| term | description |
| EXCESS AND SURPLUS LINES | Property/casualty coverage that isnt available from insurers licensed by the state (called admitted insurers) and must be purchased from a nonadmitted carrier. |
| POLICYHOLDERS' SURPLUS | The amount of money remaining after an insurers liabilities are subtracted from its assets. It acts as a financial cushion above and beyond reserves, protecting policyholders against an unexpected or catastrophic situation. |
| SURPLUS | The remainder after an insurers liabilities are subtracted from its assets. The financial cushion that protects policyholders in case of unexpectedly high claims. (See Capital, Risk-based capital ) |
| SURPLUS LINES | Property/casualty insurance coverage that isnt available from insurers licensed in the state, called admitted companies, and must be purchased from a non-admitted carrier. Examples include risks of an unusual nature that require greater flexibility in policy terms and conditions than exist in standard forms or where the highest rates allowed by state regulators are considered inadequate by admitted companies. Laws governing surplus lines vary by state. |