REINSURANCE TREATY
reinsurance treaty. A contract of reinsurance (usu. long-term) covering different classes or lines of business of the reinsured (such as professional liability, property, etc.) and obligating the reinsurer in advance to accept the cession of covered risks. ? Rather than receive individual notice of each specific claim covered, the treaty reinsurer will generally receive periodic reports providing basic information on the losses paid. ¡ª Also termed treaty of reinsurance. See BORDEREAU. Cf. FACULTATIVE CERTIFICATE. [Cases: Insurance 3593.]How do Chinese lawyers translate the term REINSURANCE TREATY?
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