English translation: First surplus, Second surplus (reinsurance treaties)
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GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
Spanish term or phrase:
1 Excedente, 2 Excedente
English translation:
First surplus, Second surplus (reinsurance treaties)
Explanation: From past experience, this is probably referring to first and second surplus reinsurance treaties (contracts).
SURPLUS TREATY
A form of PROPORTIONAL reinsurance treaty whereby the REINSURED CEDES and the REINSURER accepts that share of the risk which exceeds the reinsured’s retention (see LINE (2)). The agreed treaty limit will usually be expressed as a multiple of that retention. A reinsured may place several surplus treaties (First Surplus, Second Surplus etc.) http://www.compre-group.com/glossarys.htm
CONTRATO DE REASEGURO (REINSURANCE TREATY) ... REASEGURO EN EXCEDENTE (SURPLUS REINSURANCE) ... REASEGURO OBLIGATORIO (TREATY REINSURANCE) ... www.americanare.com/lr.htm
First Surplus Treaty
A term exclusive to pro rata reinsurance treaties which defines the amount of each cession as the amount of gross (policy) liability which exceeds, or is "surplus" to, an agreed net liability retention, up to the limit of (reinsurance) liability. Often a maximum net retention is specified in the treaty, with the primary company having the option to choose a lesser retention on individual risks. The amount of first surplus reinsurance provided will be limited to a fixed multiple of the selected retention in each case. Larger policy surpluses are termed "second," "third," and so on, each being the amount of reinsurance afforded once the prior surplus reinsurance capacity plus the true net retention have been exceeded. See Surplus Share Reinsurance. http://www.guycarp.com/portal/extranet/utility/glossary_f.ht...
Explanation: It's hard to decipher the meaning without more context, but in the realm of insurance, it may be that this refers to excess coverage in conjunction with some form of primary coverage, with the former triggered once the latter is exhausted. See web references below.
Explanation: From past experience, this is probably referring to first and second surplus reinsurance treaties (contracts).
SURPLUS TREATY
A form of PROPORTIONAL reinsurance treaty whereby the REINSURED CEDES and the REINSURER accepts that share of the risk which exceeds the reinsured’s retention (see LINE (2)). The agreed treaty limit will usually be expressed as a multiple of that retention. A reinsured may place several surplus treaties (First Surplus, Second Surplus etc.) http://www.compre-group.com/glossarys.htm
CONTRATO DE REASEGURO (REINSURANCE TREATY) ... REASEGURO EN EXCEDENTE (SURPLUS REINSURANCE) ... REASEGURO OBLIGATORIO (TREATY REINSURANCE) ... www.americanare.com/lr.htm
First Surplus Treaty
A term exclusive to pro rata reinsurance treaties which defines the amount of each cession as the amount of gross (policy) liability which exceeds, or is "surplus" to, an agreed net liability retention, up to the limit of (reinsurance) liability. Often a maximum net retention is specified in the treaty, with the primary company having the option to choose a lesser retention on individual risks. The amount of first surplus reinsurance provided will be limited to a fixed multiple of the selected retention in each case. Larger policy surpluses are termed "second," "third," and so on, each being the amount of reinsurance afforded once the prior surplus reinsurance capacity plus the true net retention have been exceeded. See Surplus Share Reinsurance. http://www.guycarp.com/portal/extranet/utility/glossary_f.ht...
cmwilliams United Kingdom Local time: 03:34 Specializes in field Native speaker of: English PRO pts in category: 148
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