Group of Reinsurers acting as a cooperative in offering Reinsurance and sharing among themselves, on specified terms, certain Reinsured business.

Language that describes the coverage agreed upon by the parties, i.e., what is covered and when. The key components are thee: The indemnity aspect of the agreement, the type of business covered, and the method of determining whether a loss falls within the scope of the agreement. Also known as Cover Clause, Business Reinsured Clause and Application of Agreement Clause.
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UK: The clause in a reinsurance contract that sets out the terms under which a claim can be made. It is the reinsurance equivalent of the operative clause.