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facultative reinsurance n
[alluding to the faculty (i.e., power or prerogative) of the reinsurer to accept or reject the agreement]
: a separate reinsurance agreement drawn up for a single risk compare treaty reinsurance
Source: Merriam-Webster's Dictionary of Law ©1996. Merriam-Webster, Incorporated. Published under license with Merriam-Webster, Incorporated.