REINSURANCE: (i) Organization established by Insurers and Reinsurers, whereby Insurers can obtain Reinsurances for exposures that individual Reinsurers would not readily accept hence, a “residual market” organization for Reinsurance. Reinsurers participating in the Reinsurance association typically take pro-rata shares of all Reinsurance placed in the facility. (ii) A market device that provides insurance for individuals or other entities that cannot obtain coverage from an insurer on a voluntary basis, by sharing premiums and losses for such entities among participating insurers. (iii) Organization, analogous to Lloyd’s of London or a stock exchange, for the voluntary offering and buying of Reinsurance.
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A pooling mechanism for insureds not able to obtain insurance in the voluntary market. Insurers write and issue policies but cede premium and losses on those policies to a central pool in which all insurers share.
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An agreement by insurer allowing a broker to accept insurance of a defined category on the insurer’s behalf.
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MEDICAL,USA: Building location, equipment, and supplies for delivery of patient medical care (e.g., inpatient and outpatient hospital, acute or long-term care, intermediate or skilled nursing facilities).