Glossary
- Aggregate
- Insurance or reinsurance which protects a company from a higher than expected accumulation of individual losses over a set period of time excess of a pre-determined amount.
- ART
- Alternative Risk Transfer being the procurement of insurance using alternative risk transfer methods such as captives and risk retention groups as opposed to the purchase of insurance from traditional insurers.
- Association Captive
- A captive which is sponsored or owned by an association.
- Bond
- A surety bond provided by a self-insurer to protect the self-insured retention for the benefit of future claimants in the event that it is unable to meet its financial obligations.
- Captive
- A corporation formed by a business or a group of affiliated businesses for the purpose of accepting insurance or reinsurance risks in which they have an insurable interest.
- Captive Domicile
- The state or country jurisdiction in which a captive is registered.
- Catastrophe Reinsurance
- The protection of an insurance carrier, captive or risk retention group against a single event in which multiple policyholders of the reinsured are involved.
- Clash Reinsurance
- Liability reinsurance which responds when two or more policies are involved in the same loss occurrence or when a loss arising from a single policy exceeds the policy limit as a result of expenses or legal judgements.
- Consumer Directed Healthcare
- High-deductible health plans, personal health care spending accounts, such as Health Savings Accounts (HSAs), and tiered benefit plans ,which are designed to reduce healthcare costs through patient participation in costs and choice.
- ERISA
- The Employee Retirement Income Security Act of 1974 which governs, inter alia, the self-funding of employee benefits.
