Pdf this paper addresses risk exposures in insured portfolios of monoline firms for 19952010. Glossary of insurance terms actuary a professional trained in the mathematics of insurance and risk management, including the calculations of premiums, policy reserves and other values. In a sense this makes it the financial equivalent to car insurance if a bond defaults, investors know they will still get their money back. My goal with this font was to create an easily legible script font which would work for a wide variety of purposes. Monoline definition of monoline by the free dictionary. Insurers typically use this book to establish the amount of loss in automobile physical damage claims. Bond insurance was a small but sophisticated sector of the broader insurance industry. Insurance regulation also focuses on the industry structure, requiring that certain highrisk insurance lines be provided on a monoline basis. The guide is an important resource that will help to create a much greater understanding of. This englishspanish dictionary of health related terms was developed for the use by health care personnel and other professionals working with the latino population in the united states. This is the english version of the original publication, which was published originally in hungarian. The book is aimed at insurance professionals, financial intermediaries and.
Federal reserve board staff and representatives of the. A flood, earthquake or other non preventable accident resulting from natural causes that occur without any human intervention. Although bond insurers are not the only monoline insurers, they are sometimes colloquially. Monoline insurers are companies that provide insurance for only one type of. A monoline insurance company is an insurance company that provides guarantees to issuers, often in the form of credit wraps, that enhance the credit of the issuer. Most states in the united states us impose mandatory monoline restrictions on certain insurance lines, including mort. Statistical handbook of data available to insurance regulators naic. These types of policies are mostly issued by companies that specialize in particular risks, as opposed to typical insurance companies that sell insurance covering multiple risks.
A monoline policy is a policy that covers one type of insurance. As of today we have 104,295,160 ebooks for you to download for free. Hired and nonowned auto liability usg insurance services. Its expansion tracked the growth of seafaring trade, with many of those writing insurance in the 1680s gathering at edward lloyds coffee house. An insurance company that specializes in guaranteeing the timely repayment of bond principal and interest in the event of default. Dictionary of insurance terms barrons business dictionaries paperback april 1, 20 by harvey w. Insurance equilibrium with monoline and multiline insurers. The other leading monolines in 2002 were capital one and providian. Monoline lenders dont have storefronts, so they save costs and pass them on. Dictionary of insurance terms a absolute liability. See all 2 formats and editions hide other formats and editions.
Conceived and created in the 1970s, bond insurance penetrated more than half of the entire us municipal bond market in the 1990s. Insurance terminology north american training group. Affinity schemes usually offer a monoline insurance product that is branded. Large fleets, as well as small businesses, should be properly covered by a commercial auto insurance policy. Monoline script font stunning script fonts creative market. Life insurance, accident, and health insurance, and now everything from business interruption insurance to cyber insurance. When a company such as arsenal or public entity such as a hospital decides to issue a bond, it arranges the insurance itself if it wants. A monoline insurance company provides guarantees to issuers, often in the form of credit wraps, that enhance the credit of the issuer. Liability for damages even though fault or negligence cannot be proven.
Insurance information institute 110 william street new york, ny 10038 tel. There are two types of monoline insurance companies that were. Irmi offers the most exhaustive resource of definitions and other help to insurance professionals found anywhere. A glossary section contains over 500 entries, including over 100 life insurance definitions provided by. An event or occurrence which is unforeseen and unintended.
Pdf the collapse of the municipal bond insurance market. Throughout this paper the terms guarantor, insurer, monoline, fig insurer, and the primary are all used interchangeably to reference a primary monoline financial guaranty insurance company. Having launched it originally in 2004 we have now updated it with modern terminology to meet with the increasing demand for the book. Until 2007, no monoline insurer had ever been downgraded or failed to make a payment, according to a 2008 wells fargo white paper, deterioration of monoline insurance companies and the repercussions for municipal bonds. Insurance handbook insurance information institute. Background afgi is the trade association of financial guaranty insurers, comprised of 10 insurers and reinsurers of municipal, infrastructure and assetbacked securities abs financial guaranty insurance is a monoline.
The book begins with basic information on the various types of insurance, including auto, home, life, annuities and longterm care. No part of this book may be reproduced, stored in a retrieval system. Print and pdf formats, and quantity discounts are available. This gives a company the opportunity to become very good at. They define insurance, types, policies, and reinsurance, then discuss statebased regulation of insurance. The premium charged by the monoline is not for funding expected losses, as with insurance, but for enhancing an investmentgrade security to a aaa level. For most catastrophe risks, however, the monoline form is dominant.
Chinese food delivery pizza delivery sandwich delivery other food delivery flower delivery coverages package or monoline hno casualty property epli umbrellaexcess. In his current role, howard offers thought leadership to deloittes insurance clients in areas rang. Monoline insurance company definition investopedia. This includes the bond and mortgage default insurance lines, which are generally required by state in surance laws to be monoline. An insurance company either sells a single line monoline or multiple lines. Translation memories are created by human, but computer aligned, which might cause mistakes.
The application of monoline insurance principles to the. Found 12 sentences matching phrase monoline institution. An independent agent represents more than one company. The insurance handbook reflects this diversity of subjects and issues. Financial products, monoline insurance companies wrote billions of dollars of credit default. Gate 2016 question papers with answers for ec,ee,me,cs. Insurance, monoline restriction, mortgage insurance, title insurance. No annoying ads, no download limits, enjoy it and dont forget to bookmark and share the love. Monoline insurer definition and meaning collins english.
About this coverage commercial auto insurance is needed to cover the cars, trucks, and vans used in conducting your business. Bodily injury a term, mostly used in automobile insurance, meaning physical injury as a result of a car collision. Insurance fact book, the financial services fact book and a firm foundation. It students with a glance at american lifestyle, as well as a compendium of useful vocabulary, the dictionary is organized thematically, beginning with topics that. A package policy includes two or more lines of insurance coverage. It is a form of credit enhancement that generally results in the rating of the insured security being the higher of i the.
Monoline insurance seguros monolinea seguros mo noline. Nov 15, 2007 so does an investor buy monoline insurance. Muni area are in the form of nonrefundable, upfront premiums, meaning that the full. Amish tripathi asserts the moral right to be identified as. A financial company that deals specifically with one particular branch of the financial industry. Agent the insurance company representative who sells policies on behalf of the insurer. Typically, a monoline insurer is rated aaa by at least two rating agencies and will issue an insurance policy that insures the timely payment of principal and interest on obligations issued by third parties. We intend to add more definitions as we find more terms that might useful to our users and insurance consumers.
Jan 28, 2018 a monoline insurance company is an insurance company that provides guarantees to issuers, often in the form of credit wraps, that enhance the credit of the issuer. It is a form of credit enhancement that generally results in the rating. This az pocket guide to understanding financial terms is just one of the achievements of ebss partnership with nala. The new oxford picture dictionary contextually illustrates over 2,400 words. Information gathered through monitoring is used to analyze, evaluate the all of the components of a project or a department in order to. Bond insurance, also known as financial guaranty insurance, is a type of insurance whereby. Hired and nonowned auto liability targeted classes. Pdf monoline restrictions, with applications to mortgage. Property and casualty insurance glossary the bottom line. Monoline insurance financial definition of monoline insurance.
A monoline restriction requires that the insurer dedicates its capital to pay claims on its single line of business. Property and casualty insurance services united states. Bond insurance, also known as financial guaranty insurance, is a type of insurance whereby an insurance company guarantees scheduled payments of interest and principal on a bond or other security in the event of a payment default by the issuer of the bond or security. Monoline restrictions, with applications to mortgage. Commercial property insurance can be sold separately as an individual line policy referred to as a monoline policy, or it can be sold as part of a commercial package policy cpp, which combines two or more commercial coverage parts such as commercial property, general liability, and commercial auto. Challenges related to financial guarantee insurance oecd. The book is a unique language learning tool for students of english. Dictionary term of the day articles subjects businessdictionary. Coverage to pay for damage to or loss of an insured.
The main advantage of monolines is that these companies have specialized skills and. Howard mills howard mills is a director and chief advisor with deloittes insurance industry group. Monoline lenders are not going to solicit you to open a chequing or savings account, buy rrsps and resps, apply for a credit card, buy insurance, or any other manner of business banks deal in. Signatura monoline free typeface is a new modern calligraphy typeface fonts collection from ianmikraz studio, combines from copperplate to contemporary typeface, classic, beauty and elegant touch.
It chooses one product to focus on, such as credit cards or a particular kind of loan, and then it can become very specialized in all the aspects of that particular service. Apr 01, 20 dictionary of insurance terms barrons business dictionaries rubin ph. Monoline script is a beautiful monoline font, perfect for logo design, branding, clothing design, signage, posters, wedding invitations and so much more. We study a competitive multiline insurance industry, in which insurance companies with limited liability choose which insurance lines to cover and the amount of capital to hold. Monoline insurer definition in the cambridge english dictionary. Optionshouse rates are a better value for active traders. A monoline policy is one that offers coverage for one specific financial risk. A business that focuses on operating in one specific financial area. The main advantage of monolines is that these companies have specialized skills and provide expertise beyond what can. Financial guarantee insurance provides investors in debt securities with guaranteed payment.
We hope this article on property and casualty insurance glossary was informative. The main purpose of the dictionary is to strengthen the means of communication between spanish speaking populations and the health workers serving. The results are developed under the realistic assumptions that insurers face friction costs in holding capital and that the losses created by. Monoline restrictions, with applications to mortgage insurance and title insurance. Howard came to deloitte after serving as superintendent of the new york state insurance department. Dictionary of insurance terms barrons business dictionaries.