reciprocal exchange

reciprocal exchange. An association whose members exchange contracts and pay premiums through an attorney-in-fact for the purpose of insuring themselves and each other. • A reciprocal exchange can consist of individuals, partnerships, trustees, or corporations, but the exchange itself is unincorporated. — Also termed interinsurance exchange; reciprocal insurance exchange; reciprocal interinsurance exchange. See reciprocal insurance under INSURANCE; EXCHANGE(5). [Cases: Insurance 1204. C.J.S. Insurance §§ 1712, 1720.]

---

词条贡献者

法律翻译玉晶，毕业于英国一流的高级翻译学院，专注翻译各类与通用数据保护条例有关的法律文件。