What does Reinsurance Wheel mean? Read on to discover the definition & meaning of the term Reinsurance Wheel - to help you better understand the language used in insurance policies.
A procedure for retroceding individual life insurance risks in excess of a reinsurer's own retention to a group of retrocessionaires (up to their subscribed limit) in rotation, the order being determined by their positions as spokes on an imaginary wheel.
More Insurance Terms And Definitions
The Merriam-Webster Dictionary defines insurance as:
b: Coverage by contract whereby one party undertakes to indemnify or guarantee another against loss by a specified contingency or peril.
c: The sum for which something is insured.
We hope the you have a better understanding of the meaning of Reinsurance Wheel. If you are looking for the meanings of other important insurance terms and their definitions, just click on the letter below to find the words & concepts you are looking for: