The Insurance Information Institute Triple-I noted reinsurance can be broken into two primary categories; treaty and facultative. Treaty reinsurance covers broad groups of policies, such as all of a primary carrier's auto policies, while facultative contracts cover individual policies that are generally high in value or risk. Credit: Shutterstock The Insurance Information Institute noted reinsurance can be broken into two primary categories; treaty and facultative. Treaty reinsurance covers broad groups of policies, such as all of a primary carrier's auto policies, while facultative contracts cover individual policies that are generally high in value or risk. Credit: Shutterstock

Editor's note: This column is part of PropertyCasualty360's Foundations of P&C Insurance series, which aims to bring new insurance professionals up to speed, while keeping industry veterans sharp. On Fridays, PC360 will offer up fresh content covering the nitty-gritty details of P&C insurance, tips for professional development, articles looking at the industry's more niche concepts, and the history of certain lines and programs.

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