termination
Termination is the formal ending of a reinsurance agreement by its natural expiration, cancellation, or commutation by the parties.
termination
Termination is the formal ending of a reinsurance agreement by its natural expiration, cancellation, or commutation by the parties.
Additional Information
Termination can be on either a cutoff or a runoff basis. Under cutoff provisions, the parties' obligations are fixed as of the agreed cutoff date. Otherwise, obligations incurred while the agreement was in force are run off to their natural extinction.
Synonyms
commutation
