Excess of loss reinsurance
= Excess of loss reinsurance
{title2=$g(x)=\min(x,M)$}
Per-claim <reinsurance> under which the insurer retains each claim up to a level $M$ and the reinsurer pays its <positive part> $(x-M)_+$. The annual retained amount is a sum of capped claims, so it is generally different from the cap of the annual sum in <aggregate stop loss reinsurance>.