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.

A clause in a reinsurance treaty providing for early notice of possible claims and cooperation in the defence of claim that may affect the reinsurer and stipulating that the insurers shall not admit liability for such a claim without the reinsurer’s consent.
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UK: Requires the reinsured to give prompt or immediate notice to the reinsurer on becoming aware of a loss likely to involve the reinsurer. The reinsured must at all times cooperate with the reinsurer in the negotiation and settlement of the loss. In liability claims the reinsured must not admit liability without the reinsurer’s consent.

The provision in a reinsurance contract that affords coverage for claims that occur and are made during the contract term, for losses that occur on or after the retroactive date specified in the contract. Claims reported during the term of the reinsurance agreement are therefore covered regardless of when they occurred. A claims made agreement does not cover claims reported after the term of the reinsurance contract unless the reporting period is extended by special agreement.

The provision in a policy of insurance that affords coverage only for claims that are made during the term of the policy for losses that occur on or after the retroactive date specified in the policy. A claims made policy is said to “cut-off the tail” on liability business by not covering claims reported after the term of the insurance policy unless the reporting period is extended by special agreement. (Also see Occurrence Coverage).

A casualty excess of loss reinsurance agreement with a retention level equal to or higher than the maximum limits written under any one reinsured policy or contract reinsured under the reinsurance agreement. Usually applicable to casualty lines of business, the clash cover is intended to protect the ceding company against accumulations of loss arising from multiple insureds and/or multiple lines of business for one insured involved in one loss occurrence. Clash cover may also be provided for single policy exposure based on ECO/XPL and run away defense costs. Sometimes referred to as Unknown Accumulation Cover.
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A type of catastrophe reinsurance for casualty insurance. The retention is equal to the highest limit of any one insurance policy covered by the agreement. Clash cover is written to cover all losses from one source, such as a construction site. More than one insured may be involved in the same occurrence, known as a clash.

REINSURANCE: A year for which provisions for all future claims arising in the year are established. Also A year of account that has been closed into another year of account by means of a reinsurance to close contract. Historically most Lloyd’s syndicates have operated a three year underwriting account according to which the profit or loss of an underwriting account is determined by the managing agent 36 months after the beginning of that account which is always the start of a calendar year. According to this system the normal closure date of the 2014 year of account (which commenced on 1 January 2014) was 31 December 2016, with the calculation of the reinsurance to close as at that date being finalized in or about February/March 2016.
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Refer: “Reinsurance, Closed Year”
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UK: Where the accounting basis is for a two-year period or longer, a closed year is the year of account for which a result has been ascertained. This can only be done after providing for all outstanding claims. At Lloyd’s a year of account closes after 36 months, but this will end as Lloyd’s moves to annual accounting.