims or claims that could potentially cause monetary losses.
Swiss RE agreed to save GE Employers Reinsurance by purchasing its entire portfolio for the sum of $6.8 billion.
General Electric would retain about 10 percent of the organization's stock, but the company had to give up complete control and no longer was able to use the name GE Employers Reinsurance to describe their holdings.
Those interested in reinsurance can still inquire about a policy not only from Swiss RE, but also from Munich Re, Odyssey Re, and dozens of other companies based in the United States or abroad.
It's a good idea to do some research on the current financial condition of a reinsurance company before making a significant monetary investment.
While GE Reinsurance did not end up hurting its customers financially, there is always a chance that that can happen and the company was successful for quite some time before disaster struck.
Based in Germany, Munich reinsurance is a leading reinsurer in the world.
Its largest shareholder is the famous investing guru and philanthropist Warren Buffett, and it's main product offering is reinsurance, which helps to protect other insurance companies from financial losses.
By 2010, Munich Reinsurance had over 5,000 clients, including customers in more than 150 countries around the world.
Some people are confused as to exactly what reinsurance is.
Reinsurance helps to spread out the financial burden that these occurrences place on the insurance company so that it can pay out all of the claims it's required to without suffering financially.
Without reinsurance, an insurance company is taking quite a gamble and may not always come out ahead.
Like most insurance companies, it offers reinsurance for life, health, and casualty policies.
The main holding of Munich Reinsurance is the ERGO Insurance Group, which is a household name throughout Europe.
In America, the primary insurance division of Munich Reinsurance is called American Modern Insurance Group.
Healthcare focuses on reinsurance for health insurance carriers, third party administrators, and general underwriters.
To get in touch with the Munich Reinsurance America, you can go to its website.