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Simple English definitions for legal terms

treaty of reinsurance

Read a random definition: CIF destination

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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im distracting myself by schizo-scrolling r/lawschoolamissions and every conceivable data point on this godforsaken website
it is not working
Haaa I naturally want to do that too. I’m trying to stop. They need a surgeon general’s warning on this site for perspective law students
i spend more time on here then anything else trying to rationalize that the waves from last year will match waves for this year (they won't) and that the stats of people with the same stats are indicative of my own (they aren't)
There aren't many people in my stat range so I pretty much know every result in my range after being on here for a few years
9:28
congrats on the 172 bruce
go dawgs fr
9:29
roll tide
do we foresee a fordham election day wave today (i'm delusional)
WorthlessAttractiveZombie
9:31
I think so, Jack
9:31
some people hate him. some people love him, but he a real one: https://youtu.be/w5oEqiVQcF4?t=173
9:32
[kevin oleary]
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
WorthlessAttractiveZombie
9:34
I mean if Fordham doesn't release today I will purposefully get on a train, go to new york, and then take the stinkiest shit inside the admission office's toilet (potentially clogging it and forcing them to get a plumber)
IS IT ONLY ON MY END WHY DID THAT SEND TEN MILLION TIMES
HELLO
WorthlessAttractiveZombie
9:35
it sent a million times lol
WHAT HAPPENED
yeah i thought you were tweaking for a second
i'm so sorry everyone what the actual fuck this website hates me
WorthlessAttractiveZombie
9:35
Jack's just tweaking on LSD no biggie
to be fair this accurately represents my mental state
election day psychosis coming in hot (fordham)
usc pls pull through .....
i literally just need one A so i can relax before my ED decision
WorthlessAttractiveZombie
9:38
oh that's right USC might release
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