Summary: Much of following glossary was prepared by Gill and Roeser, Inc., Reinsurance Intermediaries, 535 Fifth Ave., New York NY 10017; (212) 972-4880. The site is: . It is reproduced here with their permission. Other material has been incorporated from: . Although many of the terms that appear below also apply to standard insurance, with regard to reinsurance, they can assume new meanings.
Accident Year Experience—Underwriting result based on earned premiums and ultimate losses from loss events falling within the same twelve month accounting period, regardless of when the losses are actually reported, booked, or paid. See Calendar Year Experience and Underwriting Year Experience.
Acquisition Costs—Expenses incurred by an insurer or reinsurer in the process of writing new or renewal business, including producer commissions.
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