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Re Insurance

Re Insurance

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Published by pankajgupta

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Published by: pankajgupta on Dec 27, 2008
Copyright:Attribution Non-commercial

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08/11/2012

original

 
Reinsurance
“Insurance for InsuranceCompanies”
 
What is Reinsurance?
Reinsurance is a form of insurance. A reinsurancecontract is legally an insurance contract.
The
reinsurer 
agrees to indemnify the
cedant 
insurer for a specified share of specified types of insurance claimspaid by the cedant for a single insurance policy or for aspecified set of policies.
The terminology used is that the reinsurer 
assumes
theliability
ceded 
on the
subject policies
.
The
cession
, or share of claims to be paid by thereinsurer, may be defined on a
 proportional share
basis(a specified percentage of each claim) or on an
excessbasis
(the part of each claim, or aggregation of claims,above some specified dollar amount).
 
Retrocession
A reinsurer may also reduce its assumedreinsurance risk by purchasingreinsurance coverage from other reinsurers, both domestic andinternational; such a cession is called a
retrocession
.

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