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LSDefine

Simple English definitions for legal terms

facultative certificate

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A quick definition of facultative certificate:

A facultative certificate is a type of insurance contract that covers a specific risk under a single insurance policy. It is negotiated separately from the main policy and allows the reinsurer to assess and possibly reject the risk if there is not enough information available. Think of it like a backup plan for insurance companies.

A more thorough explanation:

Definition: A facultative certificate is a type of insurance contract that is negotiated separately to cover risks under a single insurance policy. Facultative reinsurance allows the reinsurer to assess and possibly reject a particular risk, especially if there is inadequate underwriting information.

For example, let's say an insurance company has a policy that covers damages caused by natural disasters. However, the policyholder has a property in an area that is prone to earthquakes, which is not covered under the policy. The insurance company can negotiate a facultative certificate with a reinsurer to cover the risk of earthquake damage for that specific property.

Another example is when a policyholder has a high-value asset that exceeds the coverage limit of their insurance policy. The insurance company can negotiate a facultative certificate with a reinsurer to cover the excess amount.

These examples illustrate how a facultative certificate can be used to provide additional coverage for specific risks that are not covered under a standard insurance policy.

fact work product | facultative reinsurance

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medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
Dkk
23:25
@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
23:48
@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.
bk so slept on
Dkk
0:23
I will take In N Out everyday over it when I can though.
texaslawhopefully
1:22
In N Out is not only the best fast food place, but the prices too are fantastic
Dkk
1:27
Indeed, indeed.
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