What does Second Surplus Reinsurance mean? Read on to discover the definition & meaning of the term Second Surplus Reinsurance - to help you better understand the language used in insurance policies.
Second Surplus Reinsurance
A reinsurance treaty that is supplementary to a first surplus treaty. It is the amount that exceeds the total of the reinsured's original insurer's net retention plus the full limit of the first surplus treaty.
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.
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