Which protect a Company against very large losses caused by events like conflagrations, cyclone, floods etc. The distinction between a ‘per event’ cover and a ‘per risk’ cover is that in the former, the loss may cover one or more than one risk, but when it affects more than one risk, it should have arisen from one event. See Also: “Per risk or working cover.”

REINSURANCE: A form of excess of loss reinsurance which, subject to a specific limit, indemnifies the ceding company in excess of a specified retention with respect to an accumulation of losses to multiple insureds and/or policies resulting from an occurrence or series of occurrences arising from one or more disasters
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A form of reinsurance that indemnifies the ceding company for the accumulation of losses in excess of a stipulated sum arising from a single catastrophic event or series of events.
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UK: An excess of loss reinsurance which, subject to a specified limit, indemnifies the reinsured for the amount of loss in excess of a specified retention, the excess point, with regard to an accumulation of losses caused by a catastrophic event (e.g. a hurricane) or series of events. The reinsurance document is referred to as a catastrophe cover. See HOURS CLAUSE.

The issuer of an insurance contract that contractually obtains an indemnification for all or a designated portion of the risk from one or more reinsurers.

REINSURANCE: An amount deducted from the reinsurance premium to compensate a ceding company for its acquisition and other overhead costs, including premium taxes. It may also include a profit factor and is called a ceding allowance. See Overriding Commission and Sliding Scale Commission.
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REINSURANCE: The cedant’s acquisition costs and overhead expenses, taxes, licenses and fees, plus a fee representing a share of expected profits – sometimes expressed as a percentage of the gross reinsurance premium.
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The cedant’s acquisition costs and overhead expenses, taxes, licenses and fees, plus a fee representing a share of expected profits, which often is expressed as a percentage of the gross reinsurance premium.
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UK: The reinsurer’s payment to the reinsured as a reimbursement of all or part of the reinsured’s expenses on the original business, plus a contribution to overheads.

REINSURANCE: (i) Insurance Company that places Reinsurance business of its original risk with a Reinsuring Company. (ii) An Insurer who purchases and is entitled to indemnification under a contract of Reinsurance (also known as the Reinsured).
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MEDICAL,USA: Insurance company that places reinsurance business of its original risk, all or part of those risks that it does not wish to retain in full, with a reinsuring company. Insurer that sells its policies directly to the public either through its own salaried employees or exclusive agents. Also called ceding insurer or referred to as cedent.
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Refer: “Reinsurance, Ceding Company”
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REINSURANCE: The company that transfers its risk to a reinsurer. See Cedent, Reassured, Reinsured.

REINSURANCE: I ssued in evidencing Reinsurance between companies.
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MEDICAL,USA: Statement that an insurance policy has been written for the benefit of one or more individuals. This document may be used in evidencing reinsurance between insurance companies.
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The condition still found in policies issued in some countries requiring the certificate of a magistrate to support a claim under a Policy seems to have long since fallen out of use. Certificate is a statement that a Policy has been written for the benefit of one or more individuals. Also issued in evidencing Reinsurance between companies.

REINSURANCE: (01) An Exactly stated yielding of a property or right under a Reinsurance agreement. A Reinsurance. An amount ceded as Reinsurance. (02) The amount given off by way of Reinsurance and therefore amount accepted by the Reinsurer.
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UK: (1) in reinsurance, the act of ceding business to a reinsurer, (2) a block of business so ceded.
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MEDICAL,USA: 1. A reinsurance. 2. In reinsurance, a property, parcel, or unit of insurance that an insurance company cedes to a reinsurer. 3. An amount ceded as reinsurance.
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A particular risk exposure that is transferred under a reinsurance treaty.
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UK: A specific item of reinsurance under a reinsurance treaty.
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Refer: “Reinsurance, Cession”
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REINSURANCE: The portion of insurance ceded by the ceding company to the reinsurer.

A clause in a Reinsurance contract requiring the Reinsured to give immediate advice to the Reinsurance of any claim that will attach to the Reinsurance contract before he settles it on the original Policy. The clause may require that the Reinsurer’s approval be obtained before the original claim is settled. The Reinsured will be expected to cooperate with the Reinsurer in defending the original claim at the Reinsurer’s option.
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Refer: “Reinsurance, Claims Control Clause”

A form of reinsurance under which the date of claim reported is deemed to be the date of the loss event. Claims reported during the term of the reinsurance agreement are therefore covered, regardless of when they occurred. A claims made agreement is said to “cut of the tail” on liability business by not covering claims reported after the term of reinsurance agreement – unless extended by special agreement. See. Occurrence basis.

A Right which insurers may have to ask reinsurers for immediate settlement of a substantial claim rather than wait for the regular periodical settlement.