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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.
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What is Reinsurance clauses LGT 398?
Reinsurance clauses LGT 398 refer to specific provisions within reinsurance contracts that outline the terms and conditions of the agreement between the ceding insurer and the reinsurer. These clauses typically detail the responsibilities of each party, including coverage limits, premium calculations, claims handling procedures, and dispute resolution mechanisms. Understanding LGT 398 clauses is crucial for both insurers and reinsurers to ensure clarity and compliance with the terms of the reinsurance contract.
What is Reinsurance clauses LGT 397?
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.
What is sudden death clause in reinsurance contract?
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.
What is the population of LGT Group?
LGT Group's population is 1,950.
When was LGT Group created?
LGT Group was created in 1920.
What is Outward Reinsurance?
Reinsurance ceded by an insurer or re-insurer as opposed to inwards reinsurance which is reinsurance accepted.
Where is the LGT private banking group based?
The head office of the LGT private banking group is based in Vaduz, Liechtenstein. The LGT group is the largest family owned, private wealth and asset manager in Europe.
What is loss participation clause?
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.
What lgt stands for in lgt 397?
In the context of LGT 397, "LGT" typically stands for "Lightweight Generic Transport." It refers to a specific protocol or framework used in various applications, particularly in telecommunications and data transmission. The number "397" may indicate a specific version, model, or designation within a particular system or standard.
When was Global Reinsurance created?
Global Reinsurance was created in 1990.
How much does Mrs clause weigh?
approxamaitly 400 pounds
When was Reinsurance Group of America created?
Reinsurance Group of America was created in 1973.
