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Risk of loss arising from inadequate pricing, reserving or selection of insured risks under Solvency II Article 105.

Risk remaining after risk-management measures have been applied, which the provider judges acceptable (EU AI Act Art. 9).

Exposure to ICT third-party providers that, if disrupted, could materially impair the provision of critical functions.

Price per unit of exposure charged to the policyholder, before loadings and discounts.

The extent to which premium income is sufficient to meet expected claims, expenses, and risk margin (Solvency II QRT P.10).

Risk premium plus expense loading, excluding profit margin and acquisition commissions.

Amount added to the best estimate so technical provisions equal the cost to another insurer of assuming the obligations.

Probability-weighted average of future cash flows, discounted using the relevant risk-free term structure.

Sum of best estimate and risk margin; the value insurers must hold to settle insurance obligations.

Contractual stipulation defining the circumstances in which insurer obligations arise.

The point in time at which the insured event meets the policy's coverage criteria.

Legally enforceable duty arising from an insurance contract between insurer and policyholder.

Continuous iterative process for identification, evaluation and mitigation of risks throughout the AI system lifecycle (Art. 9).

Measures enabling natural persons to oversee the functioning of high-risk AI systems (Art. 14).

Set of interrelated elements an organization uses to direct and control its AI activities (ISO/IEC 42001 §3).

Process to identify, evaluate and document the potential consequences of AI system deployment on individuals and society.

Risk arising from the use of ICT services provided by third-party providers, including subcontractors.

Costs incurred in obtaining and renewing insurance contracts, including commissions and underwriting expenses.

Technical provisions relating to claim events that have already occurred, whether reported or not.

Process demonstrating that the requirements relating to a high-risk AI system have been fulfilled (Art. 43).