| / English Dictionary |
REINSURANCE
| Pronunciation (US): |  | (GB): | |
I. (noun)
Sense 1
Meaning:
Sharing the risk by insurance companies; part or all of the insurer's risk is assumed by other companies in return for part of the premium paid by the insured
Example:
reinsurance enables a client to get coverage that would be too great for any one company to assume
Classified under:
Nouns denoting possession and transfer of possession
Hypernyms ("reinsurance" is a kind of...):
insurance (promise of reimbursement in the case of loss; paid to people or companies so concerned about hazards that they have made prepayments to an insurance company)
Derivation:
reinsure (insure again by transferring to another insurance company all or a part of a liability assumed)
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