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Installation and use of seat-belts reduces the overall severity and probability of injury in an automotive accident; [2] however, probability of injury remains when in use, that is, a remainder of residual risk. In the economic context, residual means “the quantity left over at the end of a process; a remainder”.
It also established financial guaranty insurance as a monoline business, limiting industry members to writing bond insurance and closely related lines of insurance that include surety, credit, and residual-value insurance. The monoline restriction also prevented other types of insurance companies from offering financial guaranty insurance. [14]
Residual risk is defined in this context as the risk associated with differences between the stochastic inflows of assets into the organization and precedent agents' claims on the organization's cash flows. Precedent agents' claims on an organization's cash flows can consist of e.g. employees' salaries, creditors' interest or the government's ...
It is also known as a residual estate or simply residue. The will may identify the taker of the residuary estate through a residuary clause or residuary bequest . The person identified in such a clause is called the residuary taker , residuary beneficiary , residuary legatee , or residuary devisee . [ 2 ]
Collateralized Insurance Obligations (CIOs): backed by insurance or, more usually, reinsurance contracts; CDO-Squared: CDOs backed primarily by the tranches issued by other CDOs. [106] CDO^n: Generic term for CDO 3 and higher, where the CDO is backed by other CDOs/CDO 2 /CDO 3. These are particularly difficult vehicles to model because of the ...
Application to State Residual Market Entities and State Workers Compensation Funds: Residual market entities and State funds are included in the insurers covered by the Act. The Act also applies to surplus lines carriers listed on the Quarterly Listing of Alien Insurers published by the National Association of Insurance Commissioners.
For example, an insurance company issues homeowners' policies with limits of up to $500,000 and then buys catastrophe reinsurance of $22,000,000 in excess of $3,000,000. In that case, the insurance company would only recover from reinsurers in the event of multiple policy losses in one event (e.g., hurricane, earthquake, flood).
Social insurance mitigates risks associated with unemployment, ill-health, disability, work-related injury, and old age, such as health insurance or unemployment insurance. Social assistance is when resources, either cash or in-kind, are transferred to vulnerable individuals or households with no other means of adequate support, including ...