facultative certificate

facultative certificate (fak-[schwa]l-tay-tiv).Insurance. A contract of reinsurance separately negotiated to cover risks under a single insurance policy. • Facultative reinsurance allows the reinsurer the “faculty” of assessing and possibly rejecting a particular risk (esp. if underwriting information is inadequate). [Cases: Insurance 3605. C.J.S. Insurance § 1504.]

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词条贡献者

双语律师Max，国际知名法学院法律专业，擅长翻译各类与航空航天、国防及政府服务相关的法律文件。