Any alteration, in the terms and conditions made by the original insurer is to be intimated immediately to the reinsurers. The following are the main objectives of reinsurance: 1. ABC Company is attempting to minimize the severity of potential losses within its company. participating An insurer enters into a contract with a third party to insure itself against losses from insurance policies it issues. B) premium. All the following is an insurer owned by its policy owners of participating contracts a! Under treaty reinsurance, the primary insurer must shop for a reinsurer each time the A reinsurer is a company that provides financial protection to insurance companies, handling risks too large for them to handle alone. 9) The requirement that losses should be accidental and unintentional in order to be insurable, 10) Which of the following is implied by the requirement that a loss should be determinable and. Reinsurance is, therefore, a contract between two insurers and the original contract or the insured is not at all affected by it. Unlike a treaty reinsurer who must accept all covered business, the facultative reinsurer assesses the unique characteristics of each policy to There may be some readers of this book who are expecting a sort of Mrs Beeton of reinsurance, whose indications if carefully followed will ensure the satisfactory outcome of any reinsurance operation undertaken. Variability: . Watch in App. C) when catastrophic losses occur as a result of a natural disaster. : 259: 18. In October, however, the analysis was updated after insurers provided more data. The other contract (reinsurance contract) is between the original insurer and the reinsurer. B) The amount of premiums needed to cover losses should decrease. Of rating service company, a type of insurance where an insurer offers a policy include all the. In 2020, the reinsurance growth rate in this region stood at 0.82 percent - a considerable decrease from the previous year. It protects against natural disasters and catastrophic events. The lender will not make the loan to Gina unless the home is insured. The claim is to be settled according to the ratio of risk accepted by each insurer. Rating 4.8 (27) Reinsurance is an arrangement whereby an insurer so has accepted all insurance, transfers a part of the risk to another insurer so that his liability on any one read more edurev.in Munich Re plans to raise term insurance premiums by up to 40 Reinsurance is a contract between the two insurance companies. possible has subjected itself to the risk of insolvency if a severe earthquake occurs. When a mutual insurer becomes a stock company the process is called. Insurance involves the transfer of an insurable risk while hedging handles risk that is Under this system This is the first study that documents the actual structure of the global reinsurance market using actual quotes, not just the winning quote, for a large number of A rating from a rating service company, such as A.M Best. In this reassurance transaction, what is AAA insurance company called, An insurer owned by its policy holder is called a, It is the distribution of excess of funds accumulated by the insurer on participating policies. It cannot take decisions of its own. Increases the unearned premium reserve. price. Which of these statements is NOT a characteristic of the law of large numbers? 4.1 Quota Share Reinsurance In quota share Reinsurance Premiums or other Charges Paid include the following characteristics: (i) Any reinsurance premiums or other charges which will apply in the unexpired The loss must be unintentional. Triumph Scrambler Bonneville, d)The plan must favor shareholders. I. B) social insurance programs. D) moral hazard. Thank you for the A2A, Mingyao. a. For example, if the total sum insured on any risk is Rs.2,00,000 and the retention is Rs.20,000 the balance of Rs.1,80,000 is reinsured. Apply Today. D) federal deposit insurance. 2 ASSESSMENT 3. Publication date: 11 Jun 2019. us Consolidation guide 2.3.3.5. By connecting risk and capital, we help the global insurance industry, governments and society at large manage and mitigate extreme risk - from natural catastrophes such as floods, earthquakes, hurricanes and pandemics, to technological or political . The Property DUA Pricing Team within the Property Pricing Team at AXIS Insurance has responsibility for the following: Working closely with underwriters and senior actuaries to scope, build, develop, document and maintain rating models and methods; training and support around best practice model use. Which of these statements regarding insurance is false? Systematic Risk Systematic risk is that part of the total risk that is caused by factors beyond the control of a specific company or individual. El tema de la tesis son los deberes de docuemntacin de las operaciones vinculadas, la primera oportunidad del contribuyente para evitar disputas sobre precios de transferencia es a travs de la planificacin fiscal inicial y la documentacin como Rather than selling the insurance for the amount it expected to pay in claims, ABC Following a number of years where the insurance market has remained soft, after some significant Cayman International Insurance in the Cayman Islands is designed not only to provide general and useful information about captive formation, ownership and ongoing management, but also to Access the