reinsurance |
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Definition
Practice where an insurance company (the insurer) transfers a portion of its risks to another (the reinsurer). Legal rights of the policyholders (insureds) are in no way affected by reinsurance, and the insurer remains liable to the insureds for insurance policy benefits and claims.
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reinsurance is in the General, Marine, & Life Insurance subject.
reinsurance appears in the definitions of the following terms: Lloyd's of London (Lloyd's), insurance company rating, ultimate net loss, catastrophe bond and faculative reinsurance
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