An agreement under which losses above a certain dollar amount are ceded to the reinsurer, who is responsible for all losses from any one exposure above this amount up to the reinsurance limit. The retention is expressed as an amount incurred per occurrence. An occurrence may be one hurricane, one flood, or one accident that results in injuries to multiple people.

In liability Insurance, maximum amount the Insurer will pay for bodily injury to any one person in any one accident.
***
US: In liability insurance, the maximum amount the insurer will pay for one person’s injuries. If two people are injured in an auto accident and the at-fault driver’s policy has a $50,000 per person limit, the insurer will pay no more than $50,000 to each person for his or her injuries. If one person’s injuries are worth $25,000 and the other person’s are worth $75,000, the first claimant will receive $25,000 and the second will receive the per person maximum of $50,000 from the insurer.

Retention and amount of reinsurance apply “per risk” rather than on a per accident or event or aggregate basis.

A kind of reinsurance wherein the insurer pays the loss up to a stated limit, and the reinsurer pays the rest of the loss up to the limit.

Similar to a per occurrence/per loss excess treaty except in the matter of the retention. Retention and amount of reinsurance apply “per risk” rather than on a per accident or event or aggregate basis.

The sharing of property between multiple beneficiaries. If the insured should outlive one of these beneficiaries, the deceased beneficiary’s heir shall inherit the beneficiary’s share of the property.