A reinsurance term providing that the reinsurer will not question payment of any claim for which the insurer is liable under the original insurance.
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See: “Reinsurance, Pay as you may be paid.”

A method of reinsurance rating under which the price is based on how frequently a limits loss might occur over a period of time based on historical or projection indications. Thus, if the indicated or projected loss would occur only once in five years, the price would be set (without regard to expenses and profit margins) to be equal to the limit divided by five and the contract would thus be said to have a “five year payback.” Inverse calculation with Rate on Line.