Nonproportional Facultative Reinsurance
Coverage in which an insurer is not bound to cede and a reinsurer is not bound to accept a risk. A separate reinsurance contract covers each cession. The contract is automatically renewed if the original insurance is renewed. Casualty facultative reinsurance is usually written on excess of loss basis, and the reinsurer shares only in losses which exceed retention level of the cedent.
Popular Insurance Terms
Law requiring the operator of an automobile to show financial ability to pay for automobile-related losses. In many states evidence usually takes the form of a minimum amount of automobile ...
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Account in which the same interest rate is credited on all premiums regardless of the time period and amount contributed. ...
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