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February 2011

Catastrophe Cover

Workers Comp Catastrophe Cover = Massive Losses Workers Comp catastrophe cover deals with massive losses.  Self Insured Employers may sometimes use a highly recommend risk

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Ambulatory Care

Term Of The Day – Ambulatory The definition of ambulatory care is any medical care delivered on an outpatient basis. Increasing numbers of medical conditions

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Operational Risk Management (ORM)

Term Of The Day – Operational Risk Management A continual cyclic process which includes risk assessment, risk decision making, and implementation of risk controls, which results

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Vis Major

Term Of The Day – Vis Major Vis Major means act of God or an unavoidable accident or calamity. Almost all insurance policies have a Vis

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Term Of The Day – Retention 1) Assumption of risk of loss by deductibles, noninsurance, or self-insurance. Retention can be unintentional when exposures are not

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Term Of The Day – BCAR BCAR = Adjusted Surplus / Net Required Capital AM Best invented this term. It is a test of the

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Reinsurance Pool

Term Of The Day – Reinsurance Pool Pooling risks from across a certain population can minimize premium variances between groups and premium fluctuations per group.

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