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

Q. What is the role of the broker in reinsurance transactions?

View solution

Q. What is the effect of the intermediary clause in a reinsurance agreement?

View solution

Q. When is the intermediary clause not used in a reinsurance agreement?

View solution

Q. What is the purpose of including an arbitration clause in a reinsurance agreement?

View solution

Q. How are arbitrators and umpires appointed in the arbitration process?

View solution

Q. What is the role of the arbitrators and umpire in interpreting the reinsurance agreement?

View solution

Q. What is the advantage of resolving disputes through arbitration in reinsurance agreements?

View solution

Q. What is the significance of specifying the place of arbitration in a reinsurance agreement?

View solution

Q. What is the purpose of the jurisdiction clause in a reinsurance agreement?

View solution

Q. What is the purpose of the set-off clause in a reinsurance agreement?

View solution

Q. Why is the set-off clause often challenged by creditors and others?

View solution

Q. What is the typical frequency for accounting in proportional reinsurance treaties?

View solution

Q. What is the timeframe for confirming accounts in the accounting clause?

View solution

Q. What provision may be included in the accounting clause for specified currencies?

View solution

Q. When can a revised rate of exchange be used for accounting in foreign currencies?

View solution