The Year 2000 (Y2K) exception is an exception to coverage for losses arising from the fact that an electronic device cannot distinguish centenary years because their programs only identify years by the last two digits and operate on the assumption that the year indicated as “00” is 1900. Insurance Services Administration, Inc. (ISO), American Insurance Services Group, Inc. (AISG) and the Association of Assignors of America, Inc. (SAA) have developed various standard exclusion confirmations for property, liability and fidelity insurance. politicians. In addition, many insurers have their own exclusions.
The Yellow Book is an annual reporting form for property and casualty insurers in the United States. Also known as the Yellow Peril due to its size and complexity, although with the advent of computerized worksheets and electronic documents, the danger has become much less than in the days of typewriters and calculators.
The York Antwerp Rules are a set of complex rules prescribed by most countries that describe the method of apportioning general average losses between shipowners and cargo owners.
An asset with zero beta testing means that financial risk increases when all investments in the portfolio are subject to the same risk factors. For example, if a portfolio consists only of Dow Jones Industrial Average (DJIA) stocks, the price of each stock is subject to the same risk factors. This is known as correlation. Any investment that does not correlate with an index such as the DJIA or with overall market performance is a zero-beta asset.
Zone Rating is a commercial auto rating system that divides the country into 50 zones with different rating tables applicable to each zone. Vehicles (excluding light trucks or trailers used with light trucks) that are in the long range class are zone-rated.
The Zone System is a three-year insurance solvency review system developed by the National Association of Insurance Commissioners (NAIC). The system divides the United States into three geographic zones, and teams from states in each of the three zones study companies in their zones. Then all states accept examinations from other zones.
“A” rates are estimated rates that do not have loss experience statistics as a basis for developing them. The underwriter develops these rates on an individual risk basis, in accordance with what the underwriter considers to be a fair rate commensurate with the associated risk.
A bond is a tripartite contract in which an insurer agrees to pay damages caused by criminal acts (such as a pledge of fidelity) or the failure to perform a specific act (such as a performance obligation or surety). The principal (i.e., the party paying the premium on the bond) is also called the debtor (i.e., the party with an obligation to perform). In the event of a default, the guarantor (i.e., the insurer) pays for the losses of the third party (creditor). Then the debtor must reimburse the guarantor for the amount of the paid loss.