Assumption Reinsurance
Definition of "Assumption reinsurance"
Form of insurance whereby the buyer (reinsurer) assumes the entire obligation of the cedent company, effected through the transfer of the policies from the cedent to the books of the reinsurer. Several thousand policies are transferred annually among insurance companies. Generally, life, health, and investment type policies such as annuities are the policies most likely to be transferred since they are of longer duration and in many instances cannot be canceled by the insurance company.
Popular Insurance Terms
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Formal process of setting aside funds on a mathematical basis to provide deferred income benefits. ...
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List of cash allowances for various types of surgeries. ...
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tort against another person's property, designed to detain or dispose of it in a wrongful manner. For example, wrongful selling of another person's automobile without permission would ...
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