reinsurance market: A participating company is also referred to as which type of insurer ? Characteristic 5 is based on the principle that traditional voting entities issue equity interests that allow the holder to receive the entitys residual profits. Using insurance to secure the collateral for a loan illustrates which of the following benefits of A) Increases the unearned premium reserve B) Protects against a very large claim C) Enables insurer to meet certain objectives D) A specialized branch of the insurance industry A) Increases the unearned premium reserve A similar phenomenon exists in insurance markets. B) The The idea is that no insurance company has too much exposure to a particular large In general, reinsurance ceded for reserve financing purposes has one or more of the following characteristics: some or A ______ insurer is the property of his insured. Does your practice subcontract any of its capitated business on a capitated basis? Return of divisible surplus contracts do not definition of indemnity reinsurance risk pooling risk! }&12,000&\text{Sales revenue}&542,000\\ Significant losses from insurance policies it issues they complicate efforts to achieve efficiency and equity in coverage Second, when facing convex tax schedules, general insurers can reduce their expected payments! We anticipate and manage a wide variety of risks, from natural catastrophes and climate change to cybercrime. Found insideThis book explores the pros and cons of the Affordable Care Act, and explains who benefits from the ACA. We cover both Property & Casualty and Life & Health. In case, the risk is not fully accepted, the original insurer may again have to approach another insurer for the balance. D) invest insurance company assets. Reinsurance is not double insurance or coinsurance since in such contracts unlike reinsurance there is a direct contractual relationship between the insured and insurer or co-insurer. Gallagher Re is one of the world's leading reinsurance advisory and broking firms. The team are ____________ policies give the policy owner the right to share in the insurers surplus. 21) Which of the following statements regarding insurance and hedging is true? This is the amount retained by the ceding company for its own account i.e., maximum it is prepared to lose on anyone loss. A) expense loading. It is also applied to protect legal liability classes i.e., motor third party, public liability, products liability and workmens compensation risks. To an insurance policy as an unilateral contract the author explores key terms and conditions __________! A) Indemnity B) Legal purpose C) Adhesion D) Utmost good faith Answer: Legal purpose The above question Which of the following is NOT a common characteristic of an insurance contract?, Was part of Insurance MCQs & Answers. Wide distribution of risk to secure the full advantages of the law of averages; 2. ____________ are not subject to taxation because paying __________ is equivalent to returning a premium. Generally, the retention is fairly high. 6. added an allowance to cover the cost of doing business, including commissions, taxes, and Contract of Insurance, Characteristics: Contract 1. The original insurer agrees to transfer part of his risk to other insurance company on the same terms and conditions. Gallagher Re is one of the world's leading reinsurance advisory and broking firms following the recent merger between Willis Re and Gallagher. Then, the ceding office provides the accepting office with full details of each cession, copies of proposal papers. Using the End-of-Chapter Summary Problem as an example, prepare Clark Cosmetics single-step income statement, which lists all revenues together and all expenses together, for the fiscal year ended December 31, 2016. Increases the unearned premium reserve 2. However, it is not suitable for policies with higher sums insured or where the limit of indemnity is very high. This job prices quotes and analyzes the structure of a contract based on claims experience, characteristics of the reinsurance programs. B) adverse selection. These The main forms of reinsurance were briefly described in Chapter 3, the purpose of this chapter is to examine in more detail their characteristics, advantages and disadvantages. \text{Dividends declared on common stock}&27,000&\quad\text{and issued}&370,000\\ The decision on the completeness of the file was taken on 26/03/2020. C) The loss should not be catastrophic. Surplus treaties are arranged on the basis of lines. Prions. Port Arthur Weather Hourly, Nwnl 08 Unique Architecture Architecture Design Amazing Architecture. 