an endorsement to an insurance contract stating that reinsurance proceeds will be paid directly to the named payee in the event of an insurer's insolvency
Document given to a policyowner to show that another insurer is taking on all the rights and obligations under the policy.
An insurance certificate issued to an insurer's existing policyowners to show that a reinsurer has assumed from the issuing company all of the risk under the policies. See also assumption reinsurance.