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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

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Approved for Reinsurance


Synonyms:licensed for reinsurance, recognized reinsurer
Filed Under: insurance
Tags: insurance
 

Definition of approved for reinsurance

approved for reinsurance
1. Signifies that a company has the certifications required to provide reinsurance in a specific area. Restrictions for reinsurance differ depending on the country, province or state a company resides in.

Related Terms and Acronyms:

  • ceding party   In reinsurance, a ceding party is an insurance company that spreads liability to a reinsurer in order to lower risk.
  • Lloyd's of London   A market for insurance and reinsurance based in London, England where Lloyd's members, underwriters and financial backers can spread and share risk.
  • reinsurance   The process of one insurance company sharing liabilities from an insurance policy with another insurance company in order to lessen exposure, or in other words, insurance for insurers.
  • reinsurance ceded   The amount of insurance that is reinsured with another insurance company.
  • reinsurer   An insurance company that provides coverage for a portion of another insurance company's risk.

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