Reference

Glossary

The terms used across the guides, in plain language — grouped by area.

General

Edition: The org-type blueprint (insurer, reinsurer, insurance/reinsurance broker, service provider) chosen at sign-up; decides which modules the workspace runs.
Booking code: The searchable id issued when business is booked (bind) — the handoff from underwriting to Credit Control. BKP- policy, BKR- treaty, BKB- programme, BKF- facultative.
Cedant: The party ceding risk out — the insurer to a reinsurer, or the reinsurer to a retrocessionaire.
Bordereaux: A periodic schedule of premiums or losses exchanged between cedant and reinsurer (or broker).
NCD: No-claims discount — a reduction in premium for a claim-free record.

Signed line: The percentage share a market subscribes on a co-insurance / subscription placement. Lines sum to the placed order (~100%).
Closing statement: The per-market breakdown of a placement: premium share, brokerage and net to market.
Brokerage: The broker's commission on the premium — the broker's own income.
IBA: Insurance Broker Account — the segregated client-money account. The net owed to markets (gross premium − brokerage) must be held apart from the broker's own funds.
Programme: A reinsurance broker's structured placement of a cedant's reinsurance to a panel of reinsurers.

Quota share: The reinsurer takes a fixed percentage of every risk's premium and losses (the cession %).
Surplus: The reinsurer takes the part of a risk that exceeds the cedant's retention, up to a number of lines.
Retention / line: The amount the cedant keeps on a risk. In surplus, 1 line = the retention; surplus capacity is a multiple of it.
Ceding commission: The commission the reinsurer allows the cedant on ceded premium.
Profit commission: A share of the treaty's profit paid back to the cedant: PC% × net profit (income − outgo).
AIT: Additional/withholding tax on premium; a line in the technical account and profit-commission statement.
Portfolio transfer: Premium/loss portfolios brought forward into, or withdrawn from, an underwriting year (clean-cut).
EPI: Estimated premium income — the expected premium base for a treaty/programme.

Excess of loss (XL/XoL): The reinsurer pays losses above an attachment point, up to a limit — written in layers.
Attachment / limit: A layer covers 'limit xs attachment' — it starts paying at the attachment and pays up to the limit.
Reinstatement: Restoring an eroded layer's cover after a loss, for a reinstatement premium (pro-rata as to amount).
Facultative: Reinsurance of a single named risk (as opposed to a treaty covering a portfolio).
Retrocession: A reinsurer's own outward reinsurance — protecting the assumed book.

General ledger: The single double-entry book every module posts into automatically (the connected core).
Debit note: The document/posting for premium due: risk premium (income) + statutory levies (pass-through) = total payable.
LRC: Liability for Remaining Coverage (PAA) — the unearned premium, released to revenue by passage of time, plus any loss component.
LIC: Liability for Incurred Claims — the fulfilment cash flows for claims already incurred (best estimate + risk adjustment).
CSM: Contractual Service Margin (GMM) — unearned profit, released to P&L over the coverage as service is provided.
Onerous group: A group expected to lose money; its loss component is recognised in P&L immediately.
PAA / GMM: The two IFRS 17 measurement models: Premium Allocation Approach (short-duration) and General Measurement Model (long/life).