Insurance

Qualifying Event
A change in life circumstances that allows alterations to health insurance policy outside of open enrollment.
Reinsurance
The insurance for insurance companies, transferring risks to maintain solvency and minimize payouts.
Reinsurance Ceded
Reinsurance ceded is an insurance term referring to the portion of risk passed from a primary insurer to a reinsurance company.
Subrogation
Subrogation is an insurance term where insurance companies pursue third parties to recover losses paid to the insured.
Transfer of Risk
A crucial concept that underlies the insurance industry, focusing on the transfer of responsibility for losses.
Uberrimae Fidei
Understanding the principle of utmost good faith in contracts, especially in the insurance industry.
Ultimate Net Loss
The total financial obligation of a party when an insured event occurs, after considering offsets from insurance payments.

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