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

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

View solution

Q. What is the purpose of loss advices in a reinsurance agreement?

View solution

Q. What is a 'cash loss request' in a reinsurance agreement?

View solution

Q. What is the purpose of the 'preliminary loss advice' in a reinsurance agreement?

View solution

Q. Who has the sole right to adjust, compromise, and settle claims in a reinsurance agreement?

View solution

Q. What expenses are the reinsurer liable for in a reinsurance agreement?

View solution

Q. Which of the following is designed to protect the ceding insurer against any inadvertent delays, errors or omissions?

View solution

Q. What does the "Business Covered: Attachment of cessions - proportional" clause deal with?

View solution

Q. When does the reinsurance apply according to the "Business Covered: Attachment of cessions - proportional" clause?

View solution