'Reinsurance' definitions:
Definition of 'reinsurance'
(from WordNet)
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"
Definition of 'Reinsurance'
From: GCIDE
- Reinsurance \Re`in*sur"ance\ (-sh?r"ans), n.
- 1. Insurance a second time or again; renewed insurance. [1913 Webster]
- 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. [1913 Webster]