Question

What is the term for a clause in reinsurance treaties that allows the parties to submit any dispute or controversy to mutually agreed arbitrators instead of following the process of law?

a.

Aggregate Excess

b.

Alternative Risk Financing

c.

Anniversary

d.

Arbitration Clause

Posted under Glossary of Reinsurance Terms IC85 Reinsurance Management

Answer: (d).Arbitration Clause Explanation:An arbitration clause is a clause in reinsurance treaties that enables the parties to submit any dispute or controversy to mutually agreed arbitrators, including an umpire, instead of relying on the process of law. The clause typically provides for the decision of a majority of the arbitrators to be binding on the parties to the reinsurance treaty.

Interact with the Community - Share Your Thoughts

Uncertain About the Answer? Seek Clarification Here.

Understand the Explanation? Include it Here.

Q. What is the term for a clause in reinsurance treaties that allows the parties to submit any dispute or controversy to mutually agreed arbitrators instead of following the process...
Add Comment

Similar Questions

Explore Relevant Multiple Choice Questions (MCQs)

Q. What is the purpose of the "As If" method in reinsurance?

View solution

Q. What does the term "Assume" or "Accept" refer to in reinsurance?

View solution

Q. What does the term "Balance" represent in reinsurance?

View solution

Q. What is the function of a "Binder" in reinsurance?

View solution

Q. What is the purpose of "Bordereaux" reporting in reinsurance?

View solution

Q. Who is an intermediary that negotiates contracts of reinsurance on behalf of the reinsured?

View solution

Q. What is the burning cost used for in assessing a portfolio of business?

View solution

Q. How is capacity measured for an insurer?

View solution

Q. What does the provision of cash loss in proportional contracts allow the reinsured to do?

View solution

Q. What does catastrophe reinsurance provide coverage for?

View solution

Q. What is another term used to refer to the reinsured or ceding insurer?

View solution

Q. What does the term "cede" refer to in the context of reinsurance?

View solution

Q. What does the term "cede" refer to in the context of reinsurance?What is the key feature of a claims made basis in insurance or reinsurance contracts?

View solution

Q. What is the purpose of the closing particular in reinsurance?

View solution

Q. What does the term "commission" refer to in insurance and reinsurance?

View solution

Q. What does the ceding commission in reinsurance include?

View solution

Q. What does the term "overriding commission" typically refer to in reinsurance?

View solution

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

View solution

Q. What does a cover note indicate in the context of reinsurance?

View solution

Q. What does a cut-through clause allow in the event of the reinsured's insolvency?

View solution
View All MCQs on Glossary of Reinsurance Terms

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!

Enzyme Technology

Unlock the power of enzymes with our Enzyme Technology category. Explore enzyme...

Environmental Biotechnology

Discover the intersection of biology and environmental science with our Environmental...

Surveying

Master the art of land surveying and geomatics with our Surveying category. Explore...

Human and Cultural Diversity

Explore the rich tapestry of human societies with our Human and Cultural Diversity...

Geotechnical Engineering

Dive into the world of Geotechnical Engineering with our dedicated category. Explore...

Analytical Instrumentation

Dive into the world of precise measurements with our Analytical Instrumentation...

Foundation Engineering

Master the principles of Foundation Engineering with our specialized category....

Biotechnology

Discover the cutting-edge world of biotechnology with our Biotechnology category....

Virology

Explore the captivating world of Virology with our specialized category. Dive into...