Q. When does a reinsurance agreement typically commence?

View solution

Q. How long does an annual reinsurance contract typically last?

View solution

Q. What is required to terminate a reinsurance agreement?

View solution

Q. Under what circumstances can a reinsurance agreement be automatically terminated?

View solution

Q. In what situation can the insurer terminate the agreement without notice?

View solution

Q. Under what circumstances can either party terminate the agreement immediately?

View solution

Q. Where should notices of termination be addressed?

View solution

Q. Under what circumstances can the insurer make the termination effective retroactively?

View solution

Q. What is the purpose of the "notice of cancellation at anniversary date" provision?

View solution

Q. When does the provision of "notice of cancellation at anniversary date" typically apply?

View solution

Q. What does the reinsurer continue to do during the term of notice of cancellation?

View solution

Q. What is the purpose of sending a "Provisional Notice of Cancellation" (PNC) by reinsurers?

View solution

Q. What action should a reinsurer take if they decide to continue the contract after sending a provisional notice of cancellation?

View solution

Q. Under what circumstances can a reinsurance agreement be automatically terminated?

View solution

Q. What is the purpose of a "Sudden Death Clause" in a reinsurance contract?

View solution

Q. Under what circumstances can the reinsurance agreement be altered?

View solution

Q. What is the purpose of the "Insolvency of other reinsurers" clause in a reinsurance agreement?

View solution

Q. What is the purpose of the "Access to records: Inspection by reinsurer" clause in a reinsurance agreement?

View solution

Q. When can the reinsurer's right to inspect records be restricted to an appointed representative?

View solution

Q. What is the purpose of the "Errors & omissions" clause in a reinsurance agreement?

View solution