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reciprocal exchange n
: an unincorporated association in which members (as individuals, partnerships, trustees, or corporations) exchange contracts and pay premiums through an attorney-in-fact for the insurance of each other [liability of each member of the reciprocal exchange was limited to ten times the annual premium] called also interinsurance exchange reciprocal insurance exchange reciprocal interinsurance exchange
Source: Merriam-Webster's Dictionary of Law ©1996. Merriam-Webster, Incorporated. Published under license with Merriam-Webster, Incorporated.