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
coverage on the bank's premises for burglary of monies, securities, and other properties from within the bank's safe (s); robbery of monies and securities; loss of monies and securities as ...
Shipper's policies covering one cargo exposure or all cargo exposures by sea on all risks basis. Exclusions include war, nuclear disaster, wear and tear, dampness, mold, losses due to delay ...
Expense of defending a lawsuit. To mount a legal defense against civil or criminal liability, a defendant faces expenses for lawyers, investigation, fact gathering, bonds, and court costs. ...
Form of annuity returning premiums plus interest to a beneficiary if the annuitant dies during the accumulation period. A refund annuity costs more than a pure annuity. If the annuitant ...
Component of necessary coverage determined by the "needs approach" to life insurance for a family. It is intended to cover last-minute expenses as well as those that surface after the death ...
Coverage in which one premium payment is made and the policy is fully paid up with no further premiums required. ...
Apparent agreement that is not a valid contract. ...
Same as term Fronting: procedure under which the CEDING COMPANY (the primary or fronting company) cedes the risk it has underwritten to its reinsurer with the ceding company retaining none ...
Same as term Coinsurance: in property insurance, when the insurance policy contains this clause, coinsurance defines the amount of each loss that the company pays according to the following ...
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