Question
a.
It determines the allocation of costs in the arbitration process
b.
It prevents the full payment of amounts due under other treaties
c.
It designates the country where court proceedings will be initiated
d.
It facilitates net settlement between the parties
Posted under IC85 Reinsurance Management
Interact with the Community - Share Your Thoughts
Uncertain About the Answer? Seek Clarification Here.
Understand the Explanation? Include it Here.
Q. Why is the set-off clause often challenged by creditors and others?
Similar Questions
Explore Relevant Multiple Choice Questions (MCQs)
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
Q. What is the purpose of the "Business Covered: Attachment of cessions - proportional" clause for quota share reinsurance?
View solution
Q. Which risks are typically excluded by reinsurers in relation to the "Business Covered: Attachment of cessions - proportional" clause?
View solution
Q. What caused undue hardship to ceding insurers and their insured's in relation to terrorism and sabotage risks?
View solution
Q. Why are obligatory reinsurances and retrocessions of inward treaty reinsurances excluded under the "Business Covered: Attachment of cessions - proportional" clause?
View solution
Q. Which type of reinsurance is more akin to direct business and therefore not excluded under the "Business Covered: Attachment of cessions - proportional" clause?
View solution
Q. What does the "Business Covered: Insuring clause non-proportional" clause specify?
View solution
Q. What is the purpose of the deductible in non-proportional reinsurance?
View solution
Recommended Subjects
Are you eager to expand your knowledge beyond IC85 Reinsurance Management? We've handpicked a range of related categories that you might find intriguing.
Click on the categories below to discover a wealth of MCQs and enrich your understanding of various subjects. Happy exploring!
