A contract of retrocession involves which parties?
A The direct insured and the reinsurer
B The retrocedant and the retrocessionaire
C The cedant and the reinsurer
D The reinsured and the reinsurer
5B: When a reinsurance company reinsures an original risk, or part thereof, which they have accepted from a direct insurer – they become known as the retrocedant in what is known as a contract of retrocession. The reinsurer who accepts the risk is called the retrocessionaire.
B: Insurers apply premium rates to groups of customers, taking no account of their personal details or generally the extent to which they engage in dangerous activities.
Generally, which of these ultimately pays the insurance premium on a commercial property owners policy?
A: The owner B: The tenant C: The managing agent D: The owner and the managing agent
D. In its widest sense, telematics is a term used to describe the exchange of data, potentially over long distances, across a wireless communications network in real time.