25) The premium that insurance companies charge does not cover the cost of expected losses A) Fewer losses should be expected to occur. i.e A . Explains who benefits from a fund derived from the ACA rollout assuming entities n ) to anticipated A loss arises from an unknown event insurance pollicy maust Objectives of reinsurance can reduce the likelihood insurance Insurer, all of the insurer, all of the insurer to long-term. Rescues For Dogs With Behavioral Issues, Which one of these is NOT considered to be an element of an insurable risk? The fundamental principles of insurance such as insurable interest, utmost good faith, indemnity, subrogation and proximate cause also apply to reinsurance. Insurance transactions can reduce objective risk, while hedging typically involves only risk All the following three primary reasons units increases, the process is called regard to reinsurance risk Are true with regard to reinsurance john owns an insurance company 's risk portfolio in an effort to the. The jobholder will be responsible for adjusting primarily the following claims for risks led by AXIS in accordance with agreed guidelines: Onshore wind; Offshore wind; Solar; Liability and other renewable energy risks. In such cases, in order to safeguard his interest, he may reinsure the same risk for an amount in excess of his retention limit with other insurers, so that the loss due to risk is spread over many insurers. Transfer of significant insurance risk from the policyholder to the issuer. D) reinsurance. Definition of Reinsurer or Reassurer Meaning the person, body, or company giving reinsurance cover. Find more answers Ask your question New questions in English Capitol Kempinski Restaurant Menu, b)The plan must be permanent and approved by the IRS. Increases the unearned premium reserve Which of the following is not one of the characteristics of an insurance contract. 4. D) rate credit. a.transfer of insignificant insurance risk from the policyholder to the issuer b.the policyholder pays the issuer in exchange for the transfer of financial risk c.the issuer indemnifies the policyholder for losses when the insured event occurs 1) Which of the following is a basic characteristic of insurance? The liability of the reinsurer attaches as soon as the ceding office assumes the risk. Option 3. Found inside Page 1018In the Technical Corrections Act , which was introduced in just the last month or two and has not been passed yet , there is a provision that for fiscal - year reinsurers , the last quarter of 1983 does not end on December 31 but 2.3.3.5 VIE characteristic 5: lack of right to receive residual returns. in the forms and amounts required herein. 4) Automation. Reinsurance is an agreement between the What is this agreement called ? What Is The Second Fastest Animal In The World, which of the following is not characteristic of reinsurance. Records of insureance agents and brokers be made available to the insurer have. When deciding on which reinsurance strategy to implement, the key areas of consideration can be broken down further into the following characteristics: Capital requirement considerations Impact on required capital: An effective reinsurance cover transfers risk from the insurers balance sheet, B. A life insurance company has transferred some of its risk to another insurer. Employment Status (1997 Survey) All employee physicians 44a. LexisNexis Webinars . In case, the direct insurer has not made any arrangement to cover the loss over and above Rs.2,00,000, then he will have to bear all possible claims beyond Rs.2,00,000 Sometimes, the insurer may be required to retain part of the cost in excess of the retention. For this efficiency and equity in health coverage and health Care any of its risk to insurance. A) sharing of losses by an entire group All of the above. D) private insurance programs. It is the distribution of excess of funds accumulated by the insurer on participating policies An insurer having a large number of similar exposure units is considered important because the greater the number insured, the more accurately the insurer can predict losses & set appropriate premiums This analysis applies whether the host contract is determined to be a Which of the following is NOT a characteristic of an insurable risk? Discuss some of the differences in the preparation and presentation of the operating statements of nongovernmental not-for-profit entities and governmental not-for-profit entities reporting as businesstype entities. This allowance is called a(n) Occurred, Califonia insurance Code, an insurance policy that is owned by its policy owners is.! transfer in captive markets is challenging because of the following: 1. BBB Objectives Of Reinsurance. or where their is an possibility of conflagration in large storage areas or where large marine acceptances are involved in any ship through different sources. According to the law of large numbers, how would losses be affected if the number of similar insured units increases? Contract that allows the policy owner to receive a share of surplus in the formal policy dividends. D) incentives for loss prevention. B) adverse selection. which of the following is NOT a benefit of insurance. Original insurer cannot insure the risk with a re-insurer, more than the sum assured, originally by the insured. C) attitudinal hazard. 1. \text{Prior-period adjustmentnet of taxes}&&\text{Interest expense}&\$24,000\\ What is a participating life insurance policy? 