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BUDGET 2007

Deneys Reitz Budget Overview 2007
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From The Glossary »

Facultative Reinsurance:

Reinsurance arrangements under which each risk to be reinsured is offered to and is accepted or rejected by the reinsurer. So-called facultative reinsurance arrangements are, therefore, only permissive and do not obligate the ceding company to cede or the reinsurer to accept.
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