Reinsurance Treaty


Definition of "Reinsurance treaty"

Contract between the reinsurer and the ceding company stipulating the manner in which insurance written on various risks is to be shared.

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Incurred But Not Reported Losses (ibnr)

Insured losses that have occurred but have not been reported to a primary insurance company. These types of claims have a tremendous effect on a reins ...

Direct Cover

Automatic nonproportional reinsurance treaty or automatic proportional reinsurance treaty that provides coverage for losses upon which claims are made ...

Special Acceptance

Extension of a reinsurance treaty to include a risk that was not originally in its terms. ...

Reinsurance Clause

Provision that covers a business to be protected under a reinsurance treaty. The class either can appear at the beginning of the agreement or may be i ...

Factual Expectation

Strong expectation of an occurrence resulting in a monetary interest that gives rise to an insurable interest. For example, a daughter has a strong ex ...

Deceptive Practice

Concealment of the actual fact. For example, an insurance agent tells a prospective insured that a policy provides a particular benefit when in actual ...

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