What does Bank mean? Read on to discover the definition & meaning of the term Bank - to help you better understand the language used in insurance policies.
An informal, noncontractual multiyear summing up of the total premiums ceded to reinsurers less losses paid by reinsurers over the duration of a reinsurance program usually a catastrophe program. For example, cessions of $10,000 in premiums for each of 5 loss-free years would constitute a $50,000 bank.
We hope the you have a better understanding of the meaning of Bank.