A reinsurance contract which allows the reassured to select which risks of a given type are to be ceded to the reinsurer. The reinsurer is obliged to accept all the cessions made by the reassured provided they fall within the scope of the treaty.
Insurance Encyclopedia
Faculty of Actuaries
Professional body representing actuaries in Scotland. See INSTITUTE OF ACTUARIES.
faculty practice plan (FPP)
Policies and procedures in a document that state the manner in which patient services are delivered by a teaching program or medical school faculty physicians, the method of obtaining payment, and the disposition of the funds obtained for the services. Also known as clinical practice plan and medical practice plan .