Page 108 - Reinsurance Management IC85
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Reinsurance Management
contract and usually have no rights under the
reinsurance contract.
c. It is a contract of indemnity on the same risk as
the original contract of insurance.
d. Both contracts are in existence at the same time.
e. There must be transfer of risk from one party to
another.
f. Reinsurance must be between two insurance
entities.
g. The insurance operations are recognized by
regulators.
h. All the transactions between a ceding company
and reinsurer must be conducted on the principle
of 'utmost good faith'.
Q. A broker or the cedent notifies the claim to
reinsurer on a daily basis, by post or
electronically. The procedure differs from
treaty to treaty on individual agreements.
List out the procedure for
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