Government Insurance Programs
TRIA
Abbreviation for Terrorism Risk Insurance Act
TRIPRA
Abbreviation for Terrorism Risk Insurance Program Reauthorization Act
Solvency
Ability to meet financial obligations
Terrorism Risk Insurance Program Reauthorization Act (TRIPRA)
Amendment and extension of TRIA to provide terrorism insurance
Insurance
Financial protection against potential loss or damage
U.S. Treasury
Government department responsible for administering reinsurance
Federal Government
Government responsible for providing compensation for terrorism losses
Irish Republican Army (IRA)
Group responsible for destructive bombings in the UK
Diversified Insurers
Insurance companies with a wide range of coverage
Small Insurers
Insurance companies with limited resources and coverage
Commercial Property
Insurance coverage for non-residential buildings and structures
Reinsurance
Insurance for insurance companies to limit potential loss
Terrorism Risk Insurance Act (TRIA)
Legislation requiring insurance companies to offer terrorism insurance
Cyber Related Losses
Losses related to cyber attacks
Non-Physical Business Interruption Loss
Losses related to terrorism that do not involve physical damage
Private Insurance Market
Marketplace for insurance provided by private companies
Program Trigger
Minimum loss amount required for compensation under the program
Triggering Event Threshold
Minimum loss amount required for federal funds to be paid out
Insurer Deductible
Portion of losses that the insurer is required to cover
Insurer Share of Terrorism Losses
Portion of terrorism losses that the insurer is required to cover
Risk Management
Process of identifying, assessing, and prioritizing risks
Backstop
Safety net or support system
Copayment
Share of losses that the insurer is required to cover
Aggregate Insured Losses
Total losses covered by insurance policies
UK Pool Re
United Kingdom terrorism insurance program
