MEDICAL,USA: 1. Mutual exchange of privileges or services. 2. In the Medicaid program, it applies to an individual who obtains medical services while out of the state in which he or she receives benefits. 3. In managed care plans, a member may receive treatment for illness or injuries from another prepaid plan while out of state.
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REINSURANCE: A mutual exchange of reinsurance between two or more companies.
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UK: Exchange of reinsurance business between reinsurers. Each accepts the cessions from the other to stabilise the accounts or reduce costs. Direct insurers may also enter into exchanging its home business with an equivalent amount of foreign business from another direct insurer. The reciprocity could be 100 per cent or a proportion of the business.
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REINSURANCE: Practice of requiring incoming Reinsurance in ex-change for Reinsurance ceded or vice versa based on either premium to premium or profit to profit.
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UK: the practice of requiring inwards reinsurance business in exchange for reinsurance ceded, the cedant only offering a share of its reinsurance to a reinsurer able and willing to offer suitable reinsurance business in return.