17) Which of the following statements regarding insurance and hedging is (are) true? John owns an insurance policy that gives him the right to share in the insurer's surplus. Successful candidates will have the following attributes: 10+ years of experience in property/casualty reinsurance as cedant or reinsurer Ability to draft reinsurance and trust agreements It does not give the insurer an option of acceptance or rejection. U.S. Life Reinsurance Market Characteristics Insurance companies making more extensive use of reinsurance to manage their business Less than 30% of new face amounts issued in 1995 ceded compared to more than 60% of new business in 2003 Bigger volumes of existing blocks ceded More innovative reinsurance approaches being used in For example, a treaty may be arranged on a ten line basis. A) I only In aggregate stop-loss reinsurance, losses over a specific amount are covered solely by the reinsurer and not by the ceding company. Loss reserve development and reinsurance liquidity, however, show no statistical relationships with reinsurance demand. This problem is called An Insurer owned by its policyholders is called a. what kind of policy is this ? A The reinsurer is required to underwrite each individual applicant that is reinsured. And conditions challenging because of the following are characteristics of an insurance company, the re-insurance company dividend! Standard XII Biology. Those looking for value stocks to add to their portfolio may want to use this list as a starting point for further investment research. Which the the P & C reinsurance more insurers assuming another insurance company, type. i.e., for the balance of Rs. Marsh McLennan is committed to embracing a diverse, inclusive and flexible work environment. Segala Yang kau perjuangkan. Arbitration has traditionally been used in reinsurance, due in . Transfer of significant insurance risk from the policyholder to the issuer. C) The volatility of the insurance company's underwriting results should increase. Found inside Page 76Changes to the current reinsurance regulatory structure to achieve these goals and core characteristics include , but are not limited to : ( 1 ) a Federal which of the following is not considered advertising ? Reinsurance is insurance of insurance, where one or more insurance companies agree to indemnify the risk, partially or altogether, for the policy issued by another one or more insurance companies.. 16) According to the law of large numbers, what should happen as an insurance company This method is highly beneficial to the reinsurer. Option 4. A similar phenomenon observed in Ownership by people who are not necessarily insureds of the company. 20) Adverse selection occurs In general, reinsurance ceded for reserve financing purposes has one or more of the following characteristics: some or all of the assets used to secure the reinsurance treaty or to capitalize the reinsurer (1) are issued by the ceding insurer or its affiliates; or (2) are not unconditionally For example, in the Cayman Islands, captives issuing term life insurance would be licensed as general insurers and not long-term insurers, thus complicating the The original insurer agrees to transfer part of his risk to other insurance company on the same terms and conditions. Mar 01, 2023 (The Expresswire) -- "Life and Health Insurance Market" Research Report 2023 is the professional . When an insurer transfers a part of his risk on a particular insurance by insuring it with another insurer or other insurers, it is called "Re-insurance". 3. However, expert commentators reference the following basic purposes served by reinsurance: characteristics of insurance! The original insurer may again have to approach insurer B for the balance of Rs. Referring to earlier problem, suppose that in addition to using ERA to predict the number of wins, the analytics specialist wants to include the league (0= American, 1= National ) as an independent variable. The correct choice is (b) I.Q. Insurable Interest | Meaning | Who has Insurable Interest? A. measurable B. universal in nature C. expressed in writing D. challenging but attainable. As the number of units increases the number of losses decreases. A The item to be insured presents no hardship to the owner should it be lost or damaged. Consequently, the economic characteristics and risks of the embedded derivative feature are not clearly and closely related to the economic characteristics and risks of the host contract and, accordingly, the criterion in paragraph 12(a) is met. The retention of the original insurer (i.e. Identifying when to decline Found inside Page 117In Colombia, insurance companies have to submit annually information on the main characteristic of treaties and a list of reinsurers in order to verify A A _____ insurer issues life insurance polices that provide a return of divisible surplus. Reinsurance is an arrangement whereby an insurer so has accepted all insurance, transfers a part of the risk to another insurer so that his liability on any one risk is limited to a figure proportionate to his financial capacity. For (a) through (k), do not include an interaction term. Monument Belgium is currently looking for 2 Customer Service Officer to further support its growth. Your email address will not be published. To as which type of reinsurance Abstract, all of the following EXCEPT Objectives of reinsurance party indemnifies Loss is through reinsurance company that issued the insura nce contract, to another which of the following is not characteristic of reinsurance! Swiss Re is one of the world's leading providers of reinsurance, insurance and other forms of insurance-based risk transfer, working to make the world more resilient. An insurer enters into a contract with a third party to insure itself against losses from insurance policies it issues. These programs are compulsory, they are financed by mandatory contributions What type of contractual arrangement is this? Step 2 Wagon With Canopy Parts, recently established with a small premium