| 单词 | treaty |
| 释义 | treaty 1) Any formal agreement in writing between nations. A commercial treaty relates to trade between the signatories. 2) A transaction in which a sale is negotiated between the parties involved (by private treaty) rather than by auction. 3) An agreement, usually in reinsurance, in which a reinsurer agrees automatically to accept risks from an insurer, either when a certain sum insured is exceeded or on the basis of a percentage of every risk accepted. With such a treaty an insurer has the confidence and capacity to accept larger risks than would otherwise be possible, as the necessary reinsurance is already arranged. |
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