Introduction to Reinsurance.pdf - Prince Lobel
Introduction to Reinsurance.pdf - Prince Lobel Introduction to Reinsurance.pdf - Prince Lobel
The Anatomy of a Reinsurance Claim Assumed Reinsurance Assuming reinsurer receives notice of loss from the ceding company Assuming reinsurer, like the cedent, will review its contract to determine if the loss is covered under the reinsurance agreement and that other contractual requirements have been met: Reinsurance does not always equal coverage. Reported to the correct treaty: • Commencement & termination • Risk attaching vs. losses occurring • Retention met Business Covered clause Definition of occurrence or event Exclusions Warranties Is there “inuring” reinsurance
The Anatomy of a Reinsurance Claim Assumed Reinsurance (cont.) Has the cedent provided sufficient information? Assuming reinsurer may ask questions/seek additional information from the cedent about the claim (policy details, claim details, reserve information) so that the reinsurer can independently evaluate the claim. Assuming reinsurer may audit the claim files of the cedent (reserve analysis, internal reports) through the inspection of records clause. Right to Associate.
- Page 1 and 2: April 4, 2008 Introduction to Reins
- Page 3 and 4: Overview What is Reinsurance Insu
- Page 5 and 6: Insurance/Reinsurance Similarities
- Page 7 and 8: How Reinsurance Works It spreads th
- Page 9 and 10: April 4, 2008 Types and Characteris
- Page 11 and 12: Characteristics of The Reinsurance
- Page 13 and 14: Forms of Reinsurance Pro Rata (“
- Page 15 and 16: Per Occurrence Excess Multiple Risk
- Page 17 and 18: The Anatomy of a Reinsurance Claim
- Page 19 and 20: The Anatomy of a Reinsurance Claim
- Page 21: The Anatomy of a Reinsurance Claim
- Page 25 and 26: April 4, 2008 Two Key Principles in
- Page 27 and 28: “Uberrimae Fides” or the Duty o
- Page 29 and 30: April 4, 2008 Common Problems and I
- Page 31 and 32: Right of Inspection: Virtually all
- Page 33 and 34: Non-Congruence of Insurance and Rei
- Page 35 and 36: Declaratory Judgment Actions: Alth
- Page 37 and 38: Agreements to Arbitrate and Confide
- Page 39 and 40: Agreements to Arbitrate and Confide
- Page 41 and 42: The Loss - Scenario A Mitchell's N
- Page 43 and 44: The Reinsurance Claim Big Heart In
The Ana<strong>to</strong>my of a <strong>Reinsurance</strong> Claim<br />
Assumed <strong>Reinsurance</strong><br />
<br />
<br />
Assuming reinsurer receives notice of loss from the ceding<br />
company<br />
Assuming reinsurer, like the cedent, will review its contract <strong>to</strong><br />
determine if the loss is covered under the reinsurance agreement<br />
and that other contractual requirements have been met:<br />
<strong>Reinsurance</strong> does not always equal coverage.<br />
Reported <strong>to</strong> the correct treaty:<br />
• Commencement & termination<br />
• Risk attaching vs. losses occurring<br />
• Retention met<br />
Business Covered clause<br />
Definition of occurrence or event<br />
Exclusions<br />
Warranties<br />
Is there “inuring” reinsurance
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