Alberta General Insurance Level 1 Practice Exam

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What is a retrocessionaire?

  1. A type of insurance policy

  2. An insurance agent

  3. A reinsurance company accepting retrocession

  4. A governmental regulatory body

The correct answer is: A reinsurance company accepting retrocession

A retrocessionaire is not an insurance policy (A), as it is not a product but a role in the insurance industry. It is also not an insurance agent (B), as it is not an individual who serves as an intermediary between the insured and insurer. Additionally, a retrocessionaire is not a governmental regulatory body (D), as it is a part of the private insurance industry and not a government entity. The correct answer is C, as a retrocessionaire refers to a reinsurance company that accepts retrocession, which is the process of transferring risks from one insurer to another. Therefore, a retrocessionaire plays a crucial role in the reinsurance market by assuming a portion of risks from other insurers.

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