Any trigger for recovery under an insurance or reinsurance agreement. Examples include occurrence, claims made, death, or disability.
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Term used in relation to the total claims payable by an insurer or reinsurer resulting from a single cause as an earthquake.
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UK: the total losses to the ceding company or to the reinsurer resulting from a single cause such as a storm or flood, subject to any time limitations imposed by the reinsurer.
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REINSURANCE: The total losses to the ceding company or to the reinsurer resulting from a single cause such as a windstorm.