reciprocal exchange

noun

Legal Definition of reciprocal exchange

: an unincorporated association in which members (as individuals, partnerships, trustees, or corporations) exchange contracts and pay premiums through an attorney-in-fact for the insurance of each other

called also interinsurance exchange, reciprocal insurance exchange, reciprocal interinsurance exchange

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Cite this Entry

“Reciprocal exchange.” Merriam-Webster.com Legal Dictionary, Merriam-Webster, https://www.merriam-webster.com/legal/reciprocal%20exchange. Accessed 29 Nov. 2020.

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