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Insurance

Fronting

Insurance can be a complex world, with various terms and concepts to navigate. One such term is fronting, a practice where a primary insurer issues a policy but transfers the entire risk to a reinsurer in exchange for a commission. This is common in cases where the fronting insurer is licensed to operate in a specific country, but the reinsurer is not. Typically, the reinsurer is a captive or independent insurance company that is unable to sell insurance directly in that country.

Vicarious liability

As a finance professional, it is important to understand the concept of vicarious liability. This refers to the legal responsibility one may have for the actions or wrongdoi...

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Third-party administrator

An employer often appoints an administrator to oversee various tasks related to employee benefits such as managing claims. Alternatively, an external group may be hired by a...

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Proposer

He is the insured or the policyholder who seeks protection against financial loss in case of an unfortunate event. A proposer, also known as the policyholder, is an individ...

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Catastrophe model

In the world of finance, there exists a powerful tool that utilizes technology to predict the potential financial impact of natural disasters and other catastrophic events ...

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