Contract of reinsurance means a contract under which one party, the reinsurer, in consideration of a premium, promises another party, the reinsured, cover against the risk of exposure to insurance or reinsurance claims.
Contract of reinsurance means a contract of reinsurance entered into in terms of an agreement referred to in section three;
Contract of reinsurance means an agreement under which one or more reinsurers agree to indemnify a ceding insurer against all or part of a risk arising under a policy that the insurer has issued;
Examples of Contract of reinsurance in a sentence
Payments by the Reinsurer as above set forth shall be made directly to the Company or to its conservator, liquidator, or statutory successor, except where this Contract of reinsurance specifically provides another payee of such reinsurance or except as provided by applicable law and regulation (such as subsection (a) of section 4118 of the New York Insurance laws) in the event of the insolvency of the Company.
For the avoidance of doubt, any collection of a receivable that was a doubtful account on the Closing Statement or had been written off prior to the Closing will be considered an amount collected by the Surviving Corporation for the purposes of the preceding sentence.
More Definitions of Contract of reinsurance
Contract of reinsurance means an agreement under which