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Simple English definitions for legal terms

reinsurance treaty

Read a random definition: ad consimiles casus

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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MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
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