ADVERSE DEVELOPMENT COVER
\advˈɜːs dɪvˈɛləpmənt kˈʌvə], \advˈɜːs dɪvˈɛləpmənt kˈʌvə], \a_d_v_ˈɜː_s d_ɪ_v_ˈɛ_l_ə_p_m_ə_n_t k_ˈʌ_v_ə]\
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A FINITE INSURANCE CONTRACT where the INSURED shifts the timing of losses that have already occurred, as well as those that have been INCURRED BUT NOT YET REPORTED, to the INSURER. In exchange for a PREMIUM the insurer assumes losses in excess of the insured
By Henry Campbell Black
Word of the day
Snake's-head
- Guinea-hen flower; -- so called in England because its spotted petals resemble the scales of a snake's head.