What Is Cross-Liability Coverage? Cross-liability coverage is a clause in a commercial insurance contract. When an insurance contract covers multiple parties, cross-liability provides coverage for… Read More »Cross-Liability Coverage Definition
What Is an Insurance Score? An insurance score, also known as an insurance credit score, is a rating computed and used by insurance companies that… Read More »Insurance Score Definition
What Is a Rider? A rider is an insurance policy provision that adds benefits to or amends the terms of a basic insurance policy. Riders… Read More »Rider Definition
What Is a Waiver of Subrogation? A waiver of subrogation is a contractual provision whereby an insured waives the right of their insurance carrier to… Read More »What Is a Waiver of Subrogation?
What Is the Combined Ratio? The combined ratio, also called “the combined ratio after policyholder dividends ratio,” is a measure of profitability used by an insurance company to gauge how… Read More »Combined Ratio Definition
What Is Facultative Reinsurance? Facultative reinsurance is coverage purchased by a primary insurer to cover a single risk—or a block of risks—held in the primary… Read More »Facultative Reinsurance Definition
What Is Reinsurance Ceded? Reinsurance ceded is an insurance industry term that refers to the portion of risk that a primary insurer passes to another… Read More »Reinsurance Ceded Definition