Assumption reinsurance means the transfer of an insurance contract from a domestic life insurance company to a life insurance company authorized to do business in this state.
Assumption reinsurance means a transaction in which one (1) insurer assumes all or a portion of the insurance, annuity, and endowment risks or liabilities of another insurer and thereby becomes directly and primarily liable to the insured, beneficiary, or policyholder under the policies and contracts subject to the reinsurance transaction.
Assumption reinsurance means a form of reinsurance that includes the transfer of all contractual obligations to the assuming insurer with no recourse to the ceding insurer;
Examples of Assumption reinsurance in a sentence
Assumption reinsurance requires that the reinsurer issue assumption certificates to the existing policyholders and take over responsibility for policyholder services.
More Definitions of Assumption reinsurance
Assumption reinsurance means a form of reinsurance whereby the reinsurer is substituted for the ceding insurer and becomes directly liable for policy claims;