What Does Reciprocal or Interinsurance Exchange Mean?

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What does Reciprocal or Interinsurance Exchange mean? Read on to discover the definition & meaning of the term Reciprocal or Interinsurance Exchange - to help you better understand the language used in insurance policies.

Reciprocal or Interinsurance Exchange

Reciprocal or Interinsurance Exchange

An unincorporated group of individuals, firms, corporations or entities who are commonly termed as subscribers or members, mutually agree to exchange contracts of insurance or insurance policies and share their insurance risks among themselves within their Exchange. Each insured subscriber or member of the Exchange individually appoints and authorizes a common attorney-in-fact to manage certain affairs of the Exchange.

We hope the you have a better understanding of the meaning of Reciprocal or Interinsurance Exchange.

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