- Ultimate Net
Loss (UNL)
- The loss amount, including covered loss adjustment expenses (LAE),
against which the retention and the reinsurance limits apply.
- Underwriting
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.
- Unknown
Accumulation Cover
- 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
Insurers (ACLI)
Reinsurance Committee
and presented by Findalink.net
This text, or any part thereof, may not be reproduced or transmitted in any
form or by any means, electronic or mechanical, including photocopying,
recording, storage in an information retrieval system, or otherwise, without the
prior written permission of the publisher.
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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