modified coinsurance contract

an indemnity reinsurance contract under the terms of which (1) a life insurance company (hereinafter referred to as 'the reinsurer') agrees to indemnify another life insurance company (hereinafter referred to as 'the reinsured') against a risk assumed by the reinsured under the insurance or annuity policy reinsured, (2) the reinsured retains ownership of the assets in relation to the reserve on the policy reinsured, (3) all or part of the gross investm

Defined by the Supreme Court in United States v. Consumer Life Insurance Company First Railroad & Banking Company of Georgia, 430 U.S. 725 (1977).