Reinsurance Facility
Definition of "Reinsurance facility"
- pool that contains various reinsurance companies with each sharing reinsurance contracts on a pro rata basis as they are submitted to the pool.
- market that operates much like the New York Stock Exchange in that reinsurance contracts are bought and sold on a bid and asked basis.
Popular Insurance Terms
Element used to adjust losses to reflect the incurred but not reported claim (IBNR) under the retrospective method of rating. ...
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Use of new rate structures by an insurance company without first obtaining approval of a State Insurance Department. ...
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Law in some states that permits an insurance company to deny payment of a claim resulting from an insured loss because of breach of warranty or misrepresentation, provided that the breach ...
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