Reciprocal Insurance Law and Legal Definition
Reciprocal insurance is insurance in which members of a reciprocal exchange, acting through an attorney-in-fact, insure themselves and each other.
Following is an example of a state law that deals with reciprocal exchange.
According to Cal Ins Code § 721, wherever reference is made to an officer, director, or management or the applicant, such reference is deemed to include the officers, directors, and management of the attorney-in-fact of a reciprocal or interinsurance exchange, and the members of the board of governors or other governing committee of the reciprocal itself.
Legal Definition list
Related Legal Terms
- Accelerated Life Insurance Benefits
- Accident Insurance
- Accidental Death and Dismemberment [Insurance]
- Accommodation Line [Insurance]
- Accountants Professional Liability Insurance
- Accounts Receivable Insurance
- Actual Cash Value Insurance
- Actual Delivery of Insurance Policy
- Actuarial Documents [Federal Crop Insurance Corporation]
- Actuarially Appropriate [Federal Crop Insurance Corporation]