The cash surrender value is the amount of cash available to the insured in an individual life insurance policy when the insured cancels and waives the policy.
The Accident Claims Attorney (CCLA) is a specialty claims adjuster offered by the American Educational Institute (AEI). This requires successful completion of both the AEI Legal Principles and Liability Claims Self-Study Programs.
Accident Claims Settlement Specialist (CCLS) is a Claims Settlement Specialist position offered by the American Educational Institute (AEI). This requires successful completion of the AEI Liability Claims Self-Study Program.
Accident insurance is insurance that primarily deals with losses caused by injuries to people and the legal liability imposed on the insured for such injuries or damage to the property of others.
Cat Bond Lite is a risk transfer agreement such as an industry indemnity guarantee (ILW) or a collateralized reinsurance contract that transforms into a security. The simplified cat bond structure aims to offer assignors an approach to securitization that avoids the sometimes cumbersome, expensive, and time-consuming overheads associated with traditional catastrophe bonds, while still providing the structural discipline and potential liquidity that catastrophe bonds provide. Consequently, sponsors were able to execute tactical money management activities faster and with less frictional costs, while still maintaining access to new sources of capital.
A catastrophe bond is a derivative debt investment vehicle issued by insurers and reinsurers that is designed to raise investor capital to cover catastrophic losses. Cat bonds are issued to cover either a specific event (such as an earthquake in Japan) or the possibility of a certain amount of loss associated with hurricane activity in a particular geographic location (such as the Gulf Coast). Unlike traditional highly leveraged reinsurance (i.e., reinsurance limits sold are many times the reinsurer’s capital), cat bonds are not leveraged because their value is equal to the sum of insurance limits sold.
Catastrophe Equity Put is a contract that allows the insurer to take advantage, but not the obligation, to exercise an option with a certain index value in the event that losses (index value) exceed a predetermined level, requiring additional equity.