what is retroactive reinsurance
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Retroactive Reinsurance Retroactive reinsurance is a powerful tool for mastering an array of risk management and capital management challenges. In Munich Re’s Customized Portfolio Solutions (CPS), you have at your side a specialised team that knows your market and understands your needs.
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What Is a Retroactive Date in Insurance? With prior-acts coverage, you will be protected from claims made against you as of the retroactive date that was in your previous policy, even though your new policy was written a year or several years after that date.
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Definition facultative reinsurance - A form of reinsurance whereby each exposure the ceding company wishes to reinsure is offered to the reinsurer and is contained in a single transaction. Toggle navigation Sign In
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- SPONGEBOB'S ORIGINAL NAME WAS SPONGEBOY. And the show's title was initially SpongeBoy Ahoy!. SpongeBoy was a copyrighted name for a mop, however, but Hillenburg made sure to keep the sponge in the name of his protagonist as he was worried that children might mistake him for a block of cheese. 3. SPONGEBOB'S PERSONALITY WAS INFLUENCED BY JERRY LEWIS, PEE-WEE HERMAN, AND STAN LAUREL.
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What Is a Retroactive Date in Insurance? Extended Reporting Period. If you decide to terminate your professional liability insurance, but want to remain protected from claims made against you on or after your retroactive date, you can purchase an extended-reporting-period endorsement, or tail..
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B Bulk Reinsurance A transaction sometimes defined by statute as any Quota Share, surplus aid or portfolio reinsurance agreement through which, of itself or in combination with other similar agreements, an insurer assumes all or a substantial portion of the liability of the reinsured company.
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RETROACTIVELY, RETROACTIVITY RETROACTIVELY, RETROACTIVITY. Generally refer to laws or court decisions which affect already existing rights, obligations and duties, or attach new conditions in respect to transactions or events already past. Retroactivity depends on whether the new provision attaches new legal consequences to events completed before its enactment.
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COBRA Continuation Coverage Once COBRA is elected, the enrollee has 45 calendar days from the date of election to pay all retroactive premiums to the plan or its designee. The retroactive premium payment is the premium to cover the period from the date of loss of coverage to the date of election.
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- adjective, Also, canonic. 1. pertaining to, established by, or conforming to a canon or canons. 2. included in the canon of the Bible. 3. authorized; recognized; accepted: canonical works. 4. Mathematics.
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RETROACTIVE proactive - descriptive of any event or stimulus or process that has an effect on events or stimuli or processes that occur subsequently; proactive inhibition; proactive interference. 1  psychological science, psychology - the science of mental life. retroactive - descriptive of any event or stimulus or process that has an effect on the effects of events or stimuli or process that occurred previously.
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"If my mother passes away before her Medicaid approval changes from ""pending"" to ""approved"", will they still for previously accrued nursing home expenses?" Yes, once someone is approved for Medicaid coverage, that coverage may be retroactive not only back to the date of application but even to the three months prior to application. How far back the retroactive coverage goes, though, depends on during how much of that retroactive period the applicant would have been eligible for Medicaid.
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- retroactive adjective. › If a ​law or ​decision, etc. is retroactive, it has ​effect from a ​date before it was ​approved: the first British ​law to have retroactive ​effect. retroactively adverb uk us /-li/ › The ​courts cannot ​apply a new ​rule retroactively.
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What Is a Retroactive Date in Insurance? Your policy’s retroactive date is the date on which your professional liability coverage begins, meaning you are covered for incidents that cause injury or damage to a third-party that occur on or after this date as long as the claims related to these events are filed while your liability insurance is still in force.
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What is reinsurance? When reinsurance occurs, the premium paid by the insured is typically shared by all of the insurance companies involved. Reinsurance can help a company by providing: 1  Risk Transfer-Companies can share or transfer of specific risks with other companies.
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- BREAKING DOWN 'Reinsurance'. Overall, the reinsurance company receives pieces of a larger potential obligation in exchange for some of the money the original insurer received to accept the obligation. The party that diversifies its insurance portfolio is known as the ceding party.
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Reinsurance The reinsurance contract may oblige the reinsurer to accept reinsurance of all contracts within the scope (known as obligatory reinsurance), or it may allow the insurer to choose which risks it wants to cede, with the reinsurer obliged to accept such risks (known as facultative-obligatory reinsurance). There are two main types of treaty reinsurance: 1  Proportional : Under proportional reinsurance, the reinsurer's share of the risk is defined for each separate policy. 2  Non-Proportional : The reinsurer's liability is based on the aggregate claims incurred by the ceding office.
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- adjective. The definition of retroactive is that something goes into effect as of a prior date. An example of retroactive is when you are charged fees for service from the start of the month even if you don't sign a contract for the service until the 10th day of the month.
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Definition facultative reinsurance A form of reinsurance whereby each exposure the ceding company wishes to reinsure is offered to the reinsurer and is contained in a single transaction. The submission, acceptance, and resulting agreement is required on each individual risk that the ceding company seeks to reinsure.
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Reinsurance Reinsurance is insurance that is purchased by an insurance company. In the classic case, reinsurance allows insurance companies to remain solvent after major claims events, such as major disasters like hurricanes and wildfires. In addition to its basic role in risk management, reinsurance is sometimes used for tax mitigation and other reasons. The company that purchases the reinsurance policy is called a ceding company or cedent or cedant under most arrangements. The company issuing the re
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- Definition of 'Reinsurance'. Definition: It is a process whereby one entity (the reinsurer) takes on all or part of the risk covered under a policy issued by an insurance company in consideration of a premium payment. In other words, it is a form of an insurance cover for insurance companies.
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Clash Cover Reinsurance and Economic Catastrophe Losses Introduction to Clash Coverage. Clash coverage is a type of reinsurance designed to protect an insurance company from the loss of its normal reinsurance recoveries when it is faced with multiple claims from multiple insureds arising out of the same catastrophe and where its reinsurance does not fully reimburse the insurer for these related losses.
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- Definition: It is a process whereby one entity (the reinsurer) takes on all or part of the risk covered under a policy issued by an insurance company in consideration of a premium payment. In other words, it is a form of an insurance cover for insurance companies.
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Talk:Reinsurance Reinsurance is the means by which an insurance company (called the reinsured, ceding company or cedant) shares the risk of loss with another insurance company (called the reinsurer).
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What is Facultative Reinsurance? The company mitigates its risks by taking out a reinsurance policy with another insurance company. This policy is used to cover the original policy. Ad. In facultative reinsurance, the terms of the contract are negotiated for a specific policy.The reinsurer has the right to evaluate the risks involved, unlike in treaty reinsurance, when it cannot evaluate individual risks.acultative reinsurance is highly specialized and offered only by a small number of insurance companies. Along with treaty reinsurance, it is designed to ensure that insurance companies have the ability to cover their policies.
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"What does ""aggregate"" mean in the insurance industry?" That means that the claim has to be made during the policy period. It ALSO has to be made during the coverage period. When you have a policy for more than one year, it then has a retroactive date, meaning, the date the coverage period starts. Example: you first took out a policy wiht ABC company 01-01-1996.
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- In general, fronting is the process by which a primary insurer cedes all or virtually all of the insurance risk of loss to a reinsurer who also controls the underwriting and/or claim handling process either directly or through a managing general agency. Often, the reinsurer is not licensed in the United States.