"Follow-the-fortunes" is a fundamental doctrine of reinsurance which provides generally that a reinsurer must follow the underwriting fortunes of its cedant (reinsured) and is thus bound by the claims-handling decisions of its reinsured, provided there is no evidence of fraud, collusion with the insured, or bad faith. It is a burden-shifting doctrine which allows the cedant (reinsured) the freedom of making good-faith claims decisions without the fear of having to relitigate those decisions with its reinsurer. This term is used inter-changeably with "follow-the settlements".
The term 'as you' is not a clause without a verb.But a clause introduced by 'as' is an adverb clause adding how, when, why to the statement made.As you said, it was more expensive than expected.We put the steaks on the fire as you arrived.
It is an adverb clause. It will say "when" an activity may take place.
No. It is an adjective clause, as it begins with a relative pronoun (who).
An adjective clause is the group of words that contain the subject and the verb acting as an adjective. An adverb clause answers questions like how, when and where.
adjective
It is also and more commonly known as the Special Cancellation clause. This will allow the reinsuance agreement to be immediately terminated by either party because of a major alteration in the character of either party and hence to the reinsurance agreement or to the commercial and/or political background against which the reinsurance agreement was originally concluded.
Reinsurance ceded by an insurer or re-insurer as opposed to inwards reinsurance which is reinsurance accepted.
The LGT 400 clause, commonly used in reinsurance contracts, pertains to the definition and treatment of loss occurrences. It typically establishes the framework for how losses are aggregated and reported under the agreement, ensuring clarity on what constitutes a single loss event. This clause is essential for determining coverage limits and the calculation of premiums. By clearly defining loss occurrences, it helps mitigate disputes between reinsurers and cedents regarding claims.
Loss Partipation clause is used in Proportional Reinsurance. It makes liable to the cedant/reinsured to make contribuiton/pratipaiton if loss amount exceed a specified amount as agreed between reinsurer and reinsured in advance.
It is a free relative clause, also referred to as a headless relative clause.
Global Reinsurance was created in 1990.
A comma
Reinsurance Group of America was created in 1973.
Reinsurance Group of America's population is 1,655.
The population of Reinsurance Group of America is 2,011.
*Direct insurance company *Captive insurance company *Reinsurer However, there are no clear separation between buyers and sellers in reinsurance. Insurance company maybe a buyer (outward reinsurance) and a seller (inward reinsurance)
Ah, reinsurance clauses like LGT 397 are like happy little safety nets in the world of insurance. They help insurance companies manage risks by transferring a portion of their liabilities to other insurers. Just like adding a touch of blue to a sky to make it more vibrant, reinsurance clauses ensure that everyone is taken care of when unexpected events happen.