Operations
Facultative Certificate
Definition
The document that confirms a facultative placement: insured, period, limits, share, and conditions. The slip is the placing instrument; the certificate is the evidence of cover.
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Related Terms
Operations
Slip
The placing document that states insured, period, interest, limits, and other terms offered to the market. In London this may be an MRC.
Reinsurance Types
Facultative Reinsurance
Reinsurance negotiated separately for each individual risk or policy, as opposed to treaty reinsurance which covers a portfolio. Provides flexibility for unique or large risks.