RECIPROCAL EXCHANGE
reciprocal exchange.An association whose members exchange contracts and pay premiums
through an attorney-in-fact for the purpose of insuring themselves and each other. • A reciprocal
exchange can consist of individuals, partnerships, trustees, or corporations, but the exchange itself
is unincorporated. — Also termed interinsurance exchange; reciprocal insurance exchange;
reciprocal interinsurance exchange. See reciprocal insurance under INSURANCE;
EXCHANGE(5). [Cases: Insurance 1204. C.J.S. Insurance §§ 1712, 1720.] [Blacks Law 8th]