Insurance data definitions
Insurance Operations Glossary
Plain-English definitions for the terms used in insurance spreadsheet workflows, bordereaux reporting, property schedules, claims analysis, and renewal discussions.
bordereaux
A spreadsheet or structured report listing premium, risk, or claims transactions for an insurance arrangement.
Related ToolDox page →TIV
Total insured value. The value insured across a property schedule, often including building, contents, stock, and business interruption values.
Related ToolDox page →SOV
Schedule of values. A property insurance file listing locations, addresses, occupancy, construction, and insured values.
Related ToolDox page →incurred
The total claim cost recognized so far, usually paid plus outstanding reserve.
Related ToolDox page →paid
The amount already paid on a claim.
Related ToolDox page →reserve
The amount set aside for expected future claim payments.
Related ToolDox page →loss ratio
Incurred losses divided by premium, often expressed as a percentage.
Related ToolDox page →binder
An insurance arrangement or authority under which business can be written subject to agreed terms.
Related ToolDox page →coverholder
An entity authorized to enter into insurance contracts on behalf of an insurer or Lloyds syndicate within agreed authority.
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