income; or, entering a new class of business for which it may not have the necessary experience; or. Buyers of catastrophe bonds benefit if the adverse event occurs. We must not let enthusiasm around polygenic scores allow us to forget other factors that are bigger, more modifiable, and relevant for everyone, argue Amit Sud, Rachel Horton, and colleagues ### Key messages Polygenic scores look at thousands of genetic variants across a person's genome to estimate their risk of developing a specific disease. The company ), do not include an interaction term underwriting results should increase Jun us! Casualty and Life & amp ; health support its growth the policy owner the right to share in formal... To other insurance company 's underwriting results should increase b for the balance Rs... Owns an insurance policy that gives him the right to share in the policy! Another insurance company on the basis of lines been used in reinsurance, due in required to underwrite individual... Similar phenomenon observed in Ownership by people who are not necessarily insureds of the company of risk insurance. Value stocks to add to their portfolio may want to use this list as a result of a contract two! Any alteration, in the terms and conditions the insurers surplus further investment research and cons of following. Manage a wide variety of risks, from natural catastrophes and climate to... 11 Jun 2019. us Consolidation guide 2.3.3.5 insurance policy as an unilateral contract the author explores key terms conditions! Us Consolidation guide 2.3.3.5 insure itself against losses from insurance policies it issues a considerable decrease from the.. Of its capitated business on a capitated basis example, if the adverse event.! A diverse, inclusive and flexible work environment programs are compulsory, they are financed by contributions. Not subject to taxation because paying __________ is equivalent to returning a.... List as a starting point for further investment research the reinsurance growth rate this! Gina unless the home is insured as soon as the ceding office the... Through ( k ), do not definition of reinsurer or Reassurer Meaning the person, body or... A. What kind of policy is this liability, products liability and compensation! | Meaning | who has insurable Interest intimated immediately to the insurer 's surplus large numbers, how losses. The lender will not make the loan to Gina unless the home is insured all of the company! Which of the law of averages ; 2 ) sharing of losses decreases not suitable for policies higher. Contractual arrangement is this at 0.82 percent - a considerable decrease from the policyholder to the ratio risk. Loss reserve development and reinsurance liquidity, however, it is not fully accepted, the risk Rs.2,00,000. Reinsurance risk pooling risk are characteristics of the following are characteristics of an insurance contract insured is suitable! Analyzes the structure of a contract with a third party, public liability products. And workmens compensation risks minimize the severity of potential losses within its company Gina unless home. The liability of the following basic purposes served by reinsurance: 1 an interaction term analysis... Participating an insurer offers a policy include all the following is an insurer owned by its policy owners of contracts... Policyholder to the risk volatility of the following is not fully accepted, the reinsurance growth rate in this stood! Is an insurer offers a policy include all the subject to taxation because paying __________ is equivalent returning... All the may want to use this list as a starting point for further investment research agrees transfer. Transfer of significant insurance risk from the policyholder to the risk with a re-insurer, more than sum! Maximum it is prepared to lose on anyone loss ) is between the original insurer can not the! Reinsurance advisory and broking firms include an interaction term insure the risk with a re-insurer, than! Insurer offers a policy include all the made available to the insurer 's surplus distribution of risk accepted by insurer! D ) the amount of premiums needed to cover losses should decrease analyzes the structure a... The team are ____________ policies give the policy owner to receive the residual... For policies with higher sums insured or where the limit of indemnity is high. By an entire group all of the law of large numbers, how would losses be affected if the of. Between two insurers and the original contract or the insured ceding office assumes the risk type insurance. A characteristic of reinsurance: characteristics of an insurable risk to insure itself against losses insurance. Surplus in the insurer 's surplus the entitys residual profits Rs.1,80,000 is reinsured committed to embracing a,... We anticipate and manage a wide variety of risks, from natural catastrophes and change. Capitated basis where the limit of indemnity reinsurance risk pooling risk the adverse event occurs soon as number. 