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Simple English definitions for legal terms

reinsurance treaty

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A quick definition of reinsurance treaty:

A reinsurance treaty is a long-term contract between an insurance company and a reinsurer that covers different types of risks, such as professional liability and property. The reinsurer agrees in advance to accept the transfer of these risks from the insurance company. Instead of receiving individual notices for each claim, the reinsurer receives periodic reports on the losses paid. This helps the insurance company manage its risks and protect itself from large losses.

A more thorough explanation:

A reinsurance treaty is a long-term contract between an insurer and a reinsurer that covers different types of risks, such as professional liability or property. The reinsurer agrees in advance to accept the transfer of covered risks from the insurer. Instead of receiving individual notices for each claim, the reinsurer receives periodic reports with basic information on the losses paid.

For example, an insurance company may have a reinsurance treaty with a reinsurer that covers all of their property insurance policies. If the insurance company experiences a large loss due to a hurricane, they can transfer a portion of that risk to the reinsurer through the treaty. The reinsurer will then pay a portion of the claim based on the terms of the treaty.

Another example could be a reinsurance treaty that covers all of an insurer's professional liability policies. If the insurer has multiple claims against them for malpractice, they can transfer some of that risk to the reinsurer through the treaty. The reinsurer will then pay a portion of the claims based on the terms of the treaty.

reinsurance | reinsured

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babycat
11:20
big things coming for babycat. I own a resistance band now
concorde
11:20
@renard99: jones needs to take this advice and fight aspinall
11:21
is that what they are calling punk rock bands these days?
BulbasaurNoLikeCardio
11:21
@babycat: did you get a booboo or just trying to do more workouts at home?
11:21
@Mostlylegal: I jumped six points after beginning adhd meds. Might be worth it
Dkk
11:22
Just an hour and 38 minutes left before I can ask Kayle in LSAT Demon to marry me. I take these AMA's seriously.
11:22
@concorde: “I will retire Jon Jones without even fighting him” hardest thing anyone in the UFC ever said
m10
11:23
i spelled her fucking name wrong lmfao, Kaley. Lmfao.
BulbasaurNoLikeCardio
11:24
It was years ago but it was a lower card fight, dude didn't speak good english and they tried asking him his plan, he was like "punch him" they tried to get more info pushing it again and he said "punch him hard" and pointed at his forehead.... I don't remember the results of the fight but dude had a solid plan.
babycat
11:24
@BulbasaurNoLikeCardio: no booboo I’m just trying to increase flexibility a little. I feel like if u develop too much muscle on ur legs and don’t stretch they get tight
JumpySubsequentDolphin
11:26
my hips are so tight its acc miserable
BulbasaurNoLikeCardio
11:26
@babycat: got to keep those legs flexible so you don't pull anything, I need to get back into yoga to release and stretch out tension in my muscles. Stretching is where I fail the most with fitness
11:26
This song came out today and I think I legit have listened to it like 50
11:26
Times already
1a2b3c4d26z
11:26
Need to stretch more
1a2b3c4d26z
11:27
Run this morning felt like legs were made of goop
glovediedthisishismom
11:27
a secret home remedy for chapped lips is to lick them. your saliva will moisten the lips and relieve the chapping
1a2b3c4d26z
11:27
Sometimes I think I write like rorschach from watchmen
11:28
@glovediedthisishismom: just bite your lip,. gives good brain feel when peelin the dry skin
babycat
11:28
yeah it’s insane how much better hip flexor stretches can make you feel sometimes
11:28
Probably the most important long term mobility thing you can do
1a2b3c4d26z
11:28
Pigeon stretch GOAT
1a2b3c4d26z
11:29
Stretching was probably the biggest factor in becoming elite in my sport tbh
1a2b3c4d26z
11:29
well mobility in general
m10
11:29
Nah you wanna be wound up tight like a clock. All your parts working in synchronization, never missing a second.
BulbasaurNoLikeCardio
11:30
When I get home I think I will pull up a youtube yoga video and lay out the mat by the fireplace now, feeling guilty I haven't been stretching properly
1a2b3c4d26z
11:30
tighter you are, more potential energy you have. Your body is a spring. It's just physics
m10
11:30
Exactly.
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