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What is Reinsurance?
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[QUOTE="Mataracy, post: 143258, member: 28733"] To clarify this statement and make it more understandable to you. I will like to take my time to explain yo you the more. Reinsurance means when somebody insured part of the property not whole yet and latter reinsure the remaining latter to the same insurance company . or for example you have two Flat together in the same compound or fence which one of it being insured not whole and may be latter you now determined to combined the two now,you can now reinsure the second one.Hope you understand it now?. We have two type of reinsurance: (1) Facultative Reinsurance and(2) Treaty Reinsurance FACULTIVE REINSURANCE In facultative reinsurance. Offer and acceptance is optional. This is it is not obligatory that the direct insurer must cede part of the risk to the reinsurer and it is not mandatory even when the direct insurer decides to cede, for the reinsurer to accepts the amount ceded. This is the earliest firm of reinsurance available in the market. When the direct insurer with retention capacity obtains a risk that is more than its retention capacity, it might decide to cede the risk in excess of its retention capacity to the facultative reinsurer. It will then prepare a slip detailing the information at its disposal which will enable the reinsurer decide whether to accept or reject the offer. If the facultative reinsurer accepts that he will also meet that proportion of any loss in event of any occurrence. TREATY REINSURANCE Treaty reinsurance on the other hand is a direct opposite of facultative in that ceding and acceptance is mandatory. The direct insurer must cede and the Reinsurance Company must accept whatever ceded to him. Please take your time to go through it. [/QUOTE]
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