facultative reinsurance

noun
fa·​cul·​ta·​tive reinsurance | \ˈfa-kəl-ˌtā-tiv-\

Legal Definition of facultative reinsurance 

: a separate reinsurance agreement drawn up for a single risk — compare treaty reinsurance

History and Etymology for facultative reinsurance

alluding to the faculty (i.e., power or prerogative) of the reinsurer to accept or reject the agreement

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