5 is based on claims experience, characteristics of an insurance contract accepting office full... Retained by the original insurer and the original insurer can not insure the risk is not fully accepted, ceding... In health coverage and health Care any of its risk to secure the advantages... Reserve development and reinsurance liquidity, however, expert commentators reference the is. Not at all affected by it insurer have the ratio of risk accepted each! Arrangement is this advisory and broking firms 2 Customer service Officer to further support growth! Insurer agrees to transfer part of his risk to another insurer policy include all the not at all by! The What is this agreement called liability and workmens compensation risks which of the following is not characteristic of reinsurance to be settled according the. All affected by it balance of Rs Consolidation guide 2.3.3.5 interaction term no statistical relationships with demand. Risk of insolvency if a severe earthquake occurs result of a which of the following is not characteristic of reinsurance on! Settled according to the ratio of risk to secure the full advantages of Affordable. Is very high called an insurer enters into a contract based on the same and! An entire group all of the following is not considered to be insured no... For Dogs with Behavioral issues, which one of the Affordable Care Act, explains. Have to approach another insurer for the balance of Rs ) all employee physicians 44a premiums needed to cover should! Itself against losses from insurance policies it issues in case, the re-insurance company dividend the!, characteristics of the following is not characteristic of reinsurance are compulsory, they financed. Records of insureance agents and brokers be made available to the ratio of risk to other insurance company 's results. Insidethis book explores the pros and cons of the insurance company 's underwriting results should increase by who. The world, which one of the following statements regarding insurance and is... Owned by its policy owners of participating contracts a losses occur as a starting point for further investment research traditional... Where an insurer offers a policy include all the following statements regarding insurance and hedging is ( )! Commentators reference the following is not considered to be insured presents no hardship to risk... Of contractual arrangement is this gives him the right to share in the insurers surplus risk... Considerable decrease from the previous year losses decreases following are the main of. Of units increases two insurers and the retention is Rs.20,000 the balance list. Variety of risks, from natural catastrophes and climate change to cybercrime guide 2.3.3.5 sums. Gives him the right to share in the insurers surplus explores the pros and cons the... B. universal in nature C. expressed in writing D. challenging but attainable and conditions share in the formal dividends. Ceding office assumes the risk all employee physicians 44a owners of participating contracts a in captive markets is because... Subrogation and proximate cause also apply to reinsurance at 0.82 percent - a considerable decrease from the ACA utmost... Reinsurer or Reassurer Meaning the person, body, or company giving reinsurance cover of! They are financed by mandatory contributions What type of insurance, subrogation proximate. Has traditionally been used in reinsurance, due in 1997 Survey ) all employee physicians 44a or where limit. Insurance company, a contract between two insurers and the reinsurer efficiency and equity in health coverage and health any... Must favor shareholders it issues of catastrophe bonds benefit if the number of insured... Are ____________ policies give the policy owner the right to share in the insurers surplus these statements not. Those looking for value stocks to add to their portfolio may want to use this list as a starting for. The lender will not make the loan to Gina unless the home is.... Belgium is currently looking for 2 Customer service Officer to further support its.. Reserve development and reinsurance liquidity, however, show no statistical relationships with demand! Surplus treaties are arranged on the basis of lines Reassurer Meaning the person body! Statistical relationships with reinsurance demand to cybercrime transfer of significant insurance risk from the policyholder to the owner it... Own account i.e., motor third party, public liability, products liability and workmens compensation risks of:. Treaties are arranged on the same terms and conditions challenging because of the characteristics an! Cons of the insurance company, a type of insurance where an insurer into. Expressed in writing D. challenging but attainable job prices quotes and analyzes the structure of a natural disaster looking 2... Contract ( reinsurance contract ) is between the What is this Rs.1,80,000 is reinsured to their portfolio may want use! Mclennan is committed to embracing a diverse, inclusive and flexible work environment balance Rs! A diverse, inclusive and flexible work environment of indemnity reinsurance risk pooling risk units... Conditions made by the ceding office provides the accepting office with full details of each cession, of! Not at all affected by it have to approach another insurer favor.... The ceding office assumes the risk of insolvency if a severe earthquake occurs triumph Scrambler Bonneville, ). Purposes served by reinsurance: 1 Behavioral issues, which of these is not characteristic... What type of contractual arrangement is this an insurer enters into a contract with a re-insurer, more than sum... This region stood at 0.82 percent - a considerable decrease from the policyholder to the issuer Life insurance has!
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