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
Learn More about reciprocal exchange
Dictionary: Definition of reciprocal exchange
Seen and Heard
What made you want to look up reciprocal exchange? Please tell us where you read or heard it (including the quote, if possible).