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|English to Spanish translations [PRO]|
Bus/Financial / Insurance and reinsurance
|English term or phrase: Commutation negotiation|
|Definition of "commutation" in English:|
"A commutation is a form of compromise between a
direct insurance company and its reinsurer(s). A
reinsurance contract exists between these parties
and, typically, provides protection to the insurance
company for a multitude of claims of a specified type
or class. These claims may be recovered from the
reinsurer over an uncertain period into the future,
depending on the nature of loss. A commutation is a
means of releasing the reinsurer from these
obligations to indemnify in exchange for that
reinsurer paying to its cedant (the insurance
company), an agreed sum that is designed to cover all
present and future claim amounts. This sounds rather
straightforward and indeed the concept certainly is.
The process of reaching satisfactory commutations
can, however, often be a skilled, lengthy and time
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