Q. What is the purpose of reinstatement provisions?What is the purpose of a reinstatement provision in non-proportional treaties?

View solution

Q. Which type of covers typically have reinstatement provisions?

View solution

Q. How is the additional premium for reinstatement calculated?

View solution

Q. What is the scope of a claim falling under a treaty?

View solution

Q. What is the purpose of excess of loss reinsurance?

View solution

Q. When is the reinsured required to advise the reinsurer of a potential claim?

View solution

Q. When does the reinsurer typically receive advice of outstanding losses?

View solution

Q. What is the purpose of specifying Hour and Time zone in the contract?

View solution

Q. What is the time zone used for a catastrophe treaty?

View solution

Q. What are the method/s for determining which claims fall within the scope of the excess of loss cover?

View solution

Q. Under the “losses occurring” basis, are losses occurring within the contract period covered, no matter when the original policy was issued?

View solution

Q. Is the present reinsurer relieved of liability if the original policy was issued before the inception date of the present contract, and while another excess of loss treaty was in force?

View solution

Q. Under the “losses occurring” basis, is the reinsurer liable for losses occurring after the contract ends, although the original policy may remain in force?

View solution

Q. What is the merit of the “losses occurring” basis?

View solution

Q. What are the two methods used for determining which claim falls within the scope of the excess of loss cover?

View solution

Q. What is the "loss occurring" basis used for in excess of loss contracts?

View solution

Q. What is the "risk attaching" basis used for in excess of loss contracts?

View solution

Q. Under which basis do claims under policies issued or renewed during the contract period are covered no matter in which year they may occur?

View solution

Q. What are the defects of the "risk attaching" basis?

View solution

Q. What are the defects of the "risk attaching" basis?What is the purpose of the specimen slip?

View solution