Glossary of Terms U - www.scyllogis.com

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Scyllogis Consulting have been helping customers within the Insurance sector continue to achieve significantly higher levels of business performance from their data management programmes and information systems since 2001. Read how we have worked with some of these customers to achieve significant business results across the world, in our case studies. Read more...

Consulting Expertise
Insurance organisations today are no more effective at delivering on large-scale data management initiatives than they were 10 years ago. In a recent survey, 70% of the companies said their data management initiatives did not deliver the expected results. That success rate was unchanged from similar surveys conducted in the 1990's. And the environment for data management is only getting more complex..... Read more

Consulting Expertise

Insurance organisations today are no more effective at delivering on large-scale data management initiatives than they were 10 years ago. In a recent survey, 70% of the companies said their data management initiatives did not deliver the expected results. That success rate was unchanged from similar surveys conducted in the 1990's. And the environment for data management is only getting more complex.....

Read more

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At Scyllogis Consulting all of our consultants have significant experience gained from within the Insurance market. Our people and our culture are our greatest assets. We only select people with relevant experience, intelligence, integrity, passion and the ambition to make a mark and deliver to our Customers the Scyllogis brand values of practical, results based consultancy. Our Consultants are pragmatic and open minded. That is why we deliver solutions that others dont..... Read More

Our People

At Scyllogis Consulting all of our consultants have significant experience gained from within the Insurance market. Our people and our culture are our greatest assets. We only select people with relevant experience, intelligence, integrity, passion and the ambition to make a mark and deliver to our Customers the Scyllogis brand values of practical, results based consultancy. Our Consultants are pragmatic and open minded. That is why we deliver solutions that others dont..... Read More

Glossary of Terms U

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The following definitions are intended for general guidance only. They do not override or qualify any definition that appears in any byelaw or regulation, in any contract or in any other document. Where a word is shown in italics it is separately defined in the glossary.

A ¦ B ¦ C ¦ D ¦ E ¦ F ¦ G ¦ H ¦ I ¦ J ¦ K ¦ L ¦ M ¦ N ¦ O ¦ P ¦ Q ¦ R ¦ S ¦ T ¦ U ¦ V ¦ W ¦ X ¦ Y ¦ Z

Unaligned member

A member that is either (a) not affiliated to the managing agent of a particular syndicate; or (b) not affiliated to any managing agent.

Under insurance

Where the sum insured does not represent the true value of the property insured. See average for an explanation of the consequences of under insurance.

Underwrite

This term may refer to
(a) The process of evaluating, defining and pricing insurance and reinsurance risks including where appropriate the rejection of such risks.
(b) The acceptance of the obligation to pay or indemnify the insured or reassured under a contract of insurance or reinsurance.

Underwriter
Depending on the context this term may refer to:
(a) the individual who is responsible for underwriting a particular insurance or reinsurance contract and who is either an employee of a managing agent, an insurance company or reinsurance company or an employee of a coverholder or any similar underwriting agent.
(b) an individual member or company that insures or reinsures a risk.

Underwriters

Depending on the context this term may refer to:
(a) the employees of managing agents, insurance companies and reinsurance companies and their respective underwriting agents that underwrite insurance or reinsurance risks;
(b) the members or other carriers that underwrite a particular contract of insurance or reinsurance;
(c) members collectively; or
(d) insurers and reinsurers collectively.

Underwriting agent [*]
Depending on the context this term may refer to:
(a) a managing agent or a members’ agent; or
(b) an individual or firm that is authorised by a managing agent or an insurer/reinsurer to enter into contracts of insurance or reinsurance for the account of the members of a syndicate or (in the case of an insurer or reinsurer) itself. A coverholder is an example of this type of underwriting agent.

Underwriting capacity
Depending on the context this term may refer to:
(a) a member’s allocated capacity
(b) syndicate allocated capacity, with or without the addition of cover from qualifying quota share reinsurance;
(c) the total underwriting capacity of all syndicates combined, with or without the addition of cover from qualifying quota share reinsurance; or
(d) the underwriting capacity of an insurance company or a reinsurance company.

Underwriting stamp

The stamp that is applied to a slip by an underwriter to signify his acceptance of a risk. It shows the number and pseudonym of the syndicate or the name of the (re)insurance company for whom the underwriter acts and has a space for his underwriting reference to be inserted. The underwriter will insert his line on a slip next to his underwriting stamp.

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Last Updated ( Thursday, 17 November 2011 )

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