Definition of "Nonproportional facultative reinsurance"
Aspyre Realty Group, Real Estate Agent
Aspyre Realty Group-
Coldwell Banker Sea Coast Advantage
Coldwell Banker Sea Coast Advantage
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.
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