Warning! You are currently not signed in. Any products you have purchased will not be displayed until you Sign In

assumption of liability agreement

A separate agreement between a company designated as the reinsurer and a policy-issuing company entered into for the benefit of an insured. It makes the reinsurer directly liable to the insured in the event of the insolvency of the issuing company. The reinsurer typically is a licensed company in the states where the insured requires coverage, thus giving insureds access to an insurer that is subject to state regulation. Another important provision specifies that the agreement takes precedence over any other reinsurance contracts or arrangements between the reinsurer and the primary insurer. These agreements are almost always made between affiliated insurers.


More Risk Finance and Captives Information from IRMI
Books, Manuals, Newsletters IRMI
Online
ReferenceConnect
Risk Financing IRMI Online ReferenceConnect
Captive Insurance Company Reports IRMI Online ReferenceConnect
Captive Practices and Procedures IRMI Online ReferenceConnect
Captives and the Management of Risk IRMI Online ReferenceConnect
The Risk Report IRMI Online ReferenceConnect
Free Risk Financing Articles in IRMI.com
25 Risk-Conquering Ideas
Risk Finance
Captive Insurance
Additional Insured Insurance Law
Insurance Continuing Education Courses from IRMI
Ethics Considerations for P&C Insurance Professionals (CE)
Ethics in the P&C Insurance Workplace (CE)

Navigation

Social Media