When multiple insureds obtain an insurance policy, usually on jointly owned property, and one insured causes a loss through wrongdoing, the other insureds are considered “innocent co-insureds.”
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The Meaning of Reinsurance
Reinsurance is the process by which an insurance company shares the risk that it assumes when it issues an insurance policy. For example, an insurance company that issues a $1 million life insurance policy may reinsure or have other insurers assume $900,000 of the risk. The insurance company issuing the policy thus “cedes” most of the risk to one or more reinsurers.