reinsurance Meaning, Definition & Usage
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noun 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
- reinsurance enables a client to get coverage that would be too great for any one company to assume
WordNet
Re`in*sur"ance noun
Definitions
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Insurance a second time or again; renewed insurance. -
A contract by which an insurer is insured wholly or in part against the risk he has incurred in insuring somebody else. See Reassurance .
