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Treaty Reinsurance means that the ceding company and the reinsurer negotiate and execute a reinsurance contract under which the reinsurer covers the specified share of all the insurance policies issued by the ceding company which come within the scope of that contract. The reinsurance contract may obligate the reinsurer to accept reinsurance of ...
A reciprocal inter-insurance exchange or simply a reciprocal in the United States is an unincorporated association in which subscribers exchange insurance policies to pool and spread risk. For consumers, reciprocal exchanges often offer similar policies to those offered by a stock company or a mutual insurance company.
Japan's Prime Minister Fumio Kishida welcomed the Head of the International Department of the CCP Liu Jianchao at the Prime Minister's Office in 2024. The Chinese calligraphy on the wall writes "Jiěyī" (Chinese: 解衣; lit. 'undress'), a term that means sharing each other and tiding over the difficulty, used to stress the "strategic, reciprocal" relationship between the two countries.
A pure 'fin re' contract for a non-life insurer tends to cover a multi-year period, during which the premium is held and invested by the reinsurer. It is returned to the ceding company - minus a pre-determined profit margin for the reinsurer - either when the period has elapsed, or when the ceding company suffers a loss. 'Fin re' therefore ...
Also called resource cost advantage. The ability of a party (whether an individual, firm, or country) to produce a greater quantity of a good, product, or service than competitors using the same amount of resources. absorption The total demand for all final marketed goods and services by all economic agents resident in an economy, regardless of the origin of the goods and services themselves ...
The U.S. government's definition of offset agreement is the most crucial, since the U.S. aerospace and defense industry is the biggest exporter of aerospace and defence products, [6] and therefore engaged in the majority of the world's offsets.
In these circumstances, the reciprocal exchange can be divided into two types: dyadic back-and-forth exchange (reciprocity), and pooling (redistribution). Pooling is a system of reciprocities. It is a within-group relationship, whereas reciprocity is a between relationship. Pooling establishes a centre, whereas reciprocity inevitably ...
Where a reinsurer's state of domicile is NAIC-accredited or has substantially similar financial requirements, and the state of domicile determines that the reinsurer predominately engages in a reinsurance business and does not regularly sell direct insurance, the domiciliary state is the state solely responsible for regulating the reinsurer's ...