Conceived and created in the 1970s, bond insurance penetrated more than half of the entire us municipal bond market in the 1990s. A monoline policy is one that offers coverage for one specific financial risk. Most states in the united states us impose mandatory monoline restrictions on certain insurance lines, including mort. Insurance terminology north american training group. 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. Its expansion tracked the growth of seafaring trade, with many of those writing insurance in the 1680s gathering at edward lloyds coffee house. Insurance regulation also focuses on the industry structure, requiring that certain highrisk insurance lines be provided on a monoline basis. Property and casualty insurance glossary the bottom line.
Pdf this paper addresses risk exposures in insured portfolios of monoline firms for 19952010. This is the english version of the original publication, which was published originally in hungarian. Dictionary of insurance terms barrons business dictionaries paperback april 1, 20 by harvey w. There are two types of monoline insurance companies that were. 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. Information gathered through monitoring is used to analyze, evaluate the all of the components of a project or a department in order to. 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. Nov 15, 2007 so does an investor buy monoline insurance.
Insurance information institute 110 william street new york, ny 10038 tel. 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. It is a form of credit enhancement that generally results in the rating of the insured security being the higher of i the. Found 12 sentences matching phrase monoline institution. The other leading monolines in 2002 were capital one and providian. Large fleets, as well as small businesses, should be properly covered by a commercial auto insurance policy. Insurers typically use this book to establish the amount of loss in automobile physical damage claims. Apr 01, 20 dictionary of insurance terms barrons business dictionaries rubin ph. Pdf monoline restrictions, with applications to mortgage. A financial company that deals specifically with one particular branch of the financial industry. Insurance equilibrium with monoline and multiline insurers. This gives a company the opportunity to become very good at. A flood, earthquake or other non preventable accident resulting from natural causes that occur without any human intervention.
About this coverage commercial auto insurance is needed to cover the cars, trucks, and vans used in conducting your business. For most catastrophe risks, however, the monoline form is dominant. Challenges related to financial guarantee insurance oecd. Dictionary of insurance terms a absolute liability. Life insurance, accident, and health insurance, and now everything from business interruption insurance to cyber insurance. A glossary section contains over 500 entries, including over 100 life insurance definitions provided by. Bond insurance, also known as financial guaranty insurance, is a type of insurance whereby. Howard mills howard mills is a director and chief advisor with deloittes insurance industry group. We intend to add more definitions as we find more terms that might useful to our users and insurance consumers. My goal with this font was to create an easily legible script font which would work for a wide variety of purposes.
The main advantage of monolines is that these companies have specialized skills and. Bond insurance was a small but sophisticated sector of the broader insurance industry. 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. It is a form of credit enhancement that generally results in the rating. A business that focuses on operating in one specific financial area. 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. We hope this article on property and casualty insurance glossary was informative. The book is a unique language learning tool for students of english. Dictionary term of the day articles subjects businessdictionary. Monoline insurers are companies that provide insurance for only one type of. The book is aimed at insurance professionals, financial intermediaries and. The insurance handbook reflects this diversity of subjects and issues. 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. Translation memories are created by human, but computer aligned, which might cause mistakes.
Monoline insurer definition and meaning collins english. 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. The book begins with basic information on the various types of insurance, including auto, home, life, annuities and longterm care. Monoline insurance financial definition of monoline insurance. The application of monoline insurance principles to the. This includes the bond and mortgage default insurance lines, which are generally required by state in surance laws to be monoline. Monoline insurance seguros monolinea seguros mo noline. Insurance, monoline restriction, mortgage insurance, title insurance.
Liability for damages even though fault or negligence cannot be proven. Print and pdf formats, and quantity discounts are available. Federal reserve board staff and representatives of the. Financial guarantee insurance provides investors in debt securities with guaranteed payment. Pdf the collapse of the municipal bond insurance market. 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 monoline policy is a policy that covers one type of insurance. Muni area are in the form of nonrefundable, upfront premiums, meaning that the full. Agent the insurance company representative who sells policies on behalf of the insurer. A package policy includes two or more lines of insurance coverage. Insurance fact book, the financial services fact book and a firm foundation. Monoline script is a beautiful monoline font, perfect for logo design, branding, clothing design, signage, posters, wedding invitations and so much more. Property and casualty insurance services united states. Gate 2016 question papers with answers for ec,ee,me,cs.
The guide is an important resource that will help to create a much greater understanding of. Although bond insurers are not the only monoline insurers, they are sometimes colloquially. A monoline restriction requires that the insurer dedicates its capital to pay claims on its single line of business. The main purpose of the dictionary is to strengthen the means of communication between spanish speaking populations and the health workers serving. Chinese food delivery pizza delivery sandwich delivery other food delivery flower delivery coverages package or monoline hno casualty property epli umbrellaexcess. Amish tripathi asserts the moral right to be identified as. 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. Monoline insurance company definition investopedia. Optionshouse rates are a better value for active traders. 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. This az pocket guide to understanding financial terms is just one of the achievements of ebss partnership with nala. Howard came to deloitte after serving as superintendent of the new york state insurance department. See all 2 formats and editions hide other formats and editions. A monoline insurance company provides guarantees to issuers, often in the form of credit wraps, that enhance the credit of the issuer.
No part of this book may be reproduced, stored in a retrieval system. Irmi offers the most exhaustive resource of definitions and other help to insurance professionals found anywhere. In his current role, howard offers thought leadership to deloittes insurance clients in areas rang. An independent agent represents more than one company. Coverage to pay for damage to or loss of an insured. The new oxford picture dictionary contextually illustrates over 2,400 words. Monoline lenders dont have storefronts, so they save costs and pass them on. Hired and nonowned auto liability usg insurance services. No annoying ads, no download limits, enjoy it and dont forget to bookmark and share the love. An insurance company either sells a single line monoline or multiple lines. Financial products, monoline insurance companies wrote billions of dollars of credit default. 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. Monoline insurer definition in the cambridge english dictionary.
Bodily injury a term, mostly used in automobile insurance, meaning physical injury as a result of a car collision. 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. 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. Having launched it originally in 2004 we have now updated it with modern terminology to meet with the increasing demand for the book.
The main advantage of monolines is that these companies have specialized skills and provide expertise beyond what can. They define insurance, types, policies, and reinsurance, then discuss statebased regulation of insurance. As of today we have 104,295,160 ebooks for you to download for free. Affinity schemes usually offer a monoline insurance product that is branded. The a systematic process of observing, tracking, and recording activities or data for the purpose of measuring program or project implementation and its progress towards achieving objectives. 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. 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. Monoline definition of monoline by the free dictionary. Dictionary of insurance terms barrons business dictionaries.
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