Reciprocal Exchange
Unincorporated association with each insured insuring the other insureds within the association. (Thus, each participant in this pool is both an insurer and an insured.) An attorney-in-fact administers the exchange to include paying losses experienced by the exchange, investing premium inflow into the exchange, recruiting new members, underwriting the inflow of new business, underwriting renewal business, receiving premiums, and exchanging reinsurance contracts. Members share profits and losses in the same proportion as the amount of insurance purchased from the exchange by that member.
Popular Insurance Terms
(coinsurance) plan where a portion of medical expenses are paid by an insured. Some health insurance policies provide that the insured shares expenses with the insurer according to a ...
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Representation of ownership rights such as stocks. ...
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Coverage that pays a fixed dollar amount of interest at regular intervals. ...
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