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Simple English definitions for legal terms

reinsurance treaty

Read a random definition: salva substantia

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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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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