Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
Reinsurance
Insurance of all or part of one insurer's risk by a second insurer, who accepts the risk in exchange for a percentage of the original premium. - Also termed reassurance. "The term
excess reinsurance
Reinsurance in which a reinsurer assumes liability only for an amount of insurance that exceeds a specified sum. See excess insurance under INSURANCE.
facultative reinsurance
Reinsurance of an individual risk at the option (the "faculty") of the reinsurer.
flat reinsurance
Reinsurance (esp. of marine insurance) that cannot be canceled or modified.
flat reinsurance.
See REINSURANCE,
honorable-engagement clause. Reinsurance
An arbitration provision in a reinsurance contract allowing the arbitrators to view the reinsurance arrangement reasonably - in line with the agreement's general purposes - rather than strictly according to the rules of law or an overly technical interpretation of contract language.
reinsurance
See REINSURANCE.
reinsurance treaty
A contract of reinsurance (usu. long-term) covering different classes or lines of business of the reinsured (such as professional liability, property, etc.) and obligating the reinsurer in advance to accept the cession of covered risks. ( Rather than receive individual notice of each specific claim covered, the treaty reinsurer will generally receive periodic reports providing basic information on the losses paid. - Also termed treaty of reinsurance. See BORDEREAU. Cf. FACULTATIVE CERTIFICATE.
retrocessionaire. Reinsurance
A reinsurer of a reinsurer. See RETROCESSION.
treaty of reinsurance
See REINSURANCE TREATY.
treaty reinsurance
Reinsurance under a broad agreement of all risks in a given class as soon as they are insured by the direct insurer.