REINSURANCE

reinsurance

(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”

Source: WordNet® 3.1

Etymology

Noun

reinsurance (countable and uncountable, plural reinsurances)

(business, insurance) Insurance purchased by insurance companies that spreads the risk associated with selling insurance around so the danger of one large monetary loss is minimized.

Source: Wiktionary

Re`in*sur"ance (-shr"ans), n.

1. Insurance a second time or again; renewed insurance.

2. A contract by which an insurer is insured wholly or in part against the risk he has incurred in insuring somebody else. See Reassurance.

Source: Webster’s Unabridged Dictionary 1913 Edition

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