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Simple English definitions for legal terms

treaty of reinsurance

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A quick definition of treaty of reinsurance:

A treaty of reinsurance is a long-term contract between an insurance company and a reinsurer. The contract covers different types of risks, such as professional liability and property damage, and obligates the reinsurer to accept the transfer of these risks in advance. Instead of receiving individual notices for each claim, the reinsurer receives periodic reports on the losses paid. This type of contract is also known as a reinsurance treaty or bordereau.

A more thorough explanation:

A treaty of reinsurance is a long-term contract between an insurer and a reinsurer that covers different classes or lines of business of the reinsured. The reinsurer is obligated in advance to accept the cession of covered risks.

For example, an insurance company may enter into a treaty of reinsurance with a reinsurer to cover their professional liability, property, and other lines of business. Instead of receiving individual notice of each specific claim covered, the treaty reinsurer will generally receive periodic reports providing basic information on the losses paid.

This type of reinsurance is beneficial for both the insurer and reinsurer as it provides stability and predictability in the transfer of risk.

treaty-made law | treaty power

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JumpySubsequentDolphin
21:35
no he’s literally like 8 and he fully just put his head on my bicep and slept
JumpySubsequentDolphin
21:35
he has since moved
22:12
@SplitterusClitterus: me yesterday
gulc baby pls text me back... i miss you ...... :(
22:23
i just went into a discord vc and yelled "YALL I JUST GOT INTO J.M. SCHOOL OF LAW"
22:24
people were getting excited :sob:
22:25
then someone was like "what does jm stand for" and i was like .. well
AHHAHAHAHAHAHHAHAHAHAHAHAH
@JumpySubsequentDolphin: wait this is so cute, also where r u going
JOE MBIDEN
JumpySubsequentDolphin
22:39
@splitty Oregon!
oh yay for what thats so random
JumpySubsequentDolphin
22:45
haha my brother and sister in law live there
so cutie oregon is beatiful
soyalmondoatmilk
8:38
good morning! hoping waves will come our wave today
8:42
GW wave today?
8:57
There’s someone I found on here with the username threeoutchange and if my understanding is correct that’s a reference to the debut album by a pretty cool 90s-00s Japanese band called Supercar. I geeked a little
8:57
It could just be a baseball reference I don’t get though lol
Dkk
9:00
@renard99: also, the same band that does a song in the anime Eureka 7 which I watched when I was like idk, 12
9:00
Yeah! They are pretty good. Three Out Change is an awesome J-rock record
Dkk
9:01
I will probably not listen to them more but fun fact. Really random to start the day. An omen that the waves will be very random today.
Dkk
9:03
Fuck, reading the wikipedia now. Literal last song they did before they broke up was Storywriter. Wow.
9:05
That one is a masterpiece
9:05
My favorite song by them is Recreation
glovediedthisishismom
9:05
snowing
Dkk
9:07
@renard99: man, hard to find.
Dkk
9:07
@glovediedthisishismom: Congrats on the snow.
Dkk
9:16
@renard99: Poetic and nice.
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