A risk that is not otherwise covered—due, for example, to underwriting class or limit—but is endorsed into the reinsurance agreement by specific written agreement with underwriters. Used in treaties and facultative automatics.
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REINSURANCE: The facultative extension of a reinsurance treaty to embrace a risk not automatically included within its terms.
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REINSURANCE: The specific agreement by the reinsurer, upon the request of the cedent, to include under a reinsurance contract a risk not normally included within the terms of the contract. Special acceptance is generally covered in a special acceptance provision.