Our glossary explains technical terms from the areas finance and reinsurance. We hope it facilitates the understanding of our texts, publications and annual reports. If you have comments or suggestions, please use our
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Facultative reinsurance
Participation on the part of the reinsurer in a particular individual risk assumed by the direct insurer. This is in contrast to obligatory (also: treaty) reinsurance.
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Fair value
Price at which a financial instrument would be freely traded between two parties.
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FASB Accounting Standards Codification, FASB ASC
Since 15 September 2009 the single source of authoritative US GAAP. It is a codification of all previous standards.
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Financial Accounting Standards Board (FASB)
Committee in the USA whose task is to determine and improve upon the standards of accounting and reporting.
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Financial Accounting Standards (FAS)
Statement of Financial Accounting Standards (SFAS).
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Financial Solutions
Targeted provision of financial support for primary insurers through reinsurance arrangements under which the reinsurer participates in the original costs of an insurance portfolio and receives as a consideration a share of the future profits of the said portfolio. This approach is used primarily for long-term products in personal lines, such as life, annuity and personal accident insurance.
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Free float
The free float refers to the part of the capital stock held by shareholders with a low stockholding in both absolute and relative terms.
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Funds held by ceding companies/funds held under reinsurance treaties
deposits with ceding companies/deposits received from retrocessionaires.