What's the difference between reinsurer and retrocession?
Reinsurer
Definition:
(n.) One who gives reinsurance.
Example Sentences:
(1) The global fund's reinsurance arm – put at about $3bn (using a high insurance rate) – would facilitate reinsurance coverage for social protection schemes in countries where risks (and the fear of excess demand for support) make it difficult for states to obtain affordable and extensive reinsurance.
(2) The second provision was a sop to unions, and as such was seen as a Democratic ask: a tax on group health care plans – which would fund a reinsurance program to protect against early strain on the system from potentially lots of sick people and no healthy people signing up – was to be delayed.
(3) But reinsurance alone does not reduce the underlying high cost of providing such primary coverage.
(4) It is argued that the rise in malpractice insurance premiums and associated restrictions in availability should be seen against the background of underwriting problems specific to medical liability in conjunction with a general decline in reinsurance cover.
(5) That is why the governments concerned must take over the reinsurance function and use their agencies only to administer the insurance policies.
(6) Taking as an example the life insurance application of a man with conservatively treated ulcerative colitis, risk assessment procedure from the viewpoint of life insurance is analyzed on the basis of the Swiss Reinsurance Company rating guidelines.
(7) Only simple insurance products will be affected, but not big reinsurance contracts and specialist insurance such as marine and aviation, Beale said.
(8) There, reinsurance serves as part of a strategy for requiring that primary insurance be made available to all applicants, regardless of risk.
(9) Private insurers and reinsurers like Germany's Euler Hermes have offered it for years.
(10) Some financial firms, though, were hit – particularly the reinsurance firms that take on risk from individual insurers.
(11) Guarantees of this kind have a peculiar feature: the more convincing they are, the less likely they are to be invoked; the reinsurance is likely to turn out to be largely costless.
(12) The fund would have two functions: to help the 48 least developed countries (LDCs) put in place a "social protection floor"; and to serve as a reinsurance provider to step in if a state's social protection system was overwhelmed by an unexpected event such as extreme drought or flooding.
(13) Like other reinsurers, Munich Re has said it is expecting to face mounting claims in the coming years for damage caused by climate change.
(14) Hodge said: "As individual events, the Australian floods, Cyclone Yasi [in Australia], the Christchurch earthquake and today's Honshu earthquake are unlikely to significantly affect global reinsurance prices.
(15) It was found that admissions can be unreported when another insurer or institution pays (e.g., Medicare, No Fault, Workmen's Compensation, duplicate coverage, school health and liability insurance or VA, military, municipal, and state hospitals); when the HMO does not cover benefits (e.g., cosmetic and oral surgery, experimental procedures, long-term psychiatric, chronic, or rehabilitation stays); and when HMO coverage is denied for procedural reasons (e.g., catastrophic stays covered by reinsurance, newborns, voluntary "leakage," or improper following of HMO procedures).
(16) To do so, they must ensure their financial stability through the support of the insured and through adequate reinsurance, compete effectively with commercial insurance companies, comply with federal regulations regarding reimbursement to hospitals for premiums, and develop effective internal management.
(17) They had bought it for £600m in 2007 from reinsurer Swiss Re, which commissioned it in 2004.
(18) Because the primary carrier mainly wants to protect its solvency against unpredictable variation in claims experience, it normally reinsures only the "high end" of claims risk.
(19) Under conventional private practice, primary health insurers, including self-insured groups and HMOs, voluntarily contract with reinsurers to share some risk and some premiums.
(20) The £4bn loans, some of which appear to be still outstanding, were made to the Swiss banking giant, Credit Suisse; a British reinsurer, Swiss Re plc; and an unidentified US insurer.
Retrocession
Definition:
(n.) The act of retroceding.
(n.) The state of being retroceded, or granted back.
(n.) Metastasis of an eruption or a tumor from the surface to the interior of the body.
Example Sentences:
(1) Spontaneous retrocession was noted in four patients and following corticosteroids once.
(2) Labial topography at rest is extremely variable, as there may be gaping of the lips with a short upper lip and associated protrusion of the upper alveolar process, as well as on the contrary an upwardly displaced stoma leading to incarceration of the upper dental arch by the lower lip and retrocession of the laveolar process (stoma syndrome).
(3) On the other hand the absence of any durable coma, of extreme mydriasis, and of severe arterial hypotension, as well as the relatively rapid retrocession of the additional effects of the administration of an anesthetic exclude the possibility of total rachianesthesia, and it can be concluded that there was an accidental injection of anesthetic in the extra-arachnoid subdural space.