Method to reduce the work and expense in preparing reinsurance treaty accounts. It obviates the preparation of separate accounts each showing the reinsurer’s individual proportion of premiums and losses. Instead a statement shows the hundred per cent treaty amounts of every item on the account with a copy submitted to each reinsurer with only its proportion of the final balance shown thereon. See CLEAN CUT BASIS.
Insurance Encyclopedia
Hundredweight
A short ton hundredweight = 100 pounds. Long ton hundredweight = 112